o	More recycling of plastic waste which would otherwise be incinerated
o	Favorable regulatory environment decisive for implementation

April 21, 2021 - BASF, Quantafuel and REMONDIS have signed a Memorandum of
Understanding (MoU) to jointly evaluate a cooperation in chemical recycling
including a joint investment into a pyrolysis plant for plastic waste. It is
intended that REMONDIS, one of the world's leading waste and water management
companies, supplies suitable plastic waste to the plant, and chemical company
BASF uses the resulting pyrolysis oil as feedstock in its production Verbund as
part of its ChemCyclingTM project. Quantafuel intends to provide the technology
and to operate the plant. The company is a specialist for the pyrolysis of mixed
plastic waste and the purification of the resulting pyrolysis oil; the
technology is jointly developed and being held with BASF. The location of the
pyrolysis plant will be evaluated together.

Each year, almost 20 million metric tons of plastic waste in Europe go
unrecycled. By establishing chemical recycling as a complementary solution to
mechanical recycling it is possible to bring back more plastic waste into the
materials cycle, which would otherwise be incinerated. The pyrolysis technology
can be used to process plastic waste streams that are not recycled mechanically,
e.g. for technological or economic reasons.

To maximize a circular economy for plastics, the parties will identify which of
the waste plastics provided by REMONDIS could undergo chemical recycling in
future.

"BASF has set itself the goal to process 250,000 metric tons of recycled
feedstock annually from 2025 onwards. In this regard, it is important to use
feedstock derived from plastic waste that would otherwise not have undergone
recycling," said Dr. Lars Kissau, Senior Vice President Global Strategic
Business Development at BASF's Petrochemicals division. "Partnering with
companies from the waste management and recycling sector as well as innovative
technology providers is an ideal constellation to build a sustainable circular
economy model for previously non-recycled plastic waste. However, solving the
plastic waste challenge will only be possible in a favorable regulatory
environment."

"Remondis and BASF are excellent partners for realizing an ambitious project
like this in Central Europe on a tight timeline, and operating it successfully
for the long term," stated Kjetil Bøhn, CEO of Quantafuel. "We are steadily
moving forward in the ramp up of our initial plant in Skive and are happy to now
start implementing the roll-out of the technology."

Jürgen Ephan, Managing Director REMONDIS Recycling, pointed out the importance
of the joint project: "In order to achieve the sustainability objectives set by
the European Union in its visionary Green Deal, it is essential to increase
recycling quotas wherever technically and economically feasible. We believe that
chemical recycling can provide a meaningful contribution and are therefore happy
to join forces with BASF and Quantafuel on the way towards a higher rate of
recyclability."

Legislation on EU and national level will create the framework for chemical
recycling and therefore shape the ability how it can contribute to a more
circular economy for plastics. This includes acknowledging that products based
on chemically recycled feedstock are counted towards achieving recycled content
targets.

Pyrolysis oil derived from plastic waste is fed into BASF's Verbund production,
thereby saving the same amount of fossil resources. Since the pyrolysis oil is
inserted directly at the beginning of the chemical value chain, the final sales
products have the exact same properties as products made from fossil feedstock.
The share of recycled material is allocated to the end products according to a
third-party certified mass balance approach which allows BASF to offer its
customers certified products carrying the name affix CcycledTM.

About BASF
At BASF, we create chemistry for a sustainable future. We combine economic
success with environmental protection and social responsibility. More than
110,000 employees in the BASF Group contribute to the success of our customers
in nearly all sectors and almost every country in the world. Our portfolio is
organized into six segments: Chemicals, Materials, Industrial Solutions, Surface
Technologies, Nutrition & Care and Agricultural Solutions. BASF generated sales
of EUR59 billion in 2020. BASF shares are traded on the stock exchange in
Frankfurt (BAS) and as American Depositary Receipts (BASFY) in the U.S. Further
information at www.basf.com.

About Quantafuel
Quantafuel is a Norwegian technology-based energy company with the purpose of
ending wasteful and unsustainable handling of our planet's resources. Drawing on
more than 10 years of development, Quantafuel is converting waste plastics back
into low-carbon synthetic oil products replacing virgin oil products. Quantafuel
aims to rapidly build up production capacity on a global scale to have a
meaningful impact on one of our times most pressing environmental challenges. 

About REMONDIS
REMONDIS is one of the world's leading privately run recycling, service and
water companies with around 800 business locations in over 30 countries and
across four continents. Founded in 1934, this family-run business employs more
than 36,000 people and generates a turnover of EUR7.9 billion (2019). Each year,
it processes about 30 million tonnes of recyclable materials and provides
services for local authorities, small and medium-sized businesses and industrial
firms as well as for around 30 million people. Operating in many different
fields of business, REMONDIS makes an important contribution towards protecting
the environment and conserving natural resources - from recovering valuable raw
materials from industrial and household waste, to producing high quality
recycled raw materials, all the way through to transforming non-recyclable
materials into a range of different fuels. Moreover, the company is increasingly
helping to advance the switch from fossil fuels to renewables by using biomass
as a source of energy. REMONDIS sees itself as an adviser and point of contact
for industrial, commercial and retail businesses as well as for local
authorities as it helps them to find regional and bespoke solutions.

Please also see attached for the press release.

For further queries, please contact: 
Kjetil Bøhn, CEO +47 91573818 
Kristian Flaten, CFO +47 95092322 

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.

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