13 Jun 2022 07:30
13 June 2022
Quadrise Fuels International plc
("Quadrise," "QFI" or the "Company")
Material Transfer & Cooperation Agreement
Further to the announcement on 9 May 2022, Quadrise (AIM:QFI), the supplier of MSAR® and bioMSAR™ emulsion technology and fuels, providing innovative lower cost and lower carbon alternatives to fuel oil and biofuels, is pleased to announce it has signed a new Material Transfer & Cooperation Agreement (the "Agreement") with its client in Morocco (the "Client"). This Agreement supersedes the original agreement with the Client, announced on 29 November 2019.
Under the terms of the Agreement, Quadrise will manufacture trial quantities of MSAR® and bioMSAR™ for the purpose of an industrial demonstration test at one of the Client's sites. Quadrise will then provide the Client with a written report on the efficacy of using MSAR® and bioMSAR™. Provided the Client-specified deliverables regarding performance and product quality are met, the parties will enter into discussions for a potential commercial supply of MSAR® and/or bioMSAR™.
In parallel, Quadrise will also complete a technical and economic feasibility study for a potential additional industrial demonstration test at a second site of the Client. This study is close to completion, pending a final visit to the second site by the Quadrise team. This additional industrial demonstration test will be subject to future agreement, once confirmed.
The industrial demonstration test and feasibility study covered by this Agreement will occur concurrently, with completion expected in Q3 2022.
The Agreement is valid for one year unless mutually extended.
Jason Miles, CEO of Quadrise, commented:
"We are advancing all of our projects to progress them towards commerciality. We are pleased that we have renewed our agreement with this key Client in Morocco. We are confident that we will be able to demonstrate the economic and environmental benefits of using MSAR® and bioMSAR™ at the Client's industrial site, and look forward to expediting the project."
For further information, please refer to the Company's website at www.quadrisefuels.com or contact:
Quadrise Fuels International Plc | |
Andy Morrison, Chairman Jason Miles, Chief Executive Officer | +44 (0)20 7031 7321 |
Nominated Adviser | |
Cenkos Securities plc | |
Ben Jeynes | +44 (0)20 7397 8900 |
Katy Birkin | |
Broker Shore Capital Stockbrokers Limited | |
Toby Gibbs | +44 (0)20 7408 4090 |
Fiona Conroy | |
Public & Investor Relations | |
Vigo Consulting Patrick D'Ancona Charlie Neish | +44 (0)20 7390 0230 |
Notes to Editors
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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.
This announcement is inside information for the purposes of article 7 of Regulation 596/2014.