Quadrise Fuels International PLC Joint Development Agreement - MSC Shipmanagement (3888M)
January 21 2021 - 2:00AM
UK Regulatory
TIDMQFI
RNS Number : 3888M
Quadrise Fuels International PLC
21 January 2021
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(R)
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(R) 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 bioMSAR(TM) 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(R) fuel, and potentially bioMSAR(TM) , 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(R) and bioMSAR(TM) 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(R) on
our container vessels. We are particularly interested in the
potential environmental benefits of MSAR(R) and bioMSAR(TM) that,
alongside the economic benefits, reflect our approach to operating
a modern MSC fleet, and fit well with our overall future fuels
strategy."
For further information, please contact:
Quadrise Fuels International Plc
Mike Kirk, Chairman +44 (0)20 7031 7321
Jason Miles, Chief Executive Officer ir@quadrisefuels.com
Nominated Adviser
Cenkos Securities plc
Ben Jeynes +44 (0) 20 7 397
Katy Birkin 8900
Joint Brokers
Peel Hunt LLP
Richard Crichton +44 (0)20 7418 8900
David McKeown
Shore Capital Stockbrokers Limited
Toby Gibbs
Fiona Conroy +44 (0)20 7408 4090
Public & Investor Relations
FTI Consulting
Ben Brewerton +44 (0)20 3727 1000
Ntobeko Chidavaenzi
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