Marine Project Update

Quadrise Plc (AIM: QED), the supplier of innovative energy solutions for a cleaner planet, is pleased to announce the signature of a Collaboration Agreement with Cargill NV ("Cargill"), a major supplier of renewable biofuels, and MAC2 Solutions NV ("MAC2"), part of Group Machiels, with regard to the production of MSAR® and bioMSAR™ fuels for the Company's forthcoming marine vessel trials (the "Trials").

Under the Collaboration Agreement between the parties, the Trials will be carried out following the installation and commissioning of Quadrise equipment at the MAC2 facility in Antwerp, Belgium. Cargill will be responsible for the supply of feedstocks, as well as for bunkering operations to supply MSAR® and bioMSAR™ fuel, for the Trials. MAC2 will be responsible for the supply of jetty space, utilities, permits and ad-hoc support services during the Trials, whilst Quadrise will be responsible for the provision of MSAR® and bioMSAR™ technology and fuel production equipment and personnel.

Further to the Company's AGM Statement on 27 November 2023, this Collaboration Agreement is the first of a number of agreements with stakeholders that are required in order to supply MSAR® and bioMSAR™ to the MSC Leandra for Proof of Concept ("POC") and Letter of No Objection ('LONO') trials commencing Q2 2024.

Subject to the conclusion of the remaining required agreements, including a toll manufacturing agreement between Cargill and Quadrise in respect of fuel manufacture, Quadrise equipment is expected to be delivered to the MAC2 site to enable the Trials to commence in Q2 this year, following the receipt of permits for the Trials by MAC2. The Trials will commence with POC tests using MSAR® and bioMSAR™ followed then by several thousand hours of operation on bioMSAR™ in order to obtain a LONO from the original equipment manufacturer. Quadrise anticipates that the bioMSAR™ LONO trial will take approximately 6-8 months after the POC trials are completed within around 2 months, subject to the commercial route of the MSC Leandra during the Trials.

Upon successful LONO trial completion and entry of a long-term fuel supply agreement, the parties plan to seek to initiate commercial MSAR® and bioMSAR™ bunker supply operations to the marine sector by Cargill through the MAC2 facilities in Port of Antwerp-Bruges on a permanent basis.

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

"We are delighted to have signed this agreement with Cargill and MAC2 to progress our plans for supplying MSAR® and bioMSAR™ to the marine sector from Antwerp-Bruges. We look forward to working with them as we prepare for the trials on the MSC Leandra in Q2 2024 and to a successful longer-term partnership as we progress to commercial supply."

Learn more at: www.quadrise.com