Our new Cryptocurrency section has arrived! Click here

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksQuadrise Fuels Regulatory News (QFI)

Share Price Information for Quadrise Fuels (QFI)

London Stock Exchange
Share Price: 3.80
Bid: 3.75
Ask: 3.95
Change: -0.045 (-1.17%)
Spread: 0.20 (5.33%)
Open: 3.85
High: 3.85
Low: 3.80
Yest. Close: 3.845
QFI Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

RNS Alerts are a premium feature

Login to your account

myTerminal is a premium feature

Login to your account

Don't have an account? Click here to register.

Quadrise Fuels Intnl - MOU with API POLY-GCL Alliance

Mon, 13th May 2019 07:00

RNS Number : 7434Y
Quadrise Fuels International PLC
13 May 2019
 

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The term of the MOU is 24 months, after which time it will expire unless mutually extended by the parties or superseded by another agreement.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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
MSCATMRTMBTBBIL
Date   Source Headline
6th Nov 20195:03 pmRNSPosting of Annual Report and Notice of AGM
10th Oct 20195:42 pmRNSHolding(s) in Company
8th Oct 20197:00 amRNSNew three-year Exclusive Agreement with Nouryon
7th Oct 20197:00 amRNSFinal Results for the year ended 30 June 2019
2nd Oct 201911:42 amRNSTotal Voting Rights

Login to your account

Don't have an account? Click here to register.