(Alliance News) - Quadrise Fuels International PLC said Tuesday it signed a new global collaboration deal with recently formed chemicals firm Nouryon.
In 2018, Nouryon was sold by Dutch chemicals and paints firm AkzoNobel NV for EUR10.1 billion to private equity companies.
On Tuesday, Quadrise entered into an exclusive global collaboration and emulsifiers sales agreement with Nouryon related to its MSAR projects. The agreement will last until October 2022.
The agreement replaces two separate contracts signed in 2013 between Quadrise and AkzoNobel, eventually extended until November 2019.
"We are delighted that we have been able to revert to a new, three-year agreement with Nouryon, after putting in place the shorter-term agreement in November 2018, as a temporary measure whilst the relevant Nouryon entities were formed," Quadrise Executive Chair Mike Kirk said.
"The new contract with our core technology partner, Nouryon, reinforces the commitment of both parties to commercialising the global MSAR business," Kirk added. "Our long-term relationship with Nouryon continues to underpin our ability to move the company towards long-term commercial revenues, as we progress our business development activities towards large-scale trials followed by commercial roll-out."
"This new contract enables Quadrise to both progress and protect the IP inherent to MSAR and to provide the exclusive supply to Quadrise of the chemicals for the production of MSAR", Kirk continued.
Shares in Quadrise were 0.6% higher at 4.05 pence in London on Tuesday.
By Ahren Lester; ahrenlester@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
