Quadrise Share News (QED)

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2.20 0.25 (12.82%)

Bid:

2.00

Ask:

2.19

Spread: 0.19 (9.50%)

Market Cap: £44.14m

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IN BRIEF: Quadrise shares down as fuel trial testing delayed

Mon, 22nd May 2023 11:48

Quadrise PLC - London-based innovator & licensor of residual oil technology, producing a synthetic heavy fuel oil called MSAR - Says the industrial demonstration test has started this week in Morocco in line with the client's production schedule. Says the personnel at the client site confirms the MSAR and bioMSAR fuel quality and fully commissions its pumping and heating unit at load. However, says while running the client's initial unit warm-up sequence using MSAR fuel, a mechanical component in the PHU fails, which had reduced the "available unit load achievable from the Quadrise burner". As a result, Quadrise says it is unable to finish the testing during May as originally planned. Says the parties agree to pause the trial.

Chief Executive Officer Jason Miles says: "We are obviously disappointed not to have completed the trial during May due to an unexpected mechanical issue in our PHU. However, a replacement part has been purchased and expedited so that we can restart the operational production test at the next opportunity."

Current stock price: 1.21 pence each, down 8.8% on Monday morning in London

12-month change: down 35%

By Xindi Wei, Alliance News reporter

Comments and questions to newsroom@alliancenews.com