REG - Quadrise PLC - Business Update

QuadriseAnnouncement

16/05/2023 07:00

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RNS Number : 4889Z  Quadrise PLC  16 May 2023

16 May 2023

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

Business Update

Quadrise Plc (AIM:QED), the supplier of innovative energy solutions for a
cleaner planet, is pleased to provide an update covering progress on each of
its key projects.

Key projects:

·     Morocco - The industrial demonstration test is now scheduled to
commence in May following finalisation of the client's latest production
schedule. Quadrise personnel are now at the client site completing trial
preparation, with results expected shortly after completion of testing and
joint review with the client. Upon success, the parties will enter discussions
for potential commercial supply, with a view to signing a fuel supply
agreement in Q3 2023.

·    MSC - Discussions with third party fuel suppliers for the
Proof-of-Concept and Letter of No Objection trials on board the MSC Leandra
are progressing positively. The intended outcome of these discussions is to
conclude a Tripartite Agreement between the supplier, MSC and Quadrise as soon
as possible. The vessel is currently in dry dock being prepared for testing,
which is now expected to commence in Q4 2023. Quadrise and MSC are scheduling
the bioMSAR™ hazard identification and operability study as recommended by
Wärtsilä, which assesses feasibility and safe operability prior to use on
the vessel's 2-stroke main engine. With positive trial progression, Quadrise,
MSC, and other key stakeholders expect to commence discussions in H1 2024 with
regard to commercial supply to MSC's fleet.

·    Utah - Quadrise and Valkor are finalising terms for the supply of a
licence, services and manufacturing unit to enable Valkor to produce
MSAR(®) and bioMSAR™ for the first project, and conditional sub-licensing
of the technology for other heavy oil projects in Utah. Following the award of
drilling permits to Valkor covering their Asphalt Ridge site in early May
2023, the supply of the licence and manufacturing unit will allow low sulphur
heavy oil with a lower carbon intensity to be blended to MSAR(®) and
bioMSAR™ for trials during H2 2023, ahead of commercial supply in Q1 2024.

 

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

 

"Our key projects are each progressing to their next stage of development, and
we look forward to sharing updates as additional milestones are reached.

The Company is entering an exciting period, with commercial revenues expected
upon signature of the Valkor agreement, the Morocco trial expected to commence
this month and progress continuing with regard to securing a fuel supplier for
the MSC trials. In addition, we continue to develop our decarbonisation
technologies towards delivering fully net-zero carbon solutions and progress
opportunities for our business in other regions and applications"

 

For additional information, please contact:

 

 Quadrise Fuels International Plc                       +44 (0)20 7031 7321
 Andy Morrison, Chairman

 Jason Miles, Chief Executive Officer

 Nominated Adviser
 Cenkos Securities plc                                  +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                                    +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

 Charlie Neish

 

 

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)

 

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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