Quadrise plc (LON:QED) remains focused on turning long-running development work into commercial progress, and Shore Capital’s latest research note suggests the company is still moving in the right direction. The note, written by research analyst Tom Fraine, CFA, said Quadrise reported a cash balance of £4.0 million at 31 December 2025 and a first half loss after tax of £2.0 million, which was in line with Shore Capital’s expectations.
For many readers, the most important takeaway from the latest research note from Shore Capital is the continued commitment from Quadrise’s major trial partners. Fraine wrote, “All three parties remain committed to progressing the trial programme.” That comment referred to Quadrise, MSC and Cargill as work continues to finalise the trilateral and bilateral agreements needed for vessel trials.
That matters because these trials are central to the wider investment case. According to Shore Capital, the planned operational trial on board an MSC vessel is expected to begin with an initial Proof of Concept period using MSAR and then bioMSAR for performance baseline tests. After that, the programme is set to move into 4,000 hours of operation, roughly six to eight months, on bioMSAR. If successful, that process is intended to support a Letter of No Objection from engine manufacturer Wärtsilä.
The note also highlighted practical progress behind the scenes with Cargill. Shore Capital said work has included obtaining International Sustainability & Carbon Certification for bioMSAR, resolving VAT and customs technicalities, setting up a Quadrise Belgium branch, making trial permit applications and preparing trial equipment. Once the relevant agreements are signed, equipment is due to be installed and commissioned at the MAC² terminal in Antwerp.
Outside marine fuels, Quadrise appears to be keeping several other opportunities active. In Morocco, Shore Capital said OCP remains committed to progressing MSAR trials, with a signature expected soon ahead of the start of the trial. In Central America, the permitting process for Quadrise’s fuels is underway in Panama following successful testing at Sparkle Power’s El Giral plant in July 2025, while discussions are also progressing with other regional operations. In Utah, Valkor’s 500 barrel per day oil sands pilot plant is expected to become operational in the fourth quarter of 2026. Shore Capital added that Valkor will make staged licence payments totalling US$1.0 million through to June 2026, along with additional payments for equipment and service charges.
There is also a broader product development angle that could become increasingly relevant. The Shore Capital note said Quadrise has been progressing work with partners on solvolysis, fast pyrolysis and hydrothermal liquefaction, among other pathways, to develop scalable waste-based biofuel feedstocks that align with emerging regulatory and sustainability requirements. In simple terms, the company is not relying on one single route, which may help it stay flexible as market demands and rules evolve.
Tom Fraine also underlined the scale of the opportunity if the company can convert trials into meaningful commercial adoption. He wrote, “We believe Quadrise’s opportunity with MSC and Cargill alone could generate substantial high-margin annual revenues if only a small percentage of MSC’s overall fuel demand was switched to MSAR or bioMSAR.” He added that MSC currently consumes close to 10 million tonnes of fuel oil each year, and Shore Capital believes Quadrise could charge about US$50 per tonne for the use of its technology.
Highlights
- Cash balance of £4.0 million at 31 December 2025.
- First half loss after tax of £2.0 million, in line with Shore Capital’s expectations.
- MSC, Cargill and Quadrise continue to work on vessel trial agreements.
- OCP remains committed to progressing MSAR trials in Morocco.
- Panama permitting is underway after successful Sparkle Power testing in July 2025.
- Valkor’s Utah pilot plant is expected to become operational in Q4 2026.
Final Thoughts
The latest research note from Shore Capital paints a constructive picture of Quadrise, but it is still a story built around execution. The agreements need to be completed, the trials need to run well, and the company still has to prove that technical progress can become repeatable commercial revenue. Even so, the continued engagement of MSC, Cargill and OCP, alongside activity in Panama and Utah, suggests that Quadrise is still advancing across several fronts at once. For investors following the company, the next phase looks likely to be defined by whether these trial programmes can move from preparation into delivery.
