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20 March 2020 | 2

P A R T O F T H E S O L U T I O N

Quantafuel turns a global environmental problem into low-carbon products

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P L A S T I C – A M A N M A D E “ W O N D E R M A T E R I A L ”

Plastic production grows steadily – fastest growing man-made material

Source: Plastics Europe

Million tonnes es per year ar

~650 50

(2035) 1950 1950 1970 1970 1990 1990 2010 2010 2030 2030 2050 2050

86 86

(1985)

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The most difficult material to recycle mechanically

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P L A S T I C W A S T E I N D E N M A R K

~110,000 tonnes separated plastic waste and ~750,000 total plastic waste – ~50,000 tonnes separated for mechanical recycling

~650,000 MT Separated plastic waste Plastic waste included in

• ther waste streams

Plastic waste streams Chemical recycling Recycling potential 50 – 100,000 MT Hard to separate plastic waste

Quantafuel relevant feedstock

~110,000 MT 300 – 400,000 MT

Source: http://mst.dk/affald-jord/affald/affaldsdatasystemet/find-affaldsdata/affaldsstatistikker/

Mechanical recycling

300 –400,000 MT

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H I G H G R O W T H N A S C E N T M A R K E T

Need a rise of structured plastic waste management and recycling

Luckily it is on the way…

Source: McKinsey&Company

2030: >200 million tonnes plastic reused 2030: “Alternative reuse” of plastic biggest profit growth >50 million tonnes for pyrolysis ~25 BUSD for pyrolysis

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M A R K E T M A C R O O U T L O O K

Global players scrambling for developing their position

Oil majors Chemical majors Recycling majors

Compa pany y exampl mples es “REMONDIS has initiated a project to develop and operate so so-called chemical recycling facilities.“ Compa pany y exampl mples es Compa pany y exampl mples es State ted d ambiti tion: State ted d ambiti tion: State ted d ambiti tion: “BASF is working on recovering and recycling of plastics through our ChemCycling project.“ “Neste targets to process more than one million tons of plastic waste annually by 2030.“

See major opportunities in alternative fuels Expect chemical recycling to become a major factor Need to increase recycling – require chemical recycling

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E F F I C I E N T P L A S T I C R E C Y C L I N G

Quantafuel is pioneering the plastic recycling industry – giving waste plastic now being incinerated a second life

Low-carbon fuel

Capturi ring loc

• cal

al plast stic ic waste as a resource… …through small plants and proven technology… …producing high-quali lity, synth thetic tic prod roducts. cts.

Re-use plastic waste ÷ 90 % GHG emission in fuel production Reduce local emissions

Quantafuel first company with 30 USD/boe break-even

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U N I Q U E C A T A L Y S T S O L U T I O N A N D P L A N T D E S I G N

Quantafuel with unique and proprietary catalyst and enabling small, efficient plant design constructed with tried and tested components

Pl Plas astic tic pyrol

• lysis

sis reactor actor Quan antaf afuel el reactor actor Distill stillation tion Sto torage age and offlo loadin ading 2 3 4 5 Pl Plas astic tic Feedin ding 1

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T E C H N O L O G Y R E F I N E M E N T S

Feedstock handling system

1

B Technology

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U N I Q U E C A T A L Y S T S O L U T I O N A N D P L A N T D E S I G N

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T E C H N O L O G Y R E F I N E M E N T S

4 Pyrolysis reactor

2

B Technology

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T E C H N O L O G Y R E F I N E M E N T S

Unique catalyst solution

B Technology

3

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U N I Q U E C A T A L Y S T S O L U T I O N A N D P L A N T D E S I G N

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T E C H N O L O G Y R E F I N E M E N T S

Distillation column and storage

B Technology

5 4

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S T R A T E G I C P A R T N E R S H I P A G R E E M E N T S I G N E D

Started preparation for two large scale projects – goal of 5

1) ARA is the abbreviation for the ports of Amsterdam, Rotterdam and Antwerp

Antwerpen erpen Bayern

• Aligned to start preparation for two

large sites

• Antwerpen and Bayern
• 100.000 ton + capacity per location
• Pre-engineering, site allocation,

permitting, feed-stock supply, location, budgets

• 50/50 JV structure Vitol – QF
• 2 X 100 MUSD investment
• 150 MUSD revenue – 100 MUSD EBITDA

potential

• FID right after Skive
• Pre-project financed by Vitol

20 March 2020 | 17

S T R A T E G I C P A R T N E R S H I P A G R E E M E N T S I G N E D

Strategic partnership with BASF

1) ARA is the abbreviation for the ports of Amsterdam, Rotterdam and Antwerp

• 20 MEUR investment – 10 MEUR equity,

10 MEUR convertible bond

• Access to process and operation

capacity for the start-up of Skive

• Engineering resources to reach

industrial scale roll-out

• Off-take in Denmark to build the

market

• Development of a naphtha solution
• Intention to replace part of the 20

MTON use of naphtha with recycled material

• None-exclusive agreement

Largest chemical company in the world with 63 BEUR turnover and 122.000 employees.

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O W N T H E V A L U E C R E A T I O N

Quantafuel’s business model is to build, own and operate PtL plants, each established as a separate SPV

Service fee

Local partner

• Invest capital
• Local competence
• Potentially contribute with feedstock

Plant owning SPV

• Quantafuel ownership >50 %
• Plant construction and operations
• Plant financing
• Secure feedstock and fuel sales
• Plant technology and design
• Plant planning, construction and

commissioning

• Operational support

2 Plant price 1 Dividend 3

To the beginning of a partnership