(Sharecast News) - Oil technology firm Quadrise Fuels International saw its shares tumble in early trading despite publishing a generally positive operational update ahead of its annual general meeting later in the day.
Quadrise stated that it had made significant progress across all of its operations since having raised £6.0m back in March, providing the group with adequate funding for its projects.
The AIM-listed company, which has been developing heavy synthetic oils for the shipping industry, said that the testing and development of its new low-carbon fuel, bioMSAR, had made significant progress in other industries, with successful tests of the synthetic fuel on 4-stroke engines at Aquafuel and the VTT facility in Finland revealing that the fuel could reduce CO2 emissions by approximately 26% compared to marine diesel and lower NOx emissions by over 20%.
Quadrise also stated that it was working with MSC Ship Management to complete preparatory work to begin fuel trials onboard its ships and also plans to start testing its bioMSAR product on MSC's modern 2-stroke engines at OEM facilities.
While Quadrise did warn that the timetable for certain activities had been impacted by the continuing global impact of Covid-19 and associated travel restrictions throughout 2021, Quadrise also said it had shipped equipment for its MSAR combustion trial to a third-party site in Morocco, with the group now gearing up for production of 60.0m tonnes of the fuel.
Chief executive Jason Miles said: "We are very pleased to be able to provide a comprehensive update to our shareholders. This has been a challenging period for many businesses throughout the world, so we are pleased that we have been able to continue making progress on all fronts following our successful fundraise earlier in the year."
As of 1100 GMT, Quadrise shares had sunk 13.05% to 2.46p.
30 Mar 2015 07:48