Quadrise Plc announced the signature of a Cooperation Framework Agreement with BTG Bioliquids BV. The CFA serves to extend the scope of Quadrise's existing agreement with BTL. Following the signature of a Joint Development Agreement ("JDA") with BTL in June 2023, Quadrise has worked with BTL to incorporate BTL's sustainable Fast Pyrolysis Bio-Oil ("FPBO") products into bioMSAR?.

Stable emulsions incorporating up to 20% BTL FPBO sugars have been produced at the Quadrise Research Facility, with Cummins diesel engine testing on these emulsions at Aquafuel now planned for Third Quarter 2024. As a result of this progress, the parties have now agreed a Cooperation Framework Agreement ("CFA"). The CFA expands the scope of the JDA to incorporate the parties' intention to undertake additional diesel engine testing with BTL FPBO emulsions on engines larger than the currently planned Third Quarter 2024 Cummins test leading, ultimately on success, to a marine vessel for final testing ahead of potential commercial-scale bioMSAR?

supply. Assuming the planned Cummins engine tests in Third Quarter 2024 are positive, under the CFA the parties intend to complete independent testing on a larger diesel engine during the period Fourth Quarter 2024 to First Quarter 2025, as well as associated third party testing for marine fuel characterisation and compliance. Quadrise and BTL will then prepare for larger scale production of bioMSAR?

incorporating FPBO sugars for marine vessel tests in 2026. In order to ensure the supply of FPBO sugars for future commercial-scale bioMSAR? marine tests, BTL are planning the construction of a pilot plant in Dordrecht, Netherlands.