Business Update

16 January 2023

Quadrise Fuels International plc
("Quadrise", "QFI", the "Company")

Business Update

Quadrise Fuels International plc (AIM:QFI), the supplier of innovative energy solutions for a cleaner planet, provides the following update on its current projects.

January 2023 project status:

·    Morocco - Following previously reported delays, the bioMSAR™ fuel arrived at the client site during December. The MSAR® fuel is currently at Moroccan customs, awaiting final clearance. Quadrise visited the client site earlier this month to progress the engineering set-up and to expedite the project actions once Moroccan customs have been cleared. We anticipate that the remaining logistical issues will be resolved this month so that the trial can then proceed as planned. Quadrise expects a successful trial to be followed thereafter by discussions to conclude a commercial fuel supply agreement in H1 2023 as planned.

·    Utah - Commercial discussions for the supply of a license and manufacturing unit to enable Valkor to produce MSAR® and bioMSAR™ are progressing well, with the Company working towards execution of definitive agreements in Q1 2023.

·    MSC - Completion of MSC's vessel preparations for the Proof of Concept and Letter of No Objection trials are now scheduled for Q2 2023. Discussions continue with third party fuel suppliers pursuant to the production of the fuels for the vessel trials and for future commercial fuel supply agreements.

·    bioMSAR™ and Blend-on-Board - Following successful completion of the bioMSAR™ tests in Italy in December 2022, Wärtsilä is now finalising the test reports which will be available for commercial purposes in Q1 2023. Separately, work continues under the Joint Development Agreement with Vertoro to investigate the use of their Crude Sugar Oils as an alternative biofuel feedstock for bioMSAR™, costs for which are now supported by the EU Innovation Fund.

Supporting our longer-term ambitions of producing a net-zero biofuel solution by 2030, RDI work continues on our bioMSAR™ Zero solution at our QRF laboratory with a number of renewable fuel counterparties.

Diesel engine testing on bioMSAR™ and other fuel/biofuel formulations to support the Quadrise Blend-on-Board solution is in progress at Aquafuel, with the results from this activity still expected in Q1 2023.

·    Americas - Quadrise and its local agents are actively pursuing trial and commercial supply agreements with candidate power generation clients in Panama and Honduras and are in discussions with a large refinery in the Caribbean in addition to ongoing efforts to progress activities in Mexico during H1 2023.

Commenting on project status, Jason Miles, Chief Executive Officer of QFI, said:

"Whilst we are frustrated with the delays that we have faced in progressing some of our projects, we remain confident that these will be overcome soon. The team has worked extremely diligently to seek to navigate these challenges such that the impact on the delivery of our projects should be minimal. We look forward to progressing our client trials and to seeing the commercial application of our technology in a number of sectors later this year."

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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: www.quadrisefuels.com