TIDMQED
RNS Number : 6686U
Quadrise PLC
27 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.
27 November 2023
Quadrise Plc
("Quadrise" or the "Company")
AGM Statement
Quadrise Plc (AIM:QED), 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:
https://www.investormeetcompany.com/quadrise-plc/register-investor
2023 Overview and Update
The Company's recently published 2023 sustainability report set
out our efforts to address demand for solutions to decarbonise
shipping, and to build capacity for the supply of our low-carbon
fuels in the US. In advance of the anticipated developments
outlined below, a formal process is now underway to seek commercial
partners in both the marine and US-focused low-carbon fuel markets
who would be able to contribute the resources necessary to scale up
growth rapidly once trials have been completed.
In this regard, we have also been particularly heartened by the
success of bioMSAR(TM) in Morocco, as announced on 22 November
2023, demonstrating the viability of bioMSAR(TM) in an industrial
application. Building on this, there has been considerable RDI
progress at the Quadrise Research Facility ("QRF") with commercial
partners to develop bioMSAR(TM) formulations using lower cost,
lower-carbon, and globally abundant biomass-derived sugars produced
using various technologies. This is a clear pointer to the future
for the Company as the need for commercially competitive net-zero
fuel solutions grows in urgency.
The Company's progress in each of its key projects towards their
next stages is described below.
Key projects:
Morocco: The industrial demonstration test of MSAR(R) and
bioMSAR(TM) fuels at the client's site in Morocco was successfully
completed, as announced on 22 November 2023. This was the first
demonstration of bioMSAR(TM) in a commercial application and
Quadrise is now preparing a technical report to submit to the
client within the next month. The parties now look forward to
entering into discussions for long-term commercial supply in
conjunction with reaching an agreement for testing at other client
sites to expand supply opportunities for MSAR(R), and in the
future, bioMSAR(TM) fuels.
Marine: Agreements with project stakeholders covering the
Proof-of-Concept and Letter Of No Objection ("LONO") commercial
trials on bioMSAR(TM) with MSC Shipmanagement ("MSC") are expected
to be concluded in December 2023. The agreements cover trial fuel
production, supply, and logistics. Provided these and the relevant
permits are concluded in time, Quadrise equipment will be installed
and commissioned at the bunker terminal in Q1 2024, with the
intention to commence the trials in early Q2 2024, in accordance
with the latest vessel schedule shared by MSC recently.
US low carbon fuels: Quadrise understands that Valkor
Technologies LLC ("Valkor") expects to conclude drilling permits
and project nancing relating to their primary project site in Utah
by the end of the calendar year 2023. Provided a minimum of US$15
million is successfully raised by Valkor, under the terms of the
Site License and Supply Agreement signed in June 2023, Valkor will
pay Quadrise an initial US$1.0 million licence fee and a further
US$0.5 million upon delivery of an MSAR (R) Manufacturing Unit to
the project site in Utah.
bioMSAR(TM) development
As described in the overview above, during FY23 and since the
period end, work has been progressing at the QRF in conjunction
with commercial partners Vertoro BV and BTG Bioliquids BV, as well
as with other prospective partners, to develop bioMSAR(TM)
formulations made using biomass-derived sugars. These are a lower
cost and more globally abundant future alternative to glycerine and
would enable a lower cost, lower carbon biofuel alternative to be
produced which could then be marketed at scale to the marine and
industrial sectors. Discussions have been progressing with other
stakeholders in this renewable sector.
In November 2023, diesel engine testing was completed at
Aquafuel on blends of bioMSAR(TM) containing 20% to 40% of
Vertoro's crude sugar oil (CSO(TM)). The testing demonstrated
improved engine efficiency and lower Nitrogen oxide ("NOx") and
particulate emissions upon combustion when compared to conventional
diesel. Quadrise and Vertoro are now discussing the next steps
toward commercialisation of the CSO(TM) bioMSAR(TM) blends.
Aquafuel tests were also completed using blends of marine B30
biofuels containing FAME in MSAR(R) and bioMSAR(TM) to assess
engine efficiency and emissions improvements, both of which were
positive and a further step towards bioMSAR(TM) Zero.
Commenting on the update, Jason Miles, Chief Executive Officer
of QED, said:
"During 2023, we have continued to make progress with each of
our key projects as well as with our work to supply bioMSAR(TM) at
commercial scale and develop lower carbon biofuel alternatives
using biomass derived sugars. We were particularly pleased to note
the first commercial scale demonstration of bioMSAR in Morocco,
where the client's industrial unit was successfully operated at
varying loads of up to 100%, equivalent to the energy consumption
of a medium-sized container ship.
The progress made in Morocco is vitally important to the Company
as we look to progress to commercial supply there and to commence
marine trials on board the MSC Leandra in H1 2024. Preparations for
the MSC trials are now underway, with agreements expected to be
signed by year-end. In addition, the Company expects to deliver
commercial revenues from Valkor in the near future upon successful
closure of Valkor's project financing.
The progress at QRF and Aquafuel with commercial partners to
develop and trial bioMSAR(TM) formulations using cheaper and
globally abundant biomass derived sugars provides a clear pointer
to the future for the Company, since a lower carbon biofuel
alternative will be demanded by the marine and industrial
sectors.
To prepare for the expected growth of MSAR(R) and bioMSAR(TM)
sales, a structured process is now underway to seek commercial
partners that would allow the Company to be able to quickly scale
up once the key project milestones have been met and we look
forward to updating shareholders on this exercise in due
course.
On behalf of the board, I would once again 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 Plc +44 (0)20 7031 7321
Andy Morrison, Chairman
Jason Miles, Chief Executive Officer
Nominated Adviser
Cavendish Capital Markets Limited +44 (0)20 7220 0500
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
AGMVQLBLXFLZFBD
(END) Dow Jones Newswires
November 27, 2023 02:00 ET (07:00 GMT)
Quadrise (AQSE:QED.GB)
Historical Stock Chart
From Nov 2024 to Dec 2024
Quadrise (AQSE:QED.GB)
Historical Stock Chart
From Dec 2023 to Dec 2024
