Quadrise Fuels International PLC Business Update (7396M)
January 16 2023 - 2:00AM
UK Regulatory
TIDMQFI
RNS Number : 7396M
Quadrise Fuels International PLC
16 January 2023
16 January 2023
Quadrise Fuels International plc
("Quadrise", "QFI", the "Company")
Business Update
Quadrise Fuels International plc (AIM:QFI), the supplier of
innovative energy solutions for a cleaner planet, provides the
following update on its current projects.
January 2023 project status:
-- Morocco - Following previously reported delays, the
bioMSAR(TM) fuel arrived at the client site during December. The
MSAR(R) fuel is currently at Moroccan customs, awaiting final
clearance. Quadrise visited the client site earlier this month to
progress the engineering set-up and to expedite the project actions
once Moroccan customs have been cleared. We anticipate that the
remaining logistical issues will be resolved this month so that the
trial can then proceed as planned. Quadrise expects a successful
trial to be followed thereafter by discussions to conclude a
commercial fuel supply agreement in H1 2023 as planned.
-- Utah - Commercial discussions for the supply of a license and
manufacturing unit to enable Valkor to produce MSAR(R) and
bioMSAR(TM) are progressing well, with the Company working towards
execution of definitive agreements in Q1 2023.
-- MSC - Completion of MSC's vessel preparations for the Proof
of Concept and Letter of No Objection trials are now scheduled for
Q2 2023. Discussions continue with third party fuel suppliers
pursuant to the production of the fuels for the vessel trials and
for future commercial fuel supply agreements.
-- bioMSAR(TM) and Blend-on-Board - Following successful
completion of the bioMSAR(TM) tests in Italy in December 2022,
Wärtsilä is now finalising the test reports which will be available
for commercial purposes in Q1 2023. Separately, work continues
under the Joint Development Agreement with Vertoro to investigate
the use of their Crude Sugar Oils as an alternative biofuel
feedstock for bioMSAR(TM), costs for which are now supported by the
EU Innovation Fund.
Supporting our longer-term ambitions of producing a net-zero
biofuel solution by 2030, RDI work continues on our bioMSAR(TM)
Zero solution at our QRF laboratory with a number of renewable fuel
counterparties.
Diesel engine testing on bioMSAR(TM) and other fuel/biofuel
formulations to support the Quadrise Blend-on-Board solution is in
progress at Aquafuel, with the results from this activity still
expected in Q1 2023.
-- Americas - Quadrise and its local agents are actively
pursuing trial and commercial supply agreements with candidate
power generation clients in Panama and Honduras and are in
discussions with a large refinery in the Caribbean in addition to
ongoing efforts to progress activities in Mexico during H1
2023.
Commenting on project status, Jason Miles, Chief Executive
Officer of QFI, said:
"Whilst we are frustrated with the delays that we have faced in
progressing some of our projects, we remain confident that these
will be overcome soon. The team has worked extremely diligently to
seek to navigate these challenges such that the impact on the
delivery of our projects should be minimal. We look forward to
progressing our client trials and to seeing the commercial
application of our technology in a number of sectors later this
year."
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, Rachel Goldstein (Corporate
Advisory)
Fiona Conroy (Corporate Broking)
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
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