26 June 2024
Quadrise Plc
("Quadrise" or the "Company")
Extended agreement with BTG Bioliquids to advance the supply of Sustainable Marine Fuels
Quadrise Plc (AIM: QED), the supplier of innovative energy solutions for a cleaner planet, is pleased to announce the signature of a Cooperation Framework Agreement ("CFA") with BTG Bioliquids BV ("BTL"). The CFA serves to extend the scope of Quadrise's existing agreement with BTL.
Following the signature of a Joint Development Agreement ("JDA") with BTL in June 2023, Quadrise has worked with BTL to incorporate BTL's sustainable Fast Pyrolysis Bio-Oil ("FPBO") products into bioMSAR™. Stable emulsions incorporating up to 20% BTL FPBO sugars have been produced at the Quadrise Research Facility, with Cummins diesel engine testing on these emulsions at Aquafuel now planned for Q3 2024.
As a result of this progress, the parties have now agreed a Cooperation Framework Agreement ("CFA"). The CFA expands the scope of the JDA to incorporate the parties' intention to undertake additional diesel engine testing with BTL FPBO emulsions on engines larger than the currently planned Q3 2024 Cummins test leading, ultimately on success, to a marine vessel for final testing ahead of potential commercial-scale bioMSAR™ supply.
Assuming the planned Cummins engine tests in Q3 2024 are positive, under the CFA the parties intend to complete independent testing on a larger diesel engine during the period Q4 2024 to Q1 2025, as well as associated third party testing for marine fuel characterisation and compliance.
Quadrise and BTL will then prepare for larger scale production of bioMSAR™ incorporating FPBO sugars for marine vessel tests in 2026. In order to ensure the supply of FPBO sugars for future commercial-scale bioMSAR™ marine tests, BTL are planning the construction of a pilot plant in Dordrecht, Netherlands.
Commenting on the update, Jason Miles, CEO of Quadrise, said:
"This new agreement is a result of the substantial progress Quadrise and BTL have made with their respective technologies, and provides a clear plan to incorporate BTL's sustainable pyrolysis sugars into bioMSAR™. This agreement also expands our future options for bioMSAR™ Zero testing and production."
Commenting on the update, Gerhard Muggen, Managing Director of BTG Bioliquids, said:
"We are pleased to have reached this new agreement with Quadrise. This is an exciting next step, moving us towards large engine testing and production of bioMSAR™ using renewable pyrolytic sugars produced from BTL's licensed process and fractionation technology."
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 | | |
| Cavendish Capital Markets Limited | | +44 (0)20 7220 0500 |
| Ben Jeynes Katy Birkin George Lawson | | |
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| Joint Brokers | |
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| Shore Capital Stockbrokers Limited Toby Gibbs, Rachel Goldstein (Corporate Advisory) Fiona Conroy (Corporate Broking) | | +44 (0)20 7408 4090 |
| 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
About BTG Bioliquids
BTG Bioliquids is a market leading supplier and developer of fast pyrolysis bio-oil plants using proprietary technologies, converting lignocellulosic biomass residues into biofuels and biochemicals. Learn more at: www.btg-bioliquids.com
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