15 February 2024

Quadrise Plc
("Quadrise" or the "Company")

Project Development Agreement with Euthenia and BTG Bioliquids

Quadrise Plc (AIM: QED), the supplier of innovative energy solutions for a cleaner planet, is pleased to announce the signature of a Project Development Agreement ("PDA") with renewable biofuels specialists, BTG Bioliquids BV ("BTL") and Euthenia Energy Group Limited ("Euthenia").

As announced on 8 June 2023, Quadrise and BTL entered into a Joint Development Agreement ("JDA") to investigate the use of BTL's fast pyrolysis bio-oil ("FPBO") as a potential cost-effective renewable feedstock for Quadrise's bioMSAR™ solution. The JDA forms part of our strategy to deliver a commercially viable net-zero biofuel by 2030 whilst also supporting decarbonisation of the marine, power, and heavy industry sectors. Work carried out under the JDA has resulted in positive outcomes to date, with stable formulations of bioMSAR™ incorporating FPBO ("Pyrolytic bioMSAR™") being produced at the Quadrise Research Facility.

Building on this success, Quadrise and BTL have signed the PDA with Euthenia, an industrial group that is focused on developing, financing, and operating renewable energy projects and transition solutions for a low carbon economy. Euthenia have active projects and operations in Europe, North America and the Caribbean.

Under the PDA, a programme of lab and pilot testing, followed by diesel engine testing, is planned leading to a third-party commercial marine vessel trial. Euthenia will process ligno-cellulosic biomass feedstock at their facilities in Spain using BTL's FPBO and fractionation technologies, with the extracted sugars blended into Pyrolytic bioMSAR™ to provide sustainable marine fuel.

The work envisaged under the PDA is expected to accelerate the development of Pyrolytic bioMSAR™ and bioMSAR™ Zero to serve global shipping fleets in the Mediterranean, widen the global opportunities for BTL FPBO technology and leverage Euthenia's successful bioenergy and decarbonisation business.

A binding term sheet is expected to be finalised and signed within four months of signing the PDA to cover the larger diesel engine tests, the marine vessel trial and the future commercial relationships between the parties.

Commenting on the update, Jason Miles, Chief Executive Officer of Quadrise, said:

"Quadrise is pleased with the progress made with BTG Bioliquids to date, and we are delighted to be now working alongside Euthenia under this new tripartite agreement. Advanced biofuels derived from woody biomass are expected to be very price competitive net-zero feedstocks. Importantly, the extracted sugars are water-soluble and therefore particularly suited for use with our oil-in-water emulsion technology for shipping and industrial applications. This latest collaboration is part of our wider plan to commercialise bioMSAR™ sustainable marine fuel in major bunker hubs, as well as advancing our programme to supply bioMSAR™ Zero by 2030 to reduce sector emissions of greenhouse gases and other pollutants using existing infrastructure.

Gerhard Muggen, Managing Director of BTG Bioliquids, added:

"BTG Bioliquids is pleased to have signed this latest agreement with Quadrise and Euthenia to accelerate our strategy of collaborating with partners to develop attractive applications for fast pyrolysis bio-oil technology. The successful inclusion of fast pyrolysis bio-oils and their derivatives into bioMSAR™ will be a major step in decarbonising the shipping industry."

Jean Paul Chalot, Chairman of Euthenia Energy Group, concluded:

"Euthenia is pleased to initiate this major project in collaboration with BTG Bioliquids and Quadrise as technology partners, using our industrial site in Spain, leveraged by a unique background in the biomass industry and a location nearby the major Mediterranean bunker hubs of Algeciras and Gibraltar. Advanced renewable transportation fuels derived from biomass present a very disruptive alternative for the aviation and shipping industries. With the successful outcome of this Project, we will confirm our ambition with our partners to be a major player in the sustainable marine fuel industry."

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About Quadrise

Quadrise is the supplier of MSAR® and bioMSAR™ emulsion technology, fuels and biofuels, providing innovative solutions to reduce energy costs and greenhouse gas emissions today for clients in the global power generation, shipping, industrial and refining industries.

Learn more at: www.quadrise.com

Learn more about BTG Bioliquids at: www.btg-bioliquids.com

Learn more about Euthenia Energy at: www.euthenia-energy.com

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with the Company's obligations under Article 17 of MAR.