Quadrise Fuels International PLC Material Transfer & Cooperation Agreement (6077O)

TIDMQFI

RNS Number : 6077O

Quadrise Fuels International PLC

13 June 2022

Quadrise Fuels International plc

("Quadrise," "QFI" or the "Company")

Material Transfer & Cooperation Agreement

Further to the announcement on 9 May 2022, Quadrise (AIM:QFI), 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, is pleased to announce it has signed a new Material Transfer & Cooperation Agreement (the "Agreement") with its client in Morocco (the "Client"). This Agreement supersedes the original agreement with the Client, announced on 29 November 2019.

Under the terms of the Agreement, Quadrise will manufacture trial quantities of MSAR(R) and bioMSAR(TM) for the purpose of an industrial demonstration test at one of the Client's sites. Quadrise will then provide the Client with a written report on the efficacy of using MSAR(R) and bioMSAR(TM). Provided the Client-specified deliverables regarding performance and product quality are met, the parties will enter into discussions for a potential commercial supply of MSAR(R) and/or bioMSAR(TM).

In parallel, Quadrise will also complete a technical and economic feasibility study for a potential additional industrial demonstration test at a second site of the Client. This study is close to completion, pending a final visit to the second site by the Quadrise team. T his additional industrial demonstration test will be subject to future agreement, once confirmed.

The industrial demonstration test and feasibility study covered by this Agreement will occur concurrently, with completion expected in Q3 2022.

The Agreement is valid for one year unless mutually extended.

Jason Miles, CEO of Quadrise, commented:

"We are advancing all of our projects to progress them towards commerciality. We are pleased that we have renewed our agreement with this key Client in Morocco. We are confident that we will be able to demonstrate the economic and environmental benefits of using MSAR(R) and bioMSAR(TM) at the Client's industrial site, and look forward to expediting the project."

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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June 13, 2022 02:30 ET (06:30 GMT)

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