(Alliance News) - Quadrise Fuels International PLC on Friday praised "progress on all fronts" as the firm outlined plans for 2022 to transition projects from trials to revenue generators.
The London-based residual oil technology licensor pointed to the advancement of new prospective opportunities and the continuing of testing and development of new low-carbon fuel bioMSAR.
"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," explained Chief Executive Jason Miles.
"bioMSAR continues to exceed expectations in diesel engine testing, and our RDI team are fully engaged in delivering our net-zero energy solutions in advance of 2030. Both MSAR and bioMSAR offer compelling solutions today to support the transition to a low carbon-economy in the short term," Miles added.
The heavy fuel oil alternative manufacturer said that during 2021, bioMSAR was successfully tested on 4-stroke engines demonstrating a 26% average reduction in carbon dioxide emissions compared to marine diesel.
Shares in Quadrise were 13% lower at 2.47 pence each in London on Friday as investors reacted to rising cases of the coronavirus across Europe and the detection of a new B.1.1.529 Covid variant.
By Will Paige; willpaige@alliancenews.com
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