Quadrise’s Valkor project secures new funding and drilling approval

Quadrise PLC on Friday said its Valkor project has received new funding and drilling permission.

The London-based supplier of innovative clean energy solutions said its project partner Heavy Sweet Oil LLC has received multi-million dollar funding and approval for its ’application for permit to drill’ from the Utah Division of Oil, Gas and Mining.

The specific figure for the funding is not given, but Quadrise said that full-project funding and approval is expected to be received by mid-2024.

Quadrise plc (LON:QED) is an energy technology provider whose solutions enable production of cheaper, cleaner, simpler and safer alternatives to fuel oil and biofuels, proven in real world applications. Quadrise technologies produce transition fuels called MSAR® and bioMSAR™, which allow clients in the shipping, utilities and industrial sectors to reduce carbon emissions whilst also saving costs.

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