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CIRCTEC to construct Europe’s largest end-of-life tire pyrolysis recycling in the Netherlands

Hellerup, Denmark – Discarded tires pose significant environmental and health risks, accumulating in landfills, and polluting ecosystems with toxic substances. The current scale of tire waste exceeds the reach of existing recycling efforts, with over half of Europe’s waste being incinerated or being exported to Asia and Africa for environmentally damaging disposal, underscoring the vital need for innovative solutions in tire waste management. Moreover, the increasing adoption of electric vehicles will further exacerbate the tire waste problem as tires used for electric vehicles wear down faster.

CIRCTEC, a UK-headquartered technology company, has developed a proprietary technology for decomposing old tires through pyrolysis, (a
process that transforms waste into valuable circular materials through thermal decomposition in an oxygen-free environment), and for upgrading
the products to high-quality recycled chemicals and renewable fuels. With the funding raised, CIRCTEC will construct Europe’s largest end-of-life
tire pyrolysis recycling facility in Delfzijl, the Netherlands. At full capacity, the Delfzijl plant will be able to tackle approximately 5% of the 3.6 million
tons of end-of-life tires that are generated in Europe annually. CIRCTEC’s technology offers a scalable solution to the global tire waste
problem by embracing circularity and reducing greenhouse gas emissions, with the new Delfzijl plant set to be capable of reducing emissions by the equivalent of circa 3% of the greenhouse gas emissions of the entire chemical industry sector of The Netherlands.

In its pyrolysis process, CIRCTEC produces (i) its proprietary sustainable marine fuel HUPATM, (ii) circular naphtha for responsibly sourced plastics,
polymers and chemicals, and (iii) high-quality recovered carbon black for use back into tires, rubber and plastics manufacturing.

CIRCTEC previously announced long-term offtake agreements with BP for its sustainable marine fuel and circular naphtha products, and with one of
the largest global producers of carbon black, Birla Carbon, for the recovered carbon black. This means the entire output of the new plant being
constructed at Delfzijl is fully sold.

Allen Timpany, Co-founder and CEO of CIRCTEC, said: “We are very pleased to welcome Novo Holdings and A.P. Moller Holding to
our board to continue our growth journey together. The success of this new investment round gives us the partners that will enable us to take CIRCTEC
to the next level in realizing our goal of scaling sustainability. Bringing our technology to a global scale will generate meaningful contributions to the
sustainability of the planet.”

Anders Spohr, Senior Partner, Bioindustrial Investments, Novo Holdings, said: “CIRCTEC is the global leader in end-of-life tire pyrolysis, and thanks to its unmatched proprietary technology, the Company is on a rapid growth trajectory that will now be further accelerated. In addition to having a strong technology platform, the team shares Novo Holdings’ firm belief in circularity as a key component in advancing planetary health by enabling the green transition of society. I look forward to the collaboration with the CIRCTEC leadership as well as the highly esteemed investor group.”

Chetan Mehta, Head of Growth Equity, A.P. Moller Holding, said: “The overall green transition of our societies will require trillions of dollars
to be invested in the coming years and decades. Capital at this scale can only be activated if investor returns are commensurate for the risks taken. At A.P. Moller Holding, we are committed to investing in and building businesses with a positive impact on society. We believe CIRCTEC satisfies both our purpose and return requirements, and we are excited to be investing in the business and partnering with the management team to build a world-class pyrolysis platform.”