Joint Development Agreement - MSC Shipmanagement

21 January 2021

Quadrise Fuels International plc

("Quadrise", "QFI" or the "Company")

JOINT DEVELOPMENT AGREEMENT WITH MSC SHIPMANAGEMENT LIMITED

Quadrise is pleased to announce it has signed a Joint Development Agreement ("JDA") with MSC Shipmanagement Limited of Cyprus ("MSC"), a 100% subsidiary of MSC Mediterranean Shipping Company SA headquartered in Geneva, to carry out an MSAR® Operational Trial (the "Trial") on commercial container vessels in the MSC global fleet commencing in 2021 with, subject to further agreement, subsequent commercial rollout upon success. The MSC Group is one of the world's largest cargo shipping and cruise line companies.

Initial activities under the JDA will include project initiation, definition, high-level scoping and feasibility activities ("Initial Activities") of the overall Trial. The Initial Activities are to be completed within 3 months.

Contingent on the outcome of the Initial Activities the parties will progress and define the project roadmap during Q2'21 in preparation for the execution of one or more Trials commencing in H2'21 on representative commercial vessels in MSC's global fleet ("Phase 1"). Upon completion and success of Phase 1, and subject to further agreement between the parties, the JDA envisages subsequent commercial roll-out across the MSC global fleet ("Phase 2").

Phase 1 will see the testing of MSAR® fuel in a large MAN ME and/or a Wärtsilä/WinGD Flex 2-stroke engine so as to obtain Letter Of No Objection ("LONO") approvals from the respective engine manufacturers. Phase 1 testing may also incorporate testing of QFI's new bioMSARTM biofuel.

In the event that the Trial(s) and LONO approval(s) are successful under Phase 1, and subject to further commercial agreements to be agreed between the parties, the parties would seek to rollout MSAR® fuel, and potentially bioMSARTM, for the MSC global fleet.

The JDA will capitalise on QFI's skills in emulsion fuel application and use in large diesel engines. MSC will contribute its vast shipping industry experience and provide technical expertise relating to naval architecture, machinery systems, fuels, exhaust gas cleaning systems, emissions and technical ship management. MSC is at the forefront of exploring and trialling fuels and technologies to help decarbonise the international shipping industry.

Commenting on this agreement Jason Miles, CEO of QFI, said:

"Quadrise is delighted to have signed this agreement with MSC and we look forward to working alongside them to progress this excellent opportunity. We believe that MSC's large modern fleet installed with electronic engines and, in some cases, exhaust gas cleaning systems (scrubbers) is well positioned to realise the economic and environmental benefits of MSAR® and bioMSARTM and we look forward to realising the project and getting the trials underway in 2021."

Commenting on this agreement Prabhat Jha, Group MD & CEO of MSC Shipmanagement Ltd, said:

"MSC is looking forward to working with the Quadrise team under the JDA in 2021 to scope out the operational trials of MSAR® on our container vessels. We are particularly interested in the potential environmental benefits of MSAR® and bioMSARTM that, alongside the economic benefits, reflect our approach to operating a modern MSC fleet, and fit well with our overall future fuels strategy."

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The information communicated within this announcement was deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 prior to the release of this announcement. Upon the publication of this announcement, this inside information is now considered to be in the public domain.