LONDON (Alliance News) - Quadrise Fuels International PLC on Thursday said it has signed a collaboration agreement with the University of Surrey which provides for the shared use of the university's Centre for Petroleum and Surface Chemistry.
The centre acts as an advanced research facility for the unversity's chemistry department, and Quadrise will pay GBP78,000 a year to use it under the agreement.
The company said it is relocating its primary emulsion fuels research base from Sweden to the UK as a result, and is expanding its existing Quadrise Research Facility in Essex to develop new MSAR formulations in collaborations with the university.
MSAR stands for multiphase superfine atomised residue, and is a low-cost alternative to heavy fuel oil.
Quadrise added that the intellectual property developed from applied research projects under the agreement will be exclusively owned by Quadrise, while any fundamental research or intellectual property developed under the agreement will be the property of the university, although Quadrise will be granted a non-exclusive, royalty-free licence, with the option of exclusive rights based on a negotiated settlement. Quadrise will have exclusive rights on intellectual property created from jointly-conducted research.
"The agreement with the University of Surrey, together with the relocation of primary research and the extension of QRF, results in the consolidation, expansion and strengthening of all our research and development activities to better serve the anticipated future needs of the company. We are delighted to be working with Professor Taylor and his team, and to have established the framework for a long-term relationship with the university," Quadrise Chairman Ian Williams said in a statement.
Shares in Quadrise were trading down 2.8% at 17.50 pence Thursday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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