Quadrise PLC on Monday said it has inked a collaborative agreement with Littoinen, Finland-based fuel supply systems firm Auramarine Oy, as they seek to leverage their respective resources.

The London-based energy technology company and supplier of MSAR emulsion technology fuel revealed that the partnership will focus on the marine sector and aims to improve operational inefficiencies and decarbonise energy-intensive applications.

Quadrise shares climbed 14% to 2.23 pence on Monday morning in London.

Through combining their skillset the two seek to offer a ‘comprehensive value proposition’ to the shipping industry complying with new environmental regulations and with both parties aiming to develop and promote new sales opportunities.

Quadrise said it will provide expertise in MSAR and bioMSAR fuels and Auramarine will provide fuel systems expertise for the conversion of marine vessels to Quadrise fuels.

Quadrise added that each of the parties would pay the other a commission with respect to gross sales or finance raised as part of the deal.

This follow the firm’s announcement on Friday ahead of its annual general meeting where it said its 3 core projects were progressing towards commercialisation with Chief Executive Jason Miles noting that the firm was ‘well positioned to play a key part in accelerating the global transition away from fossil fuels’.

Discussing Monday’s announcement, Jason Miles said: ‘We are delighted to sign this collaboration agreement with Auramarine, who have extensive experience and an enviable track record in the design, supply and servicing of fuel systems for conventional and future fuels.

‘This collaboration is in line with our strategy of working with new channel partners to decarbonise shipping, adding the necessary expertise, network and resources of Auramarine in marine fuel systems to accelerate the implementation of MSAR and bioMSAR fuel conversions globally.’

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