6 February 2024
Quadrise
Plc
("Quadrise" or the
"Company")
Marine Project
Update
Quadrise Plc (AIM: QED), the
supplier of innovative energy solutions for a cleaner
planet, is pleased to announce the signature of a
Collaboration Agreement with Cargill NV ("Cargill"), a major supplier of
renewable biofuels, and MAC2 Solutions NV ("MAC2"), part of Group
Machiels, with regard to the production of MSAR® and bioMSAR™ fuels
for the Company's forthcoming marine vessel trials (the
"Trials").
Under the Collaboration Agreement
between the parties, the Trials will be carried out following the
installation and commissioning of Quadrise equipment at the
MAC2 facility in Antwerp, Belgium. Cargill will be
responsible for the supply of feedstocks, as well as for bunkering
operations to supply MSAR® and bioMSAR™ fuel, for the Trials.
MAC2 will be responsible for the supply of jetty
space, utilities, permits and ad-hoc support services during the
Trials, whilst Quadrise will be responsible for the provision of
MSAR® and bioMSAR™ technology and fuel production equipment and
personnel.
Further to the Company's AGM
Statement on 27 November 2023, this Collaboration Agreement is the
first of a number of agreements with stakeholders that are required
in order to supply MSAR® and bioMSAR™ to the MSC Leandra for Proof
of Concept ("POC") and Letter of No Objection ('LONO') trials
commencing Q2 2024.
Subject to the conclusion of the
remaining required agreements, including a toll manufacturing
agreement between Cargill and Quadrise in respect of fuel
manufacture, Quadrise equipment is expected to be delivered to the
MAC2 site to enable the Trials to commence in Q2 this
year, following the receipt of permits for the Trials by
MAC2. The Trials will commence with POC tests using
MSAR® and bioMSAR™ followed then by several thousand hours of
operation on bioMSAR™ in order to obtain a LONO from the original
equipment manufacturer. Quadrise anticipates that the bioMSAR™ LONO
trial will take approximately 6-8 months after the POC trials are
completed within around 2 months, subject to the commercial route
of the MSC Leandra during the Trials.
Upon successful LONO trial
completion and entry of a long-term fuel supply agreement, the
parties plan to seek to initiate commercial MSAR® and bioMSAR™
bunker supply operations to the marine sector by Cargill through
the MAC2 facilities in Port of Antwerp-Bruges on a
permanent basis.
Commenting on the update, Jason Miles, Chief Executive Officer
of Quadrise, said:
"We are delighted to have signed this agreement with Cargill
and MAC2 to progress our plans for supplying MSAR® and
bioMSAR™ to the marine sector from Antwerp-Bruges. We look forward
to working with them as we prepare for the trials on the MSC
Leandra in Q2 2024 and to a successful longer-term partnership as
we progress to commercial supply."
For additional information, please
contact:
Quadrise Plc
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+44 (0)20
7031 7321
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Andy Morrison, Chairman
Jason Miles, Chief Executive
Officer
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Nominated
Adviser
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Cavendish Capital Markets Limited
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+44 (0)20
7220 0500
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Ben Jeynes
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Katy Birkin
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Joint
Brokers
Shore Capital Stockbrokers Limited
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+44 (0)20
7408 4090
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Toby Gibbs, Rachel Goldstein
(Corporate Advisory)
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Fiona Conroy (Corporate
Broking)
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VSA
Capital Limited
Andrew Raca (Corporate
Finance)
Andrew Monk (Corporate
Broking)
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+44 (0)20
3005 5000
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Public & Investor
Relations
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Vigo Consulting
Patrick D'Ancona
Finlay Thomson
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+44 (0)20
7390 0230
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About Quadrise
Quadrise is the supplier of MSAR®
and bioMSAR™ 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 at: www.quadrise.com
This
announcement contains inside information for the purposes of
Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms
part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with
the Company's obligations under Article 17 of
MAR.