Quadrise Fuels International PLC Commercial Development Agreement with Valkor (9285H)
April 11 2022 - 3:28AM
UK Regulatory
TIDMQFI
RNS Number : 9285H
Quadrise Fuels International PLC
11 April 2022
11 April 2022
Quadrise Fuels International plc
("Quadrise," "QFI" or the "Company")
Commercial Development Agreement with Valkor Technologies
LLC
Quadrise is pleased to announce the execution of a phased
Commercial Development Agreement ("CDA") with Valkor Technologies
LLC ("Valkor") headquartered in Park City, Utah, to commercialise
Quadrise's MSAR (R) and bioMSAR (TM) technology at Valkor's
projects in Utah state in the USA.
Under Phase 1 of the CDA, to be completed by 30 June 2022:
-- Valkor will deliver a crude oil sample from a heavy oil asset
in Utah in which they have an existing equity interest (the
'Primary Project') to Quadrise.
-- Quadrise will perform analysis and testing on the sample to
confirm that it is suitable to produce MSAR (R) and bioMSAR (TM)
.
-- Quadrise and Valkor will together and in the same time frame:
o Negotiate supply agreements with identified target consumers
of MSAR (R) and bioMSAR (TM) fuel to be produced by the Primary
Project .
o Finalise the technical and operational requirements and
commercial terms for license and supply of QFI technology.
Full commercial terms for an MSAR (R) and/or bioMSAR (TM)
License and Supply Agreement at the Primary Project would then be
concluded no later than October 2022.
Under Phase 2 of the CDA, following the conclusion of a License
and Supply Agreement covering the Primary Project, Quadrise intends
to grant Valkor exclusive terms over the deployment of QFI
technology in the State of Utah. This is expected to take the form
of further Licence and Supply Agreement(s) or Tolling Agreement(s)
for projects on which QFI technology is proposed to be
deployed.
Net profits generated under the License and Supply Agreement(s)
or Tolling Agreement(s) are to be shared between Quadrise and
Valkor, based on the respective contribution by each party to the
deployment of QFI technology for each project.
Jason Miles, CEO of Quadrise Fuels International, commented:
"The need for more economical and lower carbon industrial and
marine fuels has never been more apparent. Quadrise is delighted to
have executed this agreement and looks forward to working
expeditiously with the Valkor team to conclude commercial
agreements for supply of MSAR (R) and bioMSAR (TM) for identified
projects."
Steven Byle, CEO of Valkor, added:
"We are delighted to work jointly with Quadrise to secure high
value opportunities for our Utah heavy sweet oil projects,
following the successful testing completed on oil sands samples
from the pilot plant last year. The supply and licensing of MSAR(R)
technology in Utah is conditional on securing the first opportunity
for fuel supply and offtake, and we look forward to working closely
with Quadrise during the coming months on this commercial
opportunity."
For further information, please refer to the Company's website
at www.quadrisefuels.com or contact:
Quadrise Fuels International Plc
Andy Morrison, Chairman
Jason Miles, Chief Executive Officer +44 (0)20 7031 7321
Nominated Adviser
Cenkos Securities plc
Ben Jeynes +44 (0)20 7397 8900
Katy Birkin
Broker
Shore Capital Stockbrokers Limited
Toby Gibbs +44 (0)20 7408 4090
Fiona Conroy
Public & Investor Relations
Vigo Consulting
Patrick D'Ancona
Charlie Neish +44 (0)20 7390 0230
Notes to Editors
Quadrise is the supplier of MSAR(R) and bioMSAR(TM) emulsion
technology and fuels, providing innovative lower cost and lower
carbon alternatives to fuel oil and biofuels in the global power
generation, shipping, industrial and refining industries.
This announcement is inside information for the purposes of
article 7 of Regulation 596/2014.
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END
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