Quadrise Fuels secures funding; inks material transfer pact in Morocco

Fri, 29th Nov 2019

Alternative fuels group Quadrise Fuels International said it secured funding of £4.5m during the third quarter. The company said the funds would allow it to continue its business development activities through to the end of 2020. A further £2m of Bergen funding was potentially available to draw down from August 2020, it added. Separately, Quadrise Fuels said it had inked a material transfer and cooperation agreement with an international chemicals and mining group headquartered in Morocco. Quadrise Fuels and the client, which it didn't name, would work together to trial the company's MSAR fuel technology. The trial would be carried out on a pilot plant test facility located in Morocco and would be followed by technical and economic feasibility studies for demonstration tests on commercial units. The pilot plant was due to be built by the end of the first quarter of 2020. At 8:29am: (LON:QFI) Quadrise Fuels International PLC share price was 0p at 3.69p Story provided by StockMarketWire.com

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