Quadrise plc (LON:QED), the energy transition technology company focused on the decarbonisation of shipping and heavy industry through deployment of low carbon fuels and biofuels, has provided the following update ahead of the Company’s Annual General Meeting which commences today at 12.00 p.m.
2025 Overview & Update
Whilst progress during 2025 overall has not proceeded as expected, the Company closes the year in a stronger position, with a clearer path towards commercialisation and the resources in place to achieve this. During the year the Company advanced preparations for the MSC trial, successfully completed a trial with Sparkle Power in Panama and recognised its first license fee revenues from Valkor.
Following the successful fundraise in January 2025 which raised £6.5m (before expenses), the Company recruited additional resources to enhance delivery capacity, accelerate growth and raise its profile in the marine sector. These included the appointment of Peter Borup as CEO with effect from 1 October 2025 and new additions at board, executive and advisor level.
These decisive appointments have resulted in a strengthened business development pipeline and allowed the Company to open discussions with multiple potential clients and supply partners in parallel.
The Company’s position has also been strengthened by ongoing regulatory uncertainty. The IMO MEPC’s decision in October 2025 to defer adoption of a mandatory Net-Zero Framework for shipping until October 2026 strengthens the Quadrise value proposition. Our technology offers immediate cost savings, significant emissions reductions, and a pathway to low-cost compliance with future regulations.
Progress in each of the Company’s key projects is summarised below.
Marine: Following the signature of the 3-way agreement with MSC & Cargill in November 2024, finalisation of the remaining trial agreements has been slower than expected. This is primarily due to the need at MSC’s request to consider post-trial go forward commercial supply and for the agreements to reflect the logistical complexities of the trial. Negotiations are ongoing and proceeding positively, with all parties remaining committed to the trials and working to finalise the agreements as soon as possible.
During 2025, the MAC² trial services agreement was executed. Trial operating permits and a dedicated bunker barge have been secured. Groundworks at MAC² are complete, with the trial equipment ready for shipment to Antwerp upon agreement finalisation. In parallel, discussions are ongoing with refineries with regard to commercial supply from key bunker hubs worldwide.
Following signature of the remaining agreements, installation and commissioning of trial equipment at MAC² will precede fuel production and Proof-of-Concept tests. The bioMSAR™ LONO trial will conclude 6 to 8 months after the 2-month Proof-of-Concept tests of MSAR® and bioMSAR™. During the LONO trial, the parties are aiming to finalise a Commercial Supply Agreement and secure permanent bioMSAR™ bunker supply operations for the marine sector by Cargill from MAC² facilities, contingent on successful trial completion.
Valkor: In September 2025, due to slower than expected production growth at Valkor’s Utah operations, Quadrise and Valkor agreed a further addendum to the 2023 Site License and Supply Agreement. This sets out a revised timetable regarding payment to Quadrise of US$1.5m for licensing and equipment fees, quarterly support fees and the deployment of Quadrise equipment to Valkor’s site.
Following receipt of an initial US$50k of the US$1m license fee, a further US$0.3m is now due by 31 March 2026, and US$0.65m by 30 June 2026. Quadrise will provide a 600 bpd Multifuel Manufacturing Unit (“MMU”) by 30 June 2026, for which Valkor will pay US$0.2m by 30 September 2026. An additional US$0.3m is payable upon delivery of a full-size 6,000 bpd MMU, in exchange for the 600 bpd MMU. A service charge of US$75k is due quarterly from 1 July 2026 for at least two years, covering engineering, process design, commissioning, site operations, and compliance support.
Valkor have now secured the funding required to progress drilling and site development, with their 500bpd oil sands pilot plant expected to be operational in Q2 2026. Representative oil samples for Quadrise testing are expected in Q1 2026 ahead of the deployment of Quadrise equipment to site and the commencement of marketing activities in the USA.
Americas: In September 2025, Quadrise was pleased to announce the successful completion of proof-of-concept and emissions testing for its MSAR® and bioMSAR™ fuels at the Sparkle Power SA plant in El Giral, Panama. These trials mark the first application of MSAR® and bioMSAR™ on Everllence (formerly MAN Energy Solutions) 4-stroke engines, broadening the commercial potential of the Company’s fuels across additional engine types in energy-intensive sectors seeking cost-effective decarbonisation.
Testing has demonstrated improved engine efficiency and significant emissions reductions, and also validated expected performance for commercial deployment. The next steps are for Quadrise and Sparkle to confirm commercial supply arrangements and secure fuel permitting in Panama. In parallel, discussions with potential regional supply partners are underway.
OCP: In Morocco, the proposed 30-day commercial site trial continues to await final OEM approval. Quadrise and OCP are now working to obtain this or select alternative sites, and the trial is expected to commence once plans have been agreed, with the trial equipment on-site at OCP.
bioMSAR™ Development: During the year good progress has been seen on testing new biofuels for bioMSAR™ and bioMSAR™ Zero and the Company has also collaborated with technology companies to explore and unlock new renewable feedstocks. These included:
· Solvolysis: with Vertoro BV and partners
· Fast pyrolysis: with BTG Bioliquids BV and Alder Energy
· Hydrothermal Liquefaction: with Licella Holdings
· Undisclosed others under development
During the year Quadrise commenced the SEASTARS EU Horizon Project, a consortium of 19 partners from 8 countries working together to drive sustainable shipping forwards. The Company is also awaiting approval on other similar EU-funded projects.
Commenting on the update, Peter Borup, Chief Executive Officer of Quadrise, said:
“We obviously would have liked to have more to say about progress of the Company’s main projects. However, we have taken advantage of the successful fund raising to significantly increase our experience base and capacity to improve our marine project management and the commercialisation of our unique technology.”
“As a relatively small player dealing with larger and much more complex clients, our focus is now on more aggressive project management, with more assertive timeline management as well as pursuing parallel projects and trials to give ourselves more chances to advance our technology.”
“This is particularly important at a time where the maritime industry needs to select technologies that together can offer cost savings and emissions reductions to meet the requirements of the EU regulations and ultimately the IMO.”
