Quadrise PLC on Monday said development of its MSAR and bioMSAR fuels has progressed well so far in 2023, as it starts in earnest seeking to ‘quickly scale up’ with help from new commercial partners.
Shares in Quadrise were up 7.4% at 1.45 pence in London on Monday morning.
‘During 2023, we have continued to make progress with each of our key projects as well as with our work to supply bioMSAR at commercial scale and develop lower carbon biofuel alternatives,’ commented Chief Executive Officer Jason Miles.
In a statement ahead of its annual general meeting at noon on Monday, the London-based residual oil technology company said it was ‘particularly heartened’ by the successful trial of bioMSAR at a client’s site in Morocco, which Quadrise previously announced on November 22.
Quadrise said the trial demonstrated bioMSAR’s viability in an industrial application, and that both parties intend to commence discussions regarding long-term commercial supply and testing at other sites.
Meanwhile, Quadrise expects agreements with project stakeholders, regarding commercial bioMSAR trials with MSC Ship Management, to conclude in December. Quadrise subsequently expects to install and commission its equipment in the first quarter of 2024, and commence the trials early in the second quarter.
Quadrise also said that another client, Valkor Technologies LLC, expects to conclude drilling permits and project financing for its primary project site in Utah by the end of 2023. It subsequently expects Valkor to pay $1.5 million total for an MSAR manufacturing unit.
Quadrise added that work has been progressing with commercial partners Vertoro BV and BTG Bioliquids BV, and with prospective partners, to develop new bioMSAR formulations with lower costs and carbon footprints than traditional biofuels.
CEO Miles said this work ‘provides a clear pointer to the future for the company, since a lower carbon biofuel alternative will be demanded by the marine and industrial sectors.’
Quadrise, he added, has now commenced a structured process to find commercial partners that will allow it to ‘quickly scale up’ once it has met its most important project milestones.
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