Quadrise PLC - London-based supplier of MSAR and bioMSAR emulsion technology, fuels and biofuels - Updates on its fuel trial in Morocco. Says combustion at 100% unit load was achieved, but adds that it was not possible to complete the test at full load due to a progressive decline in fuel pump performance. Notes the pump was replaced with an identical spare unit this week, but similar performance issues were experienced at full load, indicating a design issue with the pump units at high pressure. A replacement pump with an alternative design is being sent to Morocco for installation later this month. Trial is now expected to be completed in early September.
‘The design issues experienced with the pumps to date were not foreseeable and are very frustrating for all concerned. We remain highly confident that once the trial resumes following the installation of an alternative pump, we will be able to demonstrate the benefits of MSAR and bioMSAR in the commercial trial for our supportive client,’ says Chief Executive Jason Miles.
Current stock price: 1.13 pence, finishing 9.5% lower on Friday in London
12-month change: down 14%
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