Quadrise plc (LON:QED), the technology company focused on the decarbonisation of shipping and heavy industry through deployment of low emission fuels and biofuels, has provided an update covering progress on its key projects.
Marine
The bilateral agreements between MSC and Cargill, and Quadrise and Cargill (the “Agreements”), remain in near final form, as announced by the Company on 10 June 2025. The Company has not received any adverse feedback from the relevant counterparties, and their internal processes remain ongoing, albeit slower than anticipated. On entry into the Agreements, the trial equipment will be installed and commissioned at the MAC2 site in Antwerp, ahead of the commercial scale trials commencing in due course. However, the commercial scale trials are no longer expected to commence in Q3 2025, as previously expected, as a result of delays in entry of the Agreements.
In the meantime, the Company continues to build the marine business development pipeline aimed at accelerating the commercialisation of bioMSARTM and MSAR®.
Americas
The trials with Sparkle Power SA in Panama have concluded to the satisfaction of the onsite teams and the Company is now awaiting the official results from the engine manufacturer and the client, the conclusions of which will be announced by the Company following receipt. As previously announced, a confirmed successful trial will enable the Company to negotiate Fuel Supply Agreements and facilitate discussions with other regional power producers. The trials are also an important milestone for Quadrise, being the first test for the MSAR® and bioMSAR™ on MAN 4-stroke diesel engines, to confirm the potential to expand product applications.
Morocco
The Company continues to await final approval from the original equipment manufacturer (“OEM”), to progress the planned commercial trial with OCP. All trial equipment is in place pending OEM approval.
US Low Carbon Fuels
Production growth by Valkor in Utah has progressed slower than expected during 2025, and current levels of production have been insufficient to feed the development of mid-stream operations and marketing. Valkor expect this situation to be resolved shortly.
Quadrise and Valkor are currently negotiating a compensation payment to the Company for the deferral of payment of the initial licence fee due to the Company in the amount of USD$350,000 which was originally due in January 2025. A further update will be provided, as appropriate, in due course.
bioMSAR™ and bioMSAR™ Zero development
Quadrise continues to advance several additional joint development and commercial discussions and testing with potential partners and customers to seek to deliver cleaner fuels at a lower cost than alternatives.
Andy Morrison, Chair of Quadrise, commented:
“Whilst much is being done to prepare ourselves for the scale-up of our business, it is disappointing that we have not been able to progress our existing projects as quickly as we had expected. We remain committed to completing these projects, to demonstrating the significant value add to our clients that Quadrise technology can bring, and to being positioned to act quickly as and when further opportunities arise.”
