The following amendment has been made to the "Business Update" announcement released on 16 May 2023 at 07:00 under RNS No. 4889Z.

The original announcement stated that Valkor had been awarded drilling permits covering their Asphalt Ridge site in early May 2023. The corrected announcement below states that the drilling permits are expected to be awarded later in May 2023

All other details remain unchanged. The full amended text is shown below.

16 May 2023

Quadrise Plc
("Quadrise" or the "Company")

Business Update

Quadrise Plc (AIM:QED), the supplier of innovative energy solutions for a cleaner planet, is pleased to provide an update covering progress on each of its key projects.

Key projects:

·     Morocco - The industrial demonstration test is now scheduled to commence in May following finalisation of the client's latest production schedule. Quadrise personnel are now at the client site completing trial preparation, with results expected shortly after completion of testing and joint review with the client. Upon success, the parties will enter discussions for potential commercial supply, with a view to signing a fuel supply agreement in Q3 2023.

·    MSC - Discussions with third party fuel suppliers for the Proof-of-Concept and Letter of No Objection trials on board the MSC Leandra are progressing positively. The intended outcome of these discussions is to conclude a Tripartite Agreement between the supplier, MSC and Quadrise as soon as possible. The vessel is currently in dry dock being prepared for testing, which is now expected to commence in Q4 2023. Quadrise and MSC are scheduling the bioMSAR™ hazard identification and operability study as recommended by Wärtsilä, which assesses feasibility and safe operability prior to use on the vessel's 2-stroke main engine. With positive trial progression, Quadrise, MSC, and other key stakeholders expect to commence discussions in H1 2024 with regard to commercial supply to MSC's fleet.

·    Utah - Quadrise and Valkor are finalising terms for the supply of a licence, services and manufacturing unit to enable Valkor to produce MSAR^® and bioMSAR™ for the first project, and conditional sub-licensing of the technology for other heavy oil projects in Utah. Following the award of drilling permits to Valkor covering their Asphalt Ridge site, expected to be made later in May 2023, the supply of the licence and manufacturing unit will allow low sulphur heavy oil with a lower carbon intensity to be blended to MSAR^® and bioMSAR™ for trials during H2 2023, ahead of commercial supply in Q1 2024.

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

"Our key projects are each progressing to their next stage of development, and we look forward to sharing updates as additional milestones are reached.

The Company is entering an exciting period, with commercial revenues expected upon signature of the Valkor agreement, the Morocco trial expected to commence this month and progress continuing with regard to securing a fuel supplier for the MSC trials. In addition, we continue to develop our decarbonisation technologies towards delivering fully net-zero carbon solutions and progress opportunities for our business in other regions and applications."

For additional information, please contact:

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 at: www.quadrise.com

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with the Company's obligations under Article 17 of MAR.