REG - Quadrise PLC - Marine Project Update

QuadriseAnnouncement

06/02/2024 07:00

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RNS Number : 0923C  Quadrise PLC  06 February 2024

6 February 2024

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

Marine Project Update

Quadrise Plc (AIM: QED), the supplier of innovative energy solutions for a
cleaner planet, is pleased to announce the signature of a Collaboration
Agreement with Cargill NV ("Cargill"), a major supplier of renewable biofuels,
and MAC(2) Solutions NV ("MAC(2)"), part of Group Machiels, with regard to the
production of MSAR® and bioMSAR™ fuels for the Company's forthcoming marine
vessel trials (the "Trials").

Under the Collaboration Agreement between the parties, the Trials will be
carried out following the installation and commissioning of Quadrise equipment
at the MAC(2) facility in Antwerp, Belgium. Cargill will be responsible for
the supply of feedstocks, as well as for bunkering operations to supply MSAR®
and bioMSAR™ fuel, for the Trials. MAC(2 ) will be responsible for the
supply of jetty space, utilities, permits and ad-hoc support services during
the Trials, whilst Quadrise will be responsible for the provision of MSAR®
and bioMSAR™ technology and fuel production equipment and personnel.

Further to the Company's AGM Statement on 27 November 2023, this Collaboration
Agreement is the first of a number of agreements with stakeholders that are
required in order to supply MSAR® and bioMSAR™ to the MSC Leandra for Proof
of Concept ("POC") and Letter of No Objection ('LONO') trials commencing Q2
2024.

Subject to the conclusion of the remaining required agreements, including a
toll manufacturing agreement between Cargill and Quadrise in respect of fuel
manufacture, Quadrise equipment is expected to be delivered to the MAC(2) site
to enable the Trials to commence in Q2 this year, following the receipt of
permits for the Trials by MAC(2). The Trials will commence with POC tests
using MSAR® and bioMSAR™ followed then by several thousand hours of
operation on bioMSAR™ in order to obtain a LONO from the original equipment
manufacturer. Quadrise anticipates that the bioMSAR™ LONO trial will take
approximately 6-8 months after the POC trials are completed within around 2
months, subject to the commercial route of the MSC Leandra during the Trials.

Upon successful LONO trial completion and entry of a long-term fuel supply
agreement, the parties plan to seek to initiate commercial MSAR® and
bioMSAR™ bunker supply operations to the marine sector by Cargill through
the MAC(2) facilities in Port of Antwerp-Bruges on a permanent basis.

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

"We are delighted to have signed this agreement with Cargill and MAC(2) to
progress our plans for supplying MSAR® and bioMSAR™ to the marine sector
from Antwerp-Bruges. We look forward to working with them as we prepare for
the trials on the MSC Leandra in Q2 2024 and to a successful longer-term
partnership as we progress to commercial supply."

 

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/)

 

 

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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