Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Quadrise PLC on Monday said it reached a site licence and supply agreement with Valkor Technologies LLC for the use of its MSAR and bioMSAR technology at Valkor’s heavy oil asset in Utah.
Shares in Quadrise were up 29% at 1.64 pence each in London on Monday morning.
Quadrise is a London-based innovator and licensor of residual oil technology, which produces the synthetic heavy fuel oil MSAR. Valkor is a Park City, Utah-based oil, gas and minerals development company.
Quadrise’s MSAR and bioMSAR, which are used to lower the carbon output from burning fossil fuels, will be produced and sold from Valkor’s primary project site for 10 years under a $1.5 million deal.
This comes after phase one of a commercial development agreement signed by the two companies in April of last year progressed to ‘mutual satisfaction.’ Under the deal, Quadrise had agreed to provide its services and technical support for the production and use of MSAR and bioMSAR fuel in energy applications.
Quadrise said it could achieve commercial revenues from the deal with Valkor.
Quadrise Chief Executive Officer Jason Miles said: ‘We’re delighted to move on to this exciting new phase of collaboration with Valkor and to have signed this conditional site licence and supply agreement.
‘We both share the vision that the low sulphur, lower carbon MSAR and bioMSAR fuels that will be produced in Utah from heavy sweet oil will offer compelling solutions for clients across the industrial and marine sectors as the pace of decarbonisation advances.’
Copyright 2023 Alliance News Ltd. All Rights Reserved.