Interim Results23 Mar 2026 07:07
Https://www.londonstockexchange.com/news-article/QED/interim-results-notice-of-investor-presentation/17513900
BUSINESS SUMMARY
The Company's strategy is to generate demand within the shipping industry and other sectors, while stimulating the supply of its fuels around global marine bunkering hubs. The Company's projects are designed to fulfil this strategy, with progress in each of these during the period outlined as follows:
Decarbonisation of shipping: MSC
· Quadrise, MSC and Cargill are jointly working to finalise trilateral and bilateral agreements for vessel trials with all parties remaining committed to progressing the trial programme.
· Good progress made on preparatory work with Cargill to obtain International Sustainability & Carbon Certification ("ISCC") for bioMSAR™, the resolution of VAT and customs technicalities, the setting up of a Quadrise Belgium branch, trial permit applications and preparation of trial equipment.
· Installation and commissioning of equipment at the MAC² terminal in Antwerp, Belgium is expected to follow signature of the trilateral agreements. The operational trial on board an MSC vessel will comprise an initial Proof of Concept period using MSAR® and then bioMSAR™ for performance baseline tests, followed by 4,000 hours of operation (approximately 6-8 months) on bioMSAR™ in order to obtain Letter of No Objection ('LONO') from engine manufacturer Wärtsilä upon success.
Supporting projects: Establishing a global supply network
· Morocco: Following recent in-person meetings with OCP, both parties reaffirmed their commitment to progressing MSAR® trials towards commercial supply. A revised trial plan at an alternative OCP location is expected to be signed soon, with trial commencement expected following signature and completion of the necessary site preparations.
· Central America: Successful MSAR® and bioMSAR™ testing was completed at Sparkle Power's El Giral plant in July 2025. The permitting process for MSAR® and bioMSAR™ in Panama is underway, with discussions progressing with other regional operators. Feedstock sourcing work continues in parallel.
· Utah: Quadrise and Valkor signed a further addendum to the Site Licence and Supply Agreement in September 2025, under which Valkor will make staged license payments totalling US$1.0 million through to June 2026 plus further payments for equipment and service charges.
· Valkor's 500 barrel per day oil‑sands pilot plant is expected to become operational in Q4 2026, with representative oil samples currently being prepared for Quadrise testing in Q2 2026 ahead of MSAR® and bioMSAR™ formulation work, shipment of Quadrise equipment to site, and the commencement of product marketing activities.