13 May 2019 07:00
13 May 2019
Quadrise Fuels International plc
("Quadrise", "QFI" or the "Company")
Memorandum of Understanding with API POLY-GCL Alliance
Quadrise is pleased to announce that the Company has entered into a Memorandum of Understanding ("MOU") with API POLY-GCL Alliance Limited ("API POLY-GCL"), an alliance between Ample Power Investments Limited ("API") of the British Virgin Islands and POLY-GCL Petroleum Group Holdings Limited of Hong Kong.
POLY-GCL Petroleum Group Holdings Limited is a partnership between China's POLY Group and Golden Concord Holdings Ltd ("GCL"). GCL is one of the top 500 companies in the Peoples Republic of China ("China") with over 300,000 employees and has holdings in four business units covering Power, Oil & Gas, Photo-Voltaics and Finance.
API POLY-GCL, led by Mr Alvin Yip, is a project origination and development company in the downstream oil, gas and power sectors both in China and globally. API has a number of complementary business alliances in the marine and power sectors.
This non-binding MOU defines how Quadrise and API POLY-GCL will work together on an exclusive basis to pursue commercial opportunities involving the production and supply of MSAR® fuel in China for marine (including river transportation), power and industrial fuel consumers.
Subsequent commercial agreements between the parties will be structured so that Quadrise and API POLY-GCL will share profits of any project delivered on the basis of the IP, resources and financial contributions of each party.
The term of the MOU is 24 months, after which time it will expire unless mutually extended by the parties or superseded by another agreement.
Commenting on this development:
Mike Kirk, Executive Chairman of QFI, said:
"We are excited to sign this MOU with API POLY-GCL to enable Quadrise to progress commercial opportunities in China.
Utilising API POLY-GCL's related power assets and in-depth knowledge of China, we are planning to establish opportunities to progress regional MSAR® projects in the power and marine sectors.
This is a new and large market opportunity for Quadrise and offers the potential to deliver significant value to shareholders of both QFI and API POLY-GCL."
Alvin Yip, Co-Chairman & CEO of API POLY-GCL, said:
"API POLY-GCL see significant potential for Quadrise's MSAR® technology to add value to our power generation assets and downstream offering. We look forward to working with Quadrise to progress projects in a rapidly growing economy that is keen for energy efficiency and cleaner energy, where MSAR® technology and fuel offers material economic and environmental advantages.
We believe the combination of our extensive resources, strong network, assets and market knowledge, together with Quadrise's MSAR® fuel application expertise, can enable the first MSAR® project to be initiated in China during 2019."
For further information, please refer to the Company's website at www.quadrisefuels.com, or contact ir@quadrisefuels.com or phone:
Quadrise Fuels International Plc | |
Mike Kirk, Executive Chairman | +44 (0)20 7031 7321 |
Jason Miles, Chief Operating Officer | |
Nominated Adviser | |
Cenkos Securities plc | |
Dr Azhic Basirov | +44 (0)20 7397 8900 |
Ben Jeynes Katy Birkin | |
Joint Brokers | |
Peel Hunt LLP | |
Richard Crichton | +44 (0)20 7418 8900 |
Ross Allister | |
Shore Capital | |
Andy Crossley Daniel Harris | +44 (0)20 7601 6108 |
Public & Investor Relations | |
FTI Consulting | |
Ben Brewerton | +44 (0)20 3727 1000 |
Ntobeko Chidavaenzi |
For further information about API POLY-GCL, please refer to their website at https://www.amplepwr.com/api-poly-gcl-alliance-company-ltd/
Notes to Editors
QFI is the supplier of MSAR® emulsion technology and fuels, a low-cost alternative to heavy fuel oil (one of the world's largest fuel markets, comprising over 450 million tons per annum) in the global power generation, shipping, steam and refining industries.
This announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014.