Quadrise PLC shares edged lower on Wednesday, after it updates its shareholders on its project with MSC Shipmanagement Limited of Cyprus.

Quadrise is an energy technology company and supplier of MSAR emulsion technology fuel, which reduces energy costs and emissions. Its shares were down 4.0% to 1.92 pence each in London on Wednesday morning.

In March, Quadrise announced a binding deal with MSC and Cargill NV over the production of MSAR and bioMSAR fuels for Quadrise’s forthcoming vessel trials on board the MSC Leandra was expected by the end of the first quarter of 2024. It agreed this collaboration in February.

On Wednesday, Quadrise said it continues to work with MSC and other project partners to help finalise the binding project agreement.

Upon signing the agreement, Quadrise equipment will be installed and commissioned at the facility in Antwerp prior to vessel trials.

Operating permits for the installation of Quadrise equipment have already been received and the site has been prepared ahead of time. Based on this, Quadrise said it is ‘ready to move quickly’ once the project is finalised.

Chief Executive Officer Jason Miles said: ‘We continue to have regular contact with MSC and other project counterparties and are preparing for installation of our equipment to commence as soon as the agreement is signed.’

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