18 August 2023
Quadrise Plc
("Quadrise" or the "Company")
Morocco Update
Quadrise Plc (AIM:QED), the supplier of innovative energy solutions for a cleaner planet, provides an update on its fuel trial in Morocco following the announcement on 22 June 2023.
The Quadrise team returned to site at the client's request to recommence the trial early last week.
Combustion at 100% unit load was achieved, but unfortunately it was not possible to complete the test at full load due to a progressive decline in fuel pump performance. 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 of alternative design is being expedited to Morocco for installation later this month. The trial is now expected to be completed in early September, and the client remains supportive of the Company's efforts to resolve this issue and progress the project at the next available opportunity.
Jason Miles, CEO of Quadrise commented:
"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."
For additional information, please contact:
| Quadrise Plc | | +44 (0)20 7031 7321 |
| Andy Morrison, Chairman Jason Miles, Chief Executive Officer | | |
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| Nominated Adviser | | |
| Cenkos Securities plc | | +44 (0)20 7397 8900 |
| Ben Jeynes | | |
| Katy Birkin | | |
| Joint Brokers Shore Capital Stockbrokers Limited | |
+44 (0)20 7408 4090 |
| Toby Gibbs, Rachel Goldstein (Corporate Advisory) | | |
| Fiona Conroy (Corporate Broking) | | |
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| VSA Capital Limited Andrew Raca (Corporate Finance) Andrew Monk (Corporate broking) | | +44 (0)20 3005 5000 |
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| Public & Investor Relations |
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| Vigo Consulting Patrick D'Ancona Finlay Thomson | | +44 (0)20 7390 0230 |
About Quadrise
Quadrise is the supplier of MSAR® and bioMSAR™ emulsion technology, fuels and biofuels, providing innovative solutions to reduce energy costs and greenhouse gas emissions today for clients in the global power generation, shipping, industrial and refining industries.
Learn more at: www.quadrise.com
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
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