Despite challenging times, Quantafuel has managed to keep reasonable progress in
the last testing phase in Skive, and we are now running final hot commissioning
of the plant. In parallel, Quantafuel is preparing for a major roll-out of
capacity after start of commercial operations in Denmark.

Highlights:

o	Skive commissioning in final stage before production start-up
o	Preparing roll-out of new facilities at key strategic locations
o	Collaboration agreement with BASF
o	MOU with strategic investor contemplating an equity investment
o	Commercial study with Equinor 

The Skive project is just weeks away from starting production of low-carbon
products from mixed, plastic waste that will be transported to BASF in Germany
and used to produce new plastic. The project has experienced further delays
during Q1 2020 due to the outbreak of Covid-19, adding to the existing
challenges related to changes and adjustments during commissioning. This has
resulted in an increase in commissioning costs of NOK 36 million compared to the
preliminary 2019 figures. In accordance with the relevant accounting standards,
this has been included in the audited consolidated financial statements for
2019.  

Following the investment agreement with BASF in Q3 2019, Quantafuel and BASF has
on 20 March 2020 signed a collaboration agreement which includes among others a
cooperation on technology development.

On 12. May 2020, Quantafuel announced the signing of a MoU with an undisclosed
strategic investor contemplating an equity investment in Quantafuel. This is a
potential partner that is not within the petrochemical industry, but rather
brings complimentary and ancillary business to our existing relationships, and
hence will help us close the loop on chemical recycling and fasten the process
of getting new legislation implemented. The agreement is signed in understanding
and with the support of existing strategic investors, BASF and Vitol. We expect
to present final terms and conditions for the transaction by the end of June
this year.

Please see the attached Q1 2020 report for the consolidated financial statements
of Quantafuel.

A conference call followed by Q&A will be hosted by CEO Kjetil Bøhn and CFO
Kristian Flaten today at 10:00 CET. The presentation will be held in English.
Please register your attendance via the following link:

http://emea.directeventreg.com/registration/6687217 


For further queries, please contact: 
Kjetil Bøhn, CEO +91 57 38 18
Kristian Flaten, CFO +47 95 09 23 22

About Quantafuel | https://quantafuel.com
Quantafuel is a technology-based energy company converting waste plastics back
into low-carbon synthetic oil products replacing virgin oil products. Quantafuel
is establishing, operating and owning dedicated plastic-to-liquid (PtL) plants
and plans to establish several plants throughout Europe and beyond.

Click here for more information

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