QFI.L Regulatory News (QFI)

21 September 2022

Quadrise Fuels International plc

("Quadrise", "QFI" or the "Company")

Joint Development Agreement with Vertoro

Quadrise (AIM:QFI), the supplier of MSAR® and bioMSAR™ emulsion technology and fuels is pleased to announce the entry of a Joint Development Agreement ("JDA") with lignin biofuel specialists, Vertoro BV ("Vertoro").

Vertoro is the supplier of sustainable biomass-based biofuels extracted from abundant agricultural and forestry residues using their proprietary Goldilocks® technology. GEM® is a crude lignin oil that's a potential alternative to methanol and is being developed in conjunction with Maersk and CSO™ is an advanced crude sugar oil that's a water soluble by-product of the Goldilocks® process. The total market for these lignin residues today is estimated to be around 200 billion tonnes per annum.

Under the JDA, the Company and Vertoro will collaborate in seeking to progress the use of Vertoro's CSO™ as a potential cost-effective supplement or alternative to glycerine in Quadrise's bioMSAR™ fuel. The JDA may also present opportunities for the Company to supply MSAR® blending technology at Vertoro's CSO™ plants or biorefineries under future agreements with Vertoro or Vertoro's partners.

Quadrise has successfully produced stable blends of CSO™ based bioMSAR™ emulsions at laboratory scale at the Quadrise Research Facility, with diesel engine tests now being jointly planned during the next 12 months. These tests will scale up and accelerate the potential supply of low cost CSO™ bioMSAR™ for the marine sector. The parties have filed a joint patent for CSO™ based bioMSAR™. 

Further announcements in relation to progress under the JDA will be made, as appropriate, in due course.

Commenting on this agreement Jason Miles, CEO of QFI, said:

"Quadrise is delighted to have signed this JDA with Vertoro, having worked with their team for over a year. Lignin-based fuels are potentially the most price competitive net-zero biofuel solutions and this joint collaboration fits well with our plans to commercialise bioMSAR™ with MSC Shipmanagement and others, as well as advancing our programme to supply net-zero bioMSAR™ by 2030. Vertoro's CSO™ combined with Quadrise's bioMSAR™ technology offers a compelling solution for the marine sector to accelerate decarbonisation and emissions reduction efforts economically and safely."

Commenting on this agreement Michael Boot, Co-founder and CEO of Vertoro, said:

"Sugar has been Mother Nature's fuel of choice for over 3 billion years. Today, we announce a unique pathway to use our crude sugar oil, produced from sustainable forestry and agricultural 2G biomass residues, as a drop-in for heavy fuel oil-based biofuels through this new partnership with Quadrise."

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About Quadrise

Quadrise is the supplier of MSAR® and bioMSAR™ emulsion technology and fuels, providing innovative lower cost and lower carbon alternatives to fuel oil and biofuels in the global power generation, shipping, industrial and refining industries.

Learn more: www.quadrisefuels.com

Certain of the information contained within this announcement is deemed by the Company to constitute inside information as stipulated under The Market Abuse Regulation (EU 596/2014) pursuant to the Market Abuse (Amendment) (EU Exit) Regulations 2018. Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.