Quadrise Share News (QED)

(Sharecast News) - Quadrise announced on Tuesday that it has signed a services supply agreement with MAC2 Solutions to support the production and testing of its MSAR and bioMSAR fuels, ahead of marine vessel trials scheduled to begin in the second quarter of 2025.

The AIM-traded firm said the trials, to be conducted on board the MSC Leandra V, were designed to demonstrate performance and secure a letter of no objection from engine manufacturer Wärtsilä.

It said the agreement outlined the roles of each party during the trial period.

Quadrise would supply the fuel technology, production equipment and personnel, while MAC2 would provide the site infrastructure, including jetty space, utilities and permitting support at its Antwerp facility.

Installation and commissioning of Quadrise's equipment at the site was due to take place in the second quarter.

The company said the trial would begin with a proof-of-concept phase using MSAR, followed by performance baseline testing with bioMSAR, and then a 4,000-hour operational phase - expected to last six to eight months - on bioMSAR.

Quadrise also confirmed that related agreements, including a toll manufacturing arrangement with Cargill, were progressing.

In parallel with the trials, Quadrise said it and MAC2 intended to establish commercial MSAR and bioMSAR bunker supply operations at the Port of Antwerp-Bruges, initially targeting MSC and other shipping companies.

"We are pleased to have signed this services agreement with MAC2 to progress our plans for supplying MSAR and bioMSAR to the marine sector from Antwerp-Bruges," said chief executive officer Jason Miles.

"We look forward to working with them as we prepare for the trials on the MSC Leandra V in the second quarter of 2025, and to a successful longer-term partnership as we progress to commercial supply."

At 1244 GMT, shares in Quadrise were up 9.64% at 4.72p.

Reporting by Josh White for Sharecast.com.