OFFICIAL QFI DEADLINES15 Feb 2023 15:56
OFFICIAL QFI DEADLINES
These are the timelines as advised just ONE MONTH AGO. Just a reminder to people that seem to have forgotten already.
· Morocco - Following previously reported delays, the bioMSAR™ fuel arrived at the client site during December. The MSAR® fuel is currently at Moroccan customs, awaiting final clearance. Quadrise visited the client site earlier this month to progress the engineering set-up and to expedite the project actions once Moroccan customs have been cleared. We anticipate that the remaining logistical issues will be resolved this month so that the trial can then proceed as planned. Quadrise expects a successful trial to be followed thereafter by discussions to conclude a commercial fuel supply agreement in H1 2023 as planned.
· Utah - Commercial discussions for the supply of a license and manufacturing unit to enable Valkor to produce MSAR® and bioMSAR™ are progressing well, with the Company working towards execution of definitive agreements in Q1 2023.
· MSC - Completion of MSC's vessel preparations for the Proof of Concept and Letter of No Objection trials are now scheduled for Q2 2023. Discussions continue with third party fuel suppliers pursuant to the production of the fuels for the vessel trials and for future commercial fuel supply agreements.
· bioMSAR™ and Blend-on-Board - Following successful completion of the bioMSAR™ tests in Italy in December 2022, Wärtsilä is now finalising the test reports which will be available for commercial purposes in Q1 2023. Separately, work continues under the Joint Development Agreement with Vertoro to investigate the use of their Crude Sugar Oils as an alternative biofuel feedstock for bioMSAR™, costs for which are now supported by the EU Innovation Fund.
Supporting our longer-term ambitions of producing a net-zero biofuel solution by 2030, RDI work continues on our bioMSAR™ Zero solution at our QRF laboratory with a number of renewable fuel counterparties.
Diesel engine testing on bioMSAR™ and other fuel/biofuel formulations to support the Quadrise Blend-on-Board solution is in progress at Aquafuel, with the results from this activity still expected in Q1 2023.
· Americas - Quadrise and its local agents are actively pursuing trial and commercial supply agreements with candidate power generation clients in Panama and Honduras and are in discussions with a large refinery in the Caribbean in addition to ongoing efforts to progress activities in Mexico during H1 2023.