Update re bioMSAR Testing at Aquafuel Research Ltd

1 February 2021

Quadrise Fuels International plc

("Quadrise", "QFI", the "Company" and together with its subsidiaries the "Group")

Update re bioMSAR™ Testing at Aquafuel Research Ltd

Quadrise Fuels International, the supplier of MSAR® and bioMSAR™ emulsion technology and fuels, which are low-cost, cleaner alternatives to heavy fuel oil, is pleased, further to the Company's announcement of 18 December 2020, to provide a summary of the initial testing of bioMSAR™ at Aquafuel Research Ltd's UK test facility.

Quadrise is pleased to announce that the initial testing has confirmed that bioMSAR™ is viable as a diesel engine fuel and in addition has shown that bioMSAR™ achieved higher efficiency and 20-25% lower NOx compared to baseline testing on diesel at the prevailing test conditions on a high-speed engine. The results indicate further optimisation should be possible in terms of operating conditions.

Particulates were comparable for both fuels, and the pre-atomisation of the hydrocarbon in bioMSAR™ appears to be enabling good carbon burn out and the avoidance of black soot even though the test engine is designed for diesel and light fuels as opposed to residue-based fuels.

Future third-party testing to build upon these positive initial results will incorporate optimisation at various loads, with further quantification of efficiency and emissions, and further announcements will be made as appropriate in due course.

Mark Whittle, COO of Quadrise, commented:

"We are pleased to have achieved such positive results for bioMSAR™ in terms of efficiency and emissions, especially as the test engine is designed for diesel as opposed to residue-based fuels. These results give us a solid foundation for the future testing that is planned for medium (4-stroke) and low speed (2-stroke) engines, which are more typically used by our clients."

Paul Day, CEO & Founder of Aquafuel, commented:

"This initial testing demonstrates bioMSAR™ is a viable candidate for fossil fuel replacement in larger engines and results indicate a significant NOx reduction, of the order of 20-25%, and no loss of efficiency compared to diesel."

For further information, please contact:

Notes to Editors

QFI is the supplier of MSAR® and bioMSAR® emulsion technology and fuels, a low-cost environmentally beneficial alternative to heavy fuel oil for the global power generation, shipping, industrial and refining industries.

Aquafuel Research Ltd is a British-based company that specialises in renewable power innovation using conventional biofuels and glycerine. Aquafuel zero-emission glycerine generators have powered the Formula-E race series and Volkswagen's record-breaking ID.R car batteries. Aquafuel also supply novel renewable CHP and hybrid power solutions.

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.