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QFI.GB Quadrise Fuels International Plc Ord

0.00 (0.0%)
21 Sep 2023 - Closed
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Share Name Share Symbol Market Type Share ISIN Share Description
Quadrise Fuels International Plc Ord AQSE:QFI.GB Aquis Stock Exchange Ordinary Share GB00B11DDB67
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 1.00 0.80 1.20 1.00 1.00 1.00 0.00 06:55:17
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - -

Quadrise PLC Business Update (4889Z)

16/05/2023 7:00am

UK Regulatory (RNS & others)

Quadrise Fuels (AQSE:QFI.GB)
Historical Stock Chart

From Mar 2023 to Sep 2023

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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(TM) 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(R) and bioMSAR(TM) 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(R) and bioMSAR(TM) 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 
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 
 Charlie Neish                               +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 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.

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) Dow Jones Newswires

May 16, 2023 02:00 ET (06:00 GMT)

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