Quadrise PLC on Wednesday agreed an addendum to its license and supply deal with Valkor Technologies LLC, and noted payments from Valkor will commence later this month.

The London-based energy technology provider has a licensing contract with Valkor, a Katy, Texas-based project developer focused on the energy sector, for the use of its technology at the Asphalt Ridge mining site in Utah, USA.

Quadrise said Valkor has confirmed it has the minimum $15 million in financing which will be required to develop the site. Production of heavy sweet oil at Asphalt Ridge will now be phased, Quadrise said.

As a result, the two companies agreed that Valkor would begin repayment of the license fee to Quadrise, with $350,000 payable on January 31 and the remaining $650,000 due December 1.

Quadrise will also supply a smaller multifuel manufacturing unit with a 600 barrels of oil per day capacity on an interim basis in 2025. Valkor will pay $200,000 for the unit on December 1, with a further $300,000 due once Quadrise replaces the unit with a full-sized version, which will have a capacity of 6,000 bpd.

From April 1 onwards, $75,000 will be payable by Valkor on a quarterly basis, in exchange for Quadrise’s engineering services and operational support. This will remain part of the agreement for at least two years, according to Wednesday’s addendum.

Quadrise’s Chief Executie Jason Miles commented: ‘We are delighted that Valkor has secured the necessary project finance for the first heavy sweet oil project, following successful Utah state approvals and subsequent subsurface oil drilling during 2024.

‘When combined, our respective technologies will provide very attractive low sulphur fuels and biofuels with compelling economics and environmental credentials starting in 2025,’ Miles added.

Following the news on Wednesday afternoon, Quadrise shares rose 6.9% to 6.56 pence each in London.

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