8 June 2023

Quadrise Plc

("Quadrise" or the "Company")

Joint Development Agreement with BTG Bioliquids

Quadrise (AIM:QED), the supplier of innovative energy solutions for a cleaner planet, is pleased to announce a Joint Development Agreement ("JDA") with renewable biofuels specialists, BTG Bioliquids BV ("BTL").

BTL's proprietary pyrolysis technology turns abundant agricultural and forestry residues, such as saw mill waste, into fast pyrolysis bio-oil (FPBO), a homogeneous energy carrier, which can be used as a direct substitute for fossil fuels or be further upgraded into advanced biofuels. There are currently three FPBO producing plants using BTL's technology in the Netherlands, Finland and Sweden.

Under the JDA, the Company and BTL will collaborate in seeking to use BTL's FPBO as a potential cost-effective renewable source of fuel in Quadrise's bioMSAR™ solution. The JDA makes provision for the Company to supply MSAR® blending technology at BTL's licensed plants or biorefineries subject to future agreements with BTL or their licensees.

Quadrise and BTL intend to jointly execute a research programme to generate stable bioMSAR™ emulsions incorporating BTL's FPBO. Successful laboratory formulations of FPBO-bioMSAR™ emulsions to be generated at the Quadrise Research Facility are expected to progress to diesel engine tests during the next 12 months. Subject to agreement of both parties, third-party testing for marine use would then be expected to  follow. These tests are also expected to accelerate the development of bioMSAR™ Zero.

Commenting on this agreement Jason Miles, CEO of Quadrise, said:

"Quadrise is delighted to have signed this JDA with BTG Bioliquids. Advanced biofuels derived from woody biomass remain potentially the most price competitive net-zero biofuel solutions. This joint collaboration fits well with our plans to commercialise bioMSAR™ with MSC Shipmanagement and others, as well as advancing our programme to supply net-zero bioMSAR™ by 2030. BTG Bioliquids' fast pyrolysis bio-oils combined with Quadrise's bioMSAR™ technology should provide a compelling solution for the marine sector to accelerate decarbonisation and emissions reduction efforts economically and safely."

Gerhard Muggen, Managing Director of BTG Bioliquids, added:

"BTG Bioliquids is pleased to have signed this agreement with Quadrise to continue our strategy of cooperating with other companies to develop attractive applications for fast pyrolysis bio-oil. The successful inclusion of fast pyrolysis bio-oils into bioMSAR™ would be a major step in decarbonising the shipping and power industries.

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About Quadrise

Quadrise is the supplier of MSAR^® and bioMSAR™ emulsion technology and fuels, providing innovative lower cost and lower carbon alternatives to fuel oil and biofuels in the global power generation, shipping, industrial and refining industries.

Learn more: www.quadrisefuels.com

Certain of the information contained within this announcement is deemed by the Company to constitute inside information as stipulated under The Market Abuse Regulation (EU 596/2014) pursuant to the Market Abuse (Amendment) (EU Exit) Regulations 2018. Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.