Quadrise Fuels International continue making progress on all fronts

Quadrise Fuels International plc (LON: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™.

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™. During 2021, bioMSAR™ was successfully tested on 4-stroke engines at Aquafuel and at the VTT facility in Finland. These tests demonstrated a 26% average reduction in CO2 emissions compared to marine diesel and over 20% lower NOx emissions, but also, importantly, higher engine efficiency. The next stage of bioMSAR™ 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™ 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® 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® 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® 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.

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