RE: Issued Share Capital27 Nov 2024 07:00
Lots of news to come
Other Projects
South-East Asia: During 2024, negotiations have progressed with an oil refinery operator in Southeast Asia that is interested in conducting a trial using MSAR® technology for internal heat generation as a precursor to commercial supply of a "Mini-MMU" producing up to 5 tons per hour for this application. The refinery refuelling project would be a first for the Company, and offers potential opportunities in the future to supply Quadrise technology and fuels to Singapore, the world's largest bunker hub,. The signature of a trial agreement is expected in Q1 2025.
Central America: In 2023, Quadrise signed a Letter of Intent with Sparkle Power, a power generator in Panama for a commercial test of MSAR® and bioMSAR™. Following resolution of power capacity constraints caused by adverse environmental conditions in Panama, discussions with Sparkle have recently progressed positively and signature of a trial agreement is expected in Q1 2025.
Quadrise continues to have a comprehensive business outreach programme, with active and ongoing engagement with potential customers including shipping companies, industrial and power users of our technology. This process has also resulted in discussions with refineries and bio-refineries who could supply our fuels to the market, as well as suppliers of biofuel components and complementary technology suppliers and channel partners. Negotiations with these counterparties and reviews of the resulting business cases are ongoing with a view to announcing further agreements later this year and throughout 2025.
bioMSAR™ Development
During the period, testing was completed on a blend of bioMSAR™ incorporating 50% 'B30' marine biofuel (a conventional marine biofuel blend of 30% biodiesel and 70% fuel oil) and 40% glycerine plus 10% water. The purpose of the test was to reduce the fossil fuel content of bioMSAR™, increase the biofuel content to 55% ('B55') and check resulting fuel and engine performance. During testing and when compared to diesel, the B55 bioMSAR™ blend enhanced diesel engine efficiency by 7%, reduced NOx emissions by 59% and demonstrated over 38% well-to-wake CO2 reductions.
Testing is now well underway on formulations of bioMSAR™ utilising only waste-based bio-oils and biofuels from various sources. Blends of this nature are the first prototypes of 'B100' bioMSAR™ Zero, a 100% sustainable biofuel. Quadrise is therefore on-track to launching a commercial B100 bioMSAR™ Zero product well ahead of the Company's original 2030 target. This expands the Company's market opportunities beyond the world of fossil fuels.