TIDMQFI
RNS Number : 5674H
Quadrise Fuels International PLC
25 November 2022
25 November 2022
Quadrise Fuels International plc
("Quadrise", "QFI", the "Company" and together with its
subsidiaries the "Group")
AGM Statement
Quadrise Fuels International plc (AIM:QFI), the supplier of
innovative energy solutions for a cleaner planet, is pleased to
provide the following update ahead of the Company's Annual General
Meeting ("AGM") which commences today at 12 noon.
At the conclusion of the AGM, the Company will provide a
business update presentation to shareholders present at the venue
and online via the Investor Meet Company ("IMC") platform. The
presentation is open to all existing and potential investors. Those
wishing to attend online via IMC can register via:
www.investormeetcompany.com/quadrise-fuels-international-plc/register-investor
.
2022 Overview and Update
Business Development
Throughout the financial year ended 30 June 2022 ("FY22") and
since the period end, Quadrise has seen material progress across
its portfolio of international projects. With the advancement of
these projects, Quadrise expects to achieve commercial revenues in
its current financial year.
Key projects:
-- Morocco - In June 2022, Quadrise signed a new Material
Transfer & Cooperation Agreement with the client. The initial
industrial demonstration test is now scheduled to be completed next
month. Upon success, the parties will enter discussions for
potential commercial supply, with a view to signing a fuel supply
agreement in the first quarter of calendar year 2023.
-- MSC - In July 2022, Quadrise signed a Framework Agreement
with MSC Shipmanagement ("MSC") to carry out trials of bioMSAR(TM)
and MSAR(R) with a view to the commercial supply of one or both
fuels to MSC's global fleet. Proof-of-concept tests are planned for
H1 2023, following which MSC will run Letter of No Objection trials
starting with bioMSAR(TM). Discussions are now underway with third
parties regarding the production of the fuel for the trials. With
positive trial progression, Quadrise, MSC, and other key
stakeholders expect to commence discussions for commercial supply
to MSC's fleet in H2 2023.
-- Utah - In April 2022, Quadrise entered into a Commercial
Development Agreement with Valkor Technologies LLC to commercialise
both MSAR(R) and bioMSAR(TM) at its projects in Utah. The Company
is targeting a commercial agreement by the end of January for the
licensed supply of a Manufacturing Unit to provide fuel for MSAR(R)
and bioMSAR(TM) trials as a precursor to commercial supply during
2023.
-- Americas - Quadrise and its local agents are advancing
discussions with candidate sites in Panama and Honduras to trial
MSAR(R) and bioMSAR(TM) at power plants in H1 2023 as a precursor
to potential commercial supply agreements later in the year. Joint
discussions are also underway with a large refinery in the
Caribbean with an interest in potential MSAR(R) supply and the
Company continues its efforts to progress activities in Mexico.
-- bioMSAR(TM), bioMSAR Zero & RDI - Tes ting of
glycerine-based bioMSAR(TM) in relation to the MSC project has been
successfully completed by Wärtsilä and affiliates at test
facilities in Italy. Final test reports are expected before the end
of 2022. Aquafuel diesel engine testing on bioMSAR (TM) and other
fuel and biofuel formulations to support the new Quadrise
Blend-on-Board solution is also scheduled to be completed before
the end of the year.
In September 2022, Quadrise signed a Joint Development Agreement
with Vertoro to investigate the use of their crude sugar oils as an
alternative biofuel feedstock for bioMSAR(TM). RDI work continues
on our bioMSAR(TM) Zero solution for 2030 at our QRF
laboratories.
Commenting on the update, Jason Miles, Chief Executive Officer
of QFI, said:
"During the period we have made substantial progress with each
of our key projects, whilst also positioning ourselves to be one of
the key decarbonisation solution providers in a rapidly changing
global energy market, as set out in our recent inaugural
Sustainability Report.
The pace of decarbonisation and the escalating price of energy
is creating a significant opportunity to commercialise our
innovative fuel and biofuel solutions, as they offer clients the
ability to reduce energy costs and greenhouse gas emissions
immediately to help them accelerate the transition to net-zero.
The Company is entering a notably exciting period, with the
progression of our core projects expected to deliver commercial
revenues in the current financial year. Beyond these projects, we
continue to invest and collaborate in research and development to
enhance our intellectual property portfolio and advance our
decarbonisation technologies to ultimately deliver net-zero carbon
solutions by 2030.
On behalf of the board, I would like to thank our loyal
shareholders for their continued support, and I look forward to
seeing many of you at the AGM in person."
For additional information, please contact:
Quadrise Fuels International Plc +44 (0)20 7031 7321
Andy Morrison, Chairman
Jason Miles, Chief Executive Officer
Nominated Adviser
Cenkos Securities plc +44 (0)20 7397 8900
Ben Jeynes
Katy Birkin
Broker
Shore Capital Stockbrokers Limited +44 (0)20 7408 4090
Toby Gibbs
Fiona Conroy
Public & Investor Relations
Vigo Consulting
Patrick D'Ancona
Charlie Neish +44 (0)20 7390 0230
About Quadrise
Quadrise is the supplier of MSAR(R) and bioMSAR(TM) emulsion
technology, fuels and biofuels, providing innovative solutions to
reduce energy costs and greenhouse gas emissions today for clients
in the global power generation, shipping, industrial and refining
industries.
Learn more: www.quadrisefuels.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
AGMFEFEFLEESEDF
(END) Dow Jones Newswires
November 25, 2022 02:00 ET (07:00 GMT)
Quadrise (LSE:QED)
Historical Stock Chart
From May 2024 to Jun 2024
Quadrise (LSE:QED)
Historical Stock Chart
From Jun 2023 to Jun 2024