TIDMQFI
RNS Number : 6653T
Quadrise Fuels International PLC
26 November 2021
26 November 2021
Quadrise Fuels International plc
("Quadrise", "QFI", the "Company" and together with its
subsidiaries the "Group")
AGM Statement
Quadrise Fuels International plc (AIM:QFI) will provide the
following update by way of a presentation of its business
development activities via Investor Meet Company at approximately
12.30pm today, following the conclusion of the Annual General
Meeting of the Company, which commences at 12.00 noon.
Investors who wish to view the presentation can sign up to
Investor Meet Company for free and add Quadrise
Fuels International plc at:
https://www.investormeetcompany.com/quadrise-fuels-international-plc/register-investor
Investors who have already registered to meet Quadrise will be
invited automatically.
2021 Overview and Update
Business Development
Despite the continuing global impact of Covid-19 and associated
travel restrictions throughout 2021, Quadrise has continued to
engage with our clients to progress key projects, advance new
prospective opportunities and continue the testing and development
of our new low-carbon fuel, bioMSAR (TM) .
Whilst the timetable of some activities has been impacted, the
team has worked remotely with clients to ensure that programmes
remain on-track where possible, using our network of agents and
partners who have enabled progress through their in-country
presence.
Key developments include:
-- bioMSAR(TM). During 2021, bioMSAR (TM) was successfully
tested on 4-stroke engines at Aquafuel and at the VTT facility in
Finland. These tests demonstrated a 26% average reduction in CO (2)
emissions compared to marine diesel and over 20% lower NOx
emissions, but also, importantly, higher engine efficiency. The
next stage of bioMSAR (TM) testing will involve commercial 2-stroke
and 4-stroke engine testing at OEM testing facilities, as well as
testing on combustion applications. Discussions with crude
glycerine suppliers are ongoing, and Quadrise are conducting joint
research on the production of glycerine from algae with the
University of Greenwich and Algae UK.
-- MSC. Quadrise continues to work with MSC Shipmanagement to
finalise the preparatory work to enable the LONO ('Letter Of No
Objection') fuel trials on board their commercial container
vessels. Our joint focus is now on scheduling bioMSAR(TM) testing
on MSC's modern 2-stroke engines with the OEMs, whose resources are
currently limited due to competing future fuel test demands.
Alongside this, Quadrise have been progressing plans for the
necessary vessel modifications to enable the commercial-scale
4,000-hour LONO trials expected to commence in H2 2022.
-- Morocco. During November 2021, the equipment for the MSAR(R)
combustion trial at the client site ('Site B') was shipped to a
third-party site in Morocco, and preparations to commence
production of 60mt of MSAR(R) fuel were completed. Quadrise is now
awaiting client approval to proceed with fuel production and the
Site B trial, which is expected imminently but has been temporarily
delayed due to an internal management reorganisation at the client.
Quadrise also expects to finalise a further extension to the
Material Transfer and Cooperation Agreement, following the mutual
12 month extension of the original agreement on 28 November 2020.
Timely client approval will allow the Site B trial to take place
early in Q1 2022. The trial results and the final feasibility study
for MSAR(R) use at a second client site ('Site A') are expected to
be delivered to the client in Q1 2022. A subsequent commercial
trial can then take place at Site A using the trial equipment from
Site B. Assuming the successful conclusion of these trials, the
intention is to conclude a commercial supply agreement covering one
or more of the client's sites in Morocco in Q2 2022.
-- Utah. S amples from the Greenfield Energy LLC ("Greenfield")
Petroteq Oil Sands Plant ('POSP') site in Utah were successfully
converted into MSAR(R) and bioMSAR(TM) in September 2021. As a
result of these positive results, Quadrise and Greenfield agreed
that an on-site MSAR(R) trial would no longer be required, and
instead the parties would jointly work together to secure customers
for MSAR(R) and bioMSAR(TM), with a view to initial commercial
supply in 2022. Greenfield have recently secured funding from
Valkor Oil & Gas LLC to acquire 10% (with an option for the
remaining 90%) of 'Tar Sands Holdings II' which offers additional
opportunities for the deployment of Quadrise's technology to
produce MSAR(R) and bioMSAR(TM) for a number of applications.
Quadrise is also engaging in discussions regarding MSAR(R) and
bioMSAR(TM) production at other upstream facilities in Utah and
elsewhere in the USA.
-- Americas. In Panama, discussions with regard to MSAR (R)
trials with a power plant operator are being progressed via our
local agents. Discussions are also progressing in Mexico regarding
MSAR (R) use at national oil company refineries and at power
plants, via our agents Redliner, with a draft study prepared which
outlines the economic benefits of MSAR (R) use across three
national oil Company refineries. Quadrise also continue to progress
other opportunities in Central America and in Ecuador.
-- Other. A meeting is to be held with the Ministry of Energy in
KSA to promote joint sustainable energy solutions. At this time
there are no material updates with regard to the opportunities in
Kuwait, or with JGC, Merlin Energy Resources, Bitumina, API Poly
GCL - though work is continuing as appropriate.
No additional new material information will be disclosed at the
presentation and a copy of the presentation will be available on
the QFI website immediately prior to the webinar commencing.
Commenting on the update, Jason Miles, Chief Executive Officer
of QFI, said:
"We are very pleased to be able to provide a comprehensive
update to our shareholders. This has been a challenging period for
many businesses throughout the world, so we are pleased that we
have been able to continue making progress on all fronts following
our successful fundraise earlier in the year. bioMSAR(TM) continues
to exceed expectations in diesel engine testing, and our RDI team
are fully engaged in delivering our net-zero energy solutions in
advance of 2030. Both MSAR(R) and bioMSAR(TM) offer compelling
solutions today to support the transition to a low carbon-economy
in the short term. Our focus for 2022 is to transition our projects
in various sectors from trials to commercial revenue
generators."
For additional information, please contact:
Quadrise Fuels International plc +44 (0)20 7031 7321
Jason Miles, Chief Executive Officer
David Scott, Head of Finance
Cenkos Securities plc +44 (0)20 7397 8900
Nominated Adviser
Ben Jeynes
Katy Birkin
Peel Hunt LLP +44 (0)20 7418 8900
Joint Broker
Richard Crichton
David McKeown
Shore Capital Stockbrokers Limited +44 (0)20 7408 4090
Joint Broker
Toby Gibbs
Fiona Conroy
FTI Consulting +44 (0)20 3727 1000
Public and Investor Relations
Ben Brewerton
Ntobeko Chidavaenzi
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END
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