Quadrise PLC Morocco Project Update (2067U)

TIDMQED

RNS Number : 2067U

Quadrise PLC

22 November 2023

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.

22 November 2023

Quadrise Plc

("Quadrise" or the "Company")

Morocco Project Update

Successful Completion of Industrial Demonstration Test

Quadrise Plc (AIM:QED), the supplier of innovative energy solutions for a cleaner planet, provides an update on its fuel trial in Morocco following the announcement made by the Company on 31 October 2023.

Quadrise is now pleased to announce that the industrial demonstration test of MSAR(R) and bioMSAR(TM) fuels at the client's site in Morocco (the "Trial") has been successfully completed in accordance with the performance criteria of the agreement announced by the Company on 13 June 2022.

The client's industrial unit was processing product at commercial scale throughout the Trial, with the Company's fuels used to provide the required thermal energy for drying. The objective was to make a direct comparison with normal operations running on heavy fuel oil. The industrial unit in question was successfully operated at varying loads of up to 100%, equivalent to 33MW of energy that is supplied by a single burner. This is similar to the energy consumption of a medium-sized container ship.

The final phase of combustion optimisation tests recently completed involved experts from Quadrise and the client fine-tuning combustion at full (100%) load and production rates using Quadrise fuels.

Emissions from MSAR(R) and bioMSAR(TM) combustion were very low, and well within environmental limits for the site. This was the first demonstration of bioMSAR(TM) in an industrial application. Quadrise is now preparing a technical report to submit to the client within the next month.

The parties will now enter into discussions for long-term commercial supply, in conjunction with reaching agreement for testing at the client's other sites to expand supply opportunities for MSAR(R) and bioMSAR(TM) fuels. In parallel, the Company will continue work to ensure the supply of appropriately located and priced residual feedstock.

Further announcements will be made, as appropriate, in due course.

Commenting on the update, Jason Miles, Chief Executive Officer of Quadrise, said:

"We're delighted to have finally completed this commercial-scale trial in Morocco, which has demonstrated the stability and performance of both MSAR(R) and bioMSAR(TM) in one of the client's major facilities. We would like to especially thank the client and our shareholders for their continued support in achieving this positive outcome, and we look forward to discussing commercial supply and applications in other major facilities with the client."

For additional information, please contact:

 
Quadrise Plc                                 +44 (0)20 7031 7321 
Andy Morrison, Chairman 
 Jason Miles, Chief Executive Officer 
 
Nominated Adviser 
Cavendish Capital Markets Limited            +44 (0)20 7397 8900 
Ben Jeynes 
Katy Birkin 
 
Joint Brokers 
 Shore Capital Stockbrokers Limited          +44 (0)20 7408 4090 
Toby Gibbs, Rachel Goldstein (Corporate 
 Advisory) 
Fiona Conroy (Corporate Broking) 
 
VSA Capital Limited 
 Andrew Raca (Corporate Finance) 
 Andrew Monk (Corporate Broking)             +44 (0)20 3005 5000 
 
Public & Investor Relations 
Vigo Consulting 
 Patrick D'Ancona 
 Finlay Thomson                              +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 at:   www.quadrise.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

UPDFFFSLLLLLFIV

(END) Dow Jones Newswires

November 22, 2023 02:00 ET (07:00 GMT)

Quadrise (AQSE:QED.GB)
Historical Stock Chart
From Nov 2024 to Dec 2024