Edison Investment Research Limited: Quadrise Fuels International (QFI): Cleaner fuel, cleaner planet

London, UK, 1 December 2021

Quadrise Fuels International (QFI): Cleaner fuel, cleaner planet

Quadrise has developed a synthetic heavy fuel oil (HFO) technology that potentially reduces costs and polluting emissions for HFO users in the industrial, marine bunker and power markets, as well as improving the profitability of upstream operations and of refineries producing HFO. Recent third-party tests on Quadrise's new biofuel, bioMSAR, show reductions in CO2 emissions that are materially ahead of existing biofuels at a lower cost.

We are not presenting forecasts at this stage. However, as a rough guide, based on data from the company, our scenario analysis calculates that even modest adoption of MSAR could generate material revenues and take the company to sustainable profitability. For example, adoption across only 9% of MSC's global fleet could generate around $80m in licence revenues and require minimal capex.

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