QUADRISE PLC-Business Update

QUADRISE PLC-Business Update

Business Update

Quadrise Plc (AIM:QED), the supplier of innovative energy solutions for a cleaner planet, is pleased to provide an update covering progress on each of its key projects.

Key projects:

·     Morocco - The industrial demonstration test is now scheduled to commence in May following finalisation of the client's latest production schedule. Quadrise personnel are now at the client site completing trial preparation, with results expected shortly after completion of testing and joint review with the client. Upon success, the parties will enter discussions for potential commercial supply, with a view to signing a fuel supply agreement in Q3 2023.

·    MSC - Discussions with third party fuel suppliers for the Proof-of-Concept and Letter of No Objection trials on board the MSC Leandra are progressing positively. The intended outcome of these discussions is to conclude a Tripartite Agreement between the supplier, MSC and Quadrise as soon as possible. The vessel is currently in dry dock being prepared for testing, which is now expected to commence in Q4 2023. Quadrise and MSC are scheduling the bioMSAR™ hazard identification and operability study as recommended by Wärtsilä, which assesses feasibility and safe operability prior to use on the vessel's 2-stroke main engine. With positive trial progression, Quadrise, MSC, and other key stakeholders expect to commence discussions in H1 2024 with regard to commercial supply to MSC's fleet.

·    Utah - Quadrise and Valkor are finalising terms for the supply of a licence, services and manufacturing unit to enable Valkor to produce MSAR® and bioMSAR™ for the first project, and conditional sub-licensing of the technology for other heavy oil projects in Utah. Following the award of drilling permits to Valkor covering their Asphalt Ridge site in early May 2023, the supply of the licence and manufacturing unit will allow low sulphur heavy oil with a lower carbon intensity to be blended to MSAR® and bioMSAR™ for trials during H2 2023, ahead of commercial supply in Q1 2024.

Commenting on the update, Jason Miles, Chief Executive Officer of Quadrise, said:

"Our key projects are each progressing to their next stage of development, and we look forward to sharing updates as additional milestones are reached.

The Company is entering an exciting period, with commercial revenues expected upon signature of the Valkor agreement, the Morocco trial expected to commence this month and progress continuing with regard to securing a fuel supplier for the MSC trials. In addition, we continue to develop our decarbonisation technologies towards delivering fully net-zero carbon solutions and progress opportunities for our business in other regions and applications"

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