Pryme N.V. completes Phase One of its production ramp-up of Pryme One

22 Feb 2024 21:30 CET

Pryme N.V. completes Phase One of its production ramp-up of Pryme One.

Rotterdam, February 22nd, 2024

Following the successful first oil production on January 19th, Pryme today
achieved a significant milestone by completing the first complete full process
cycle i.e. producing pyrolysis oil by utilizing the complete plant process where
plastic waste is supplied to an extruder which feeds the reactor before the
gases produced in the reactor are condensed to pyrolysis oil.

In more detail from today’s achievement, one of the extruders was automatically
fed post-consumer plastic waste in the form of pellets from the storage bunker.
The extrusion process converted the solid waste into melted plastic which was
fed into the reactor through a pressurised melt pipe. Observed pressures in the
extruder and the melt pipe were well within the designed operating range of the
equipment. The extruder operated for more than four hours, supplying the reactor
at 25% of its estimated 5-metric tons per hour capacity. During this process,
the reactor maintained an internal edge temperature of above 600 and a core
temperature of above 475 degrees Celsius, thereby demonstrating the capability
of Pryme’s electrically heated reactor to maintain accurate and adequate
temperatures for the pyrolysis process. Throughout the cycle, the condensation
unit received a steady flow of gas which was condensed into pyrolysis oil. This
ultimately allowed for a desired overflow in our condensation column leading to
oil being transferred into the storage unit for the first time. The process
concluded with a planned stop in production to perform an ash purge, marking the
end of the first integrated process cycle.

"The entire Pryme team is positively surprised by the plant’s overall
performance in general and specifically by the reactor's performance and rapid
reaction time with which the plastic pyrolyzed when fed material in melted form.
This is very promising for the expected overall throughput and efficiency of
Pryme One.", said Pascal Spiekerman, COO of Pryme N.V.

As stated in Pryme’s January 19th, 2024 announcement, the gradual ramp-up of the
plant will take place through three phases. Phase 1, which is now completed was
finalized slightly before the original schedule. During the second phase, which
started today, the company will focus on feeding the reactor with melted plastic
through the two extruders via a melt pipe, the front-end of the production. The
integration of the front- and back-end (reactor and condensation) processes is
required in order to achieve high throughput production. The second phase is
expected to continue into the third quarter with steadily increasing volumes. In
the third phase, commencing after the completion of phase two, Pryme expects to
perform production runs approaching the nameplate capacity of 40,000 metric tons
of waste plastic input annually with a production output of 30,000 metric tons
of pyrolysis oil.

With the limited production output of phase two we expect to commence commercial
oil deliveries in the second quarter of 2024.

For investor inquiries: ir@pryme-cleantech.com

About Pryme | www.pryme-cleantech.com

Pryme N.V. is an innovative cleantech company focused on converting plastic
waste into valuable products through chemical recycling on an industrial scale.
Its efficient and scalable technology is based on a proven pyrolysis process
that has been further developed and enhanced with proprietary characteristics.

The company has completed its first plant in the port of Rotterdam, with an
expected annual intake capacity of about 40,000 tons; first production took
place in January 2024.

Pryme’s ambition is to contribute to a low-carbon circular plastic economy and
to realize the large rollout potential of its technology through the development
of a broad portfolio of owned-operated plants with strategic partners.

The company is listed on the Euronext Oslo Growth market.

Pryme can be followed on LinkedIn.

The forward-looking statements contained in this announcement, sometimes
identified by the words “will”, “expected”, “expects”, or “expect”, are based
upon various assumptions. Although the company believes that these assumptions
were reasonable when made, the statements and expectations provided in this
announcement are uncertain and subject to risks, contingencies and other
important factors which are difficult or impossible to predict and are beyond
its control. A number of factors can cause actual results to differ
significantly from any anticipated development expressed or implied in this
announcement. No representation is made that any of these forward-looking
statements will come to pass or that any expectation will be achieved, and the
reader is cautioned not to place any undue reliance on any forward-looking
statement.

More information:
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611687_Pryme N.V. - announcement 22 February 2024 - Pryme completes Phase One of its production ramp-up of Pryme One.pdf