Quadrise Fuels International PLC Framework Agreement with MSC Shipmanagement (8355T)
July 27 2022 - 2:00AM
UK Regulatory
TIDMQFI
RNS Number : 8355T
Quadrise Fuels International PLC
27 July 2022
27 July 2022
Quadrise Fuels International plc
("Quadrise," "QFI" or the "Company")
Framework Agreement with MSC Shipmanagement Limited
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 delighted to
announce it has signed a Framework Agreement ("Agreement") with MSC
Shipmanagement Limited of Cyprus ("MSC Shipmanagement"), a 100%
subsidiary of MSC Mediterranean Shipping Company SA ("MSC").
Under the Agreement, proof-of-concept tests and subsequent
operational trials will be carried out using both bioMSAR(TM) and
MSAR(R) fuel on one or more commercial container vessels, as
essential precursor steps to the intended commercial supply of
these fuels to MSC's global fleet.
The proof-of-concept tests for each of bioMSAR(TM) and MSAR(R)
will be conducted on a vessel now owned by MSC that was previously
used for prior successful MSAR(R) demonstrations on a 69MW 2-stroke
engine and commence by no later than 31 December 2022, subject to
the ongoing availability of the vessel (the "POC Trials"). Each POC
Trial is estimated to require 1,000 metric tons ("MT") of fuel to
confirm engine performance on the vessel.
Subject to positive results from the POC Trials, the fuels will
undergo subsequent operational trials to provide commercial
operating experience with a view to obtaining Letters of No
Objection ("LONOs") from the engine manufacturer (the "Trials")
after proving operational viability of bioMSAR(TM) and MSAR(R) at
both an interim (midway) and final stage (after circa 4,000
operating hours).
It is estimated that approximately 25,000MT of fuel will be
required for each of the Trials, with fuel produced by Quadrise and
purchased by MSC. In conjunction with the Trials, MSC and Quadrise
will jointly continue discussions with other marine engine
suppliers to investigate testing bioMSAR(TM) and MSAR(R) on their
engines.
In parallel, subject to the successful progression of the Trial
to the Interim LONO stage, Quadrise and MSC intend to negotiate a
collaborative commercial agreement (or agreements) to supply
bioMSAR(TM) and/or MSAR(R) to be used by MSC. The Parties will also
investigate opportunities to test the Quadrise Blend-on-Board
solution on a suitable MSC vessel.
Commenting on this agreement Jason Miles, CEO of QFI, said:
"This is an important milestone for the Company as we progress
our projects and deepen our relationships with leading energy
suppliers and users to reduce energy consumption, costs and
emissions. Quadrise is delighted to have signed this new agreement
with MSC Shipmanagement, the biggest in-house ship management
company globally responsible for the largest container ship fleet
in the world. We look forward to working with MSC and project
stakeholders to demonstrate the commercial viability and
environmental benefits of our fuels to the wider seaborne fleet.
MSC sets the standard for energy efficiency and biofuel use in the
marine sector, and we believe that our bioMSAR(TM) and MSAR(R)
technology offers an excellent solution to accelerate their
decarbonisation and emissions reduction efforts."
Commenting on this agreement Prabhat Jha, Group MD & CEO of
MSC Shipmanagement Ltd, said:
"MSC Shipmanagement is delighted to be working with the Quadrise
team under this new agreement, as together we have an important
enabling role in the marine energy transition towards a net zero
carbon future and reducing our own vessel emissions. MSC has one of
the youngest fleets among the world's leading shipping lines, and
we seek to continually improve energy efficiency by collaborating
with suppliers such as Quadrise to promote the wider adoption of
low and zero-carbon fuels. We each have an important role to play
to accelerate the decarbonisation of the shipping and logistics
industry and we look forward to progressing commercial testing of
bioMSAR(TM) and MSAR(R) technology on our fleet together with
Quadrise."
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.
Certain of the information contained within this announcement is
deemed by the Company to constitute inside information as
stipulated under The Market Abuse Regulation (EU 596/2014) pursuant
to the Market Abuse (Amendment) (EU Exit) Regulations 2018. Upon
the publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
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END
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