19 May 2017 07:00
19 May 2017
Quadrise Fuels International plc
("Quadrise", "QFI" or the "Company")
Update on Interim LONO
Quadrise Fuels International plc (AIM: QFI) announces an update on the provision of the Interim Letter of No Objection ("LONO") from Wärtsilä.
QFI is the emerging supplier of MSAR® emulsion technology and fuel, enabling a low-cost alternative to heavy fuel oil (one of the world's largest fuels markets, comprising over 450 million tonnes per annum) in the global shipping, refining and power generation markets.
The Company announces that it has been advised by Maersk that Wärtsilä is expecting to deliver the Interim LONO to Maersk by the end of May 2017 and that Maersk will then provide this to QFI.
The Company continues to work with Maersk to progress the release of Wärtsilä's interim inspection report and to clarify Maersk's previously confirmed intention to work collaboratively with QFI to progress the commercialisation of MSAR® to the wider global marine industry.
QFI continues to believe that the marine industry will ultimately acknowledge and adopt the use of exhaust gas scrubbers and high sulphur heavy fuel as the most economic compliance option for the International Maritime Organisation's 2020 sulphur limit environmental legislation and that Marine MSAR® will enable operators to obtain additional economic and environmental advantages over the use of heavy fuel oil. As noted in the Company's announcement of 7 April 2017, the commercialisation of Marine MSAR® is now being focused on other operators and the Company is actively working on this. The Company will be using the Interim LONO, when it is available, to further support these activities.
Mike Kirk, Executive Chairman, said:
"I am delighted that our strong relationship with Maersk has enabled us to progress this matter, despite their decision not to continue the trial. We look forward to receiving the Interim LONO and being able to use it to actively support our business development activities in the marine market."
This announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, please refer to the Company's website at www.quadrisefuels.com or contact:
Quadrise Fuels International Plc |
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Mike Kirk, Executive Chairman | +44 (0)20 7031 7321 |
Hemant Thanawala, Finance Director |
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Nominated Adviser |
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Smith & Williamson Corporate Finance Limited |
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Dr Azhic Basirov | +44 (0)20 7131 4000 |
Ben Jeynes Katy Birkin |
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Broker |
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Peel Hunt LLP |
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Richard Crichton | +44 (0)20 7418 8900 |
Ross Allister |
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Chris Burrows |
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Public & Investor Relations |
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FTI Consulting |
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Ben Brewerton | +44 (0)20 3727 1000 |
Sara Powell |
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