Zotefoams plc

("Zotefoams" or "Group")

Joint development agreement for ReZorce^® beverage cartons

18 July 2023 - Zotefoams, a world leader in cellular materials technology, is pleased to announce a joint development agreement ("JDA") with a world-leading packer of beverages. Following successful internal trials, this agreement encompasses the further development of Zotefoams' ReZorce^® monomaterial beverage carton packaging, and its planned use in in-market trials for a major European retailer.

The JDA covers all activities, including packing at industrial scale, to trial ReZorce^® cartons in the retail market and non-binding provisions for further co-operation. Zotefoams anticipates that the initial scope of work will continue until early 2024.

ReZorce^® offers advantages over traditional ("composite") beverage cartons delivering a lower carbon footprint, recyclability via standard recycling streams and is designed for the circular economy, initially by using 30% post-consumer recycled materials. A key factor in securing this agreement is that ReZorce^® can be processed on existing packing and filling equipment and therefore requires minor capital investment by the retailer or packaging company to commercialise this disruptive technology. No further details of other parties involved in the JDA are being made available at present, for reasons of commercial confidentiality.

David Stirling, Zotefoams Group CEO, notes, "This agreement confirms the significant technical progress we have made with our ReZorce^® mono-material barrier range. As we have continued our development efforts, it has become clear that demand for a sustainable alternative material for beverage cartons is significant and in line with our initial market assessment.

"This agreement for ReZorce^® development is an important milestone and we look forward to it delivering results that clearly demonstrate ReZorce^® is the optimal material solution for beverage cartons."

-ENDS-

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About Zotefoams plc

Zotefoams plc (LSE - ZTF) is a world leader in cellular materials technology delivering optimal material solutions for the benefit of society. Utilising a variety of unique manufacturing processes, including environmentally friendly nitrogen expansion for lightweight AZOTE^® polyolefin and ZOTEK^® high-performance foams, Zotefoams sells to diverse markets worldwide. Zotefoams uses its own cellular materials to manufacture T-FIT^® advanced insulation for demanding industrial markets. Zotefoams also owns and licenses patented microcellular foam technology to reduce plastic use in extrusion applications and for ReZorce^® mono-material recyclable barrier packaging.

Zotefoams is headquartered in Croydon, UK, with additional manufacturing sites in Kentucky, USA and Brzeg, Poland (foam manufacture), Oklahoma, USA (foam products manufacture and conversion), Massachusetts, USA and Stilling, Denmark (microcellular foam technology) and Jiangsu Province, China (T-FIT).

www.zotefoams.com

AZOTE^®, ZOTEK^®, ReZorce^® and T-FIT^® are registered trademarks of Zotefoams plc.