QFI.L Regulatory News (QFI)

11 August 2021

Quadrise Fuels International plc

("Quadrise", "QFI", the "Company" and together with its subsidiaries the "Group")

Update on bioMSAR™ Testing

Quadrise, the supplier of MSAR® and bioMSAR™ emulsion technology and fuels, which are low-cost, cleaner alternatives to heavy fuel oil and biofuels, is pleased to provide an update on the testing of bioMSAR™ on a medium speed 4-stroke Wärtsilä diesel engine at the VTT facility in Finland and the planned performance and emissions testing with Aquafuel.

bioMSAR™ Testing at VTT

A comprehensive suite of tests has been completed on a Wärtsilä 4-stroke engine using 5mt of bioMSAR™ fuel produced at QRF. This engine was the same generic type previously used for MSAR® testing, though it has since been modified for dual fuel operation, and this required further work to enable comparison with the earlier MSAR® test results.

The final bioMSAR™ test results show the following versus conventional liquid fuels:

· Greater than expected calculated CO2 savings - with reductions of 26-28%.

· Engine efficiency increased by up to 7%.

· Highly efficient combustion evidenced by low NOx, CO, particulate and soot emissions.

The CO2 savings delivered by existing biofuels are more typically in the region of 10-15%. bioMSARTM 's  formulation can be adjusted to provide the consumers' required CO2 savings at the lowest cost.

The results of the test have been shared with MSC and an update on the MSC trial programme will be provided, as appropriate, in due course.

Further Testing at Aquafuel

Following the successful initial tests reported in February 2021, modifications were carried out by Aquafuel on our Cummins 4-stroke, high-speed diesel engine generating set to allow very accurate performance monitoring, optimisation and measurements to be made.

These modifications are now complete and the further bioMSAR™ testing to optimise emissions and engine performance will be carried out at Aquafuel, commencing later this month. Quadrise will be attending the tests at the Aquafuel site and some of this work will be included in the final segment of filming for Quadrise's contribution to the UK Chamber of Shipping's "Making Waves: The Future of Shipping" programme, to be launched on 13 September as part of London International Shipping Week.

We expect the results of further testing at Aquafuel to be available by the end of September.

Mike Kirk, Chairman of Quadrise, said:

"We are very pleased to share the positive bioMSAR™ test results - especially those relating to CO2 reductions and higher efficiencies. Quadrise is making great progress on bioMSAR™ testing and development. This work is crucial in enabling Quadrise to offer customers a lower cost renewable fuel solution, alongside our existing MSAR® fuel, and we look forward to sharing further information with shareholders during Q3 2021.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time.

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