Quadrise PLC on Tuesday said it was making good progress preparing for upcoming trials, but admitted that some projects had moved slower than expected.
The London-based fuel and biofuel company focuses on decarbonising the shipping sector. Its shares were down 7.2% at 4.21 pence each on Tuesday afternoon in London.
Quadrise Chair Andy Morrison commented: ‘Whilst some developments have taken longer than originally anticipated, we are more convinced than ever in the strength of our technology, the scale of the opportunity, and our ability to successfully deliver on our strategy.’
The company insisted that its existing pipeline was progressing well. Bilateral agreements for a marine trial in Antwerp are ‘near final form’. The deals are between MSC and Cargill, and Cargill and Quadrise. This is part of its effort to commercial the fuel products bioMSAR and MSAR. Quadrise said documentation-signing will be completed ‘soon’, with the trials commencing in the third quarter of 2025. .
A separate trial to set up an MSAR supply in Morocco continues despite delays. This project was previously relocated to an alternative production line. Before the 30-day trial can start, Quadrise needs approval from the original manufacturer of the kiln and burner system, expected in he third-quarter. Consequently, Quadrise and the kiln maker are considering working with other customers in parallel.
Quadrise said it has shipped equipment and chemicals to a site in Panama, serving a joint venture with Sparkle Power SA, also expected to begin the third-quarter.
‘A successful trial would be expected by the company to lead to a Fuel Supply Agreement with a supplier and to facilitate discussions with other regional power producers,’ Quadrise noted.
The firm is still awaiting delivery of a new batch of oil samples from its Valkor project in North America, ‘as the previous samples tested were deemed unrepresentative of Valkor’s expected final oil output’. It cannot begin the marketing process until sample meet requirement, so the firm expects a smaller output of 600 barrels of oil per day in the third-quarter. A $75,000 per quarter technology fee will be owed to Quadrise from the date of delivery.
‘We enter the next quarter with real momentum and expect to achieve several important operational milestones,’ Morrison added.
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