REG - Quadrise PLC - Agreement with Euthenia & BTG Bioliquids

QuadriseAnnouncement

15/02/2024 07:00

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RNS Number : 1953D  Quadrise PLC  15 February 2024

15 February 2024

Quadrise Plc
("Quadrise" or the "Company")

Project Development Agreement with Euthenia and BTG Bioliquids

Quadrise Plc (AIM: QED), the supplier of innovative energy solutions for a
cleaner planet, is pleased to announce the signature of a Project Development
Agreement ("PDA") with renewable biofuels specialists, BTG Bioliquids BV
("BTL") and Euthenia Energy Group Limited ("Euthenia").

As announced on 8 June 2023, Quadrise and BTL entered into a Joint Development
Agreement ("JDA") to investigate the use of BTL's fast pyrolysis bio-oil
("FPBO") as a potential cost-effective renewable feedstock for Quadrise's
bioMSAR™ solution. The JDA forms part of our strategy to deliver a
commercially viable net-zero biofuel by 2030 whilst also supporting
decarbonisation of the marine, power, and heavy industry sectors. Work carried
out under the JDA has resulted in positive outcomes to date, with stable
formulations of bioMSAR™ incorporating FPBO ("Pyrolytic bioMSAR™") being
produced at the Quadrise Research Facility.

Building on this success, Quadrise and BTL have signed the PDA with Euthenia,
an industrial group that is focused on developing, financing, and operating
renewable energy projects and transition solutions for a low carbon economy.
Euthenia have active projects and operations in Europe, North America and the
Caribbean.

Under the PDA, a programme of lab and pilot testing, followed by diesel engine
testing, is planned leading to a third-party commercial marine vessel trial.
Euthenia will process ligno-cellulosic biomass feedstock at their facilities
in Spain using BTL's FPBO and fractionation technologies, with the extracted
sugars blended into Pyrolytic bioMSAR™ to provide sustainable marine fuel.

The work envisaged under the PDA is expected to accelerate the development of
Pyrolytic bioMSAR™ and bioMSAR™ Zero to serve global shipping fleets in
the Mediterranean, widen the global opportunities for BTL FPBO technology and
leverage Euthenia's successful bioenergy and decarbonisation business.

A binding term sheet is expected to be finalised and signed within four months
of signing the PDA to cover the larger diesel engine tests, the marine vessel
trial and the future commercial relationships between the parties.

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

"Quadrise is pleased with the progress made with BTG Bioliquids to date, and
we are delighted to be now working alongside Euthenia under this new
tripartite agreement. Advanced biofuels derived from woody biomass are
expected to be very price competitive net-zero feedstocks. Importantly, the
extracted sugars are water-soluble and therefore particularly suited for use
with our oil-in-water emulsion technology for shipping and industrial
applications. This latest collaboration is part of our wider plan to
commercialise bioMSAR™ sustainable marine fuel in major bunker hubs, as well
as advancing our programme to supply bioMSAR™ Zero by 2030 to reduce sector
emissions of greenhouse gases and other pollutants using existing
infrastructure.

Gerhard Muggen, Managing Director of BTG Bioliquids, added:

"BTG Bioliquids is pleased to have signed this latest agreement with Quadrise
and Euthenia to accelerate our strategy of collaborating with partners to
develop attractive applications for fast pyrolysis bio-oil technology. The
successful inclusion of fast pyrolysis bio-oils and their derivatives into
bioMSAR™ will be a major step in decarbonising the shipping industry."

Jean Paul Chalot, Chairman of Euthenia Energy Group, concluded:

"Euthenia is pleased to initiate this major project in collaboration with BTG
Bioliquids and Quadrise as technology partners, using our industrial site in
Spain, leveraged by a unique background in the biomass industry and a location
nearby the major Mediterranean bunker hubs of Algeciras and Gibraltar.
Advanced renewable transportation fuels derived from biomass present a very
disruptive alternative for the aviation and shipping industries. With the
successful outcome of this Project, we will confirm our ambition with our
partners to be a major player in the sustainable marine fuel industry."

 

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                                      +44 (0)20 3005 5000

 Andrew Raca (Corporate Finance)

 Andrew Monk (Corporate Broking)

 Public & Investor Relations
 Vigo Consulting                                          +44 (0)20 7390 0230

 Patrick D'Ancona

 Finlay Thomson

 

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 (http://www.quadrise.com/)

 

Learn more about BTG Bioliquids at: www.btg-bioliquids.com
(http://www.btg-bioliquids.com)

Learn more about Euthenia Energy at: www.euthenia-energy.com
(http://www.euthenia-energy.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.

 

 

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