22nd Nov 2024 10:42
(Alliance News) - Quadrise PLC on Friday said its 3 core projects are progressing towards commercialisation as it updated shareholders ahead of its annual general meeting.
The London-based energy technology company and supplier of MSAR emulsion technology fuel said it expects to sign a binding agreement with Cargill NV and MSC Shipmanagement Ltd for the supply of fuels for commercial trials before the end of the year.
It anticipates proof-of-concept testing to begin in the first-quarter of next year, with its bioMSAR LONO trial planned to complete 6–8 months after this.
The firm said its commercial trial in Morocco is edging closer to commencement, with trial equipment and chemicals on site, but with progression subject to production schedules.
Quadrise shares were up 3.3% at 1.59 pence on Friday morning in London.
Regarding US low carbon fuels, oil production from Valkor's first well was confirmed in September, with Quadrise due to receive representative barrels of treated heavy sweet oil for analysis and formulation optimisation testing.
The firm said it will begin marketing of MSAR to customers in the US once the anticipated commercial viability of the Valkor oil is confirmed.
Quadrise also reported project progress in Southeast Asia and Central America with the firm expecting signatures for trial agreements from an oil refinery operator and a power generator interested in the firm's MSAR and bioMSAR technology.
These agreements are expected in the first-quarter of next year.
On the development of bioMSAR, Quadrise noted that testing is now well underway on all of its formulations, with the firm on track to launching a commercial B100 bioMSAR Zero product well ahead of the original 2030 target.
Quadrise Chief Executive Jason Miles said: "Whilst progress during the last 12 months has been slower than had been anticipated at the last AGM, time has been well spent with each of the company's key projects now nearing important milestones on their pathways to commercialisation."
"Quadrise is now well positioned to play a key part in accelerating the global transition away from fossil fuels".
By Christopher Ward, Alliance News reporter
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