Quadrise Fuels International PLC AGM Update (7464Q)
December 02 2016 - 2:01AM
UK Regulatory
TIDMQFI
RNS Number : 7464Q
Quadrise Fuels International PLC
02 December 2016
2 December 2016
Quadrise Fuels International plc
("Quadrise", "QFI" or the "Company")
AGM Update
Quadrise Fuels International plc (AIM: QFI) is the emerging
supplier of MSAR(R) emulsion technology and fuel, enabling a
low-cost alternative to heavy fuel oil (one of the world's largest
fuel markets, comprising over 450 million tonnes per annum) in the
global shipping, refining and power generation markets.
Further to the Company's announcements on 30 September 2016,
Quadrise is pleased to provide a further update on its key projects
and associated operational and business development, ahead of its
Annual General meeting which is being held today.
Marine
QFI's marine project continues to make excellent progress.
MSAR(R) fuel is produced in regular campaigns and transferred to
the nominated Maersk vessel by a bunker barge in the Bay of
Algeciras. The Maersk vessel has been continuing to burn MSAR(R)
successfully on its regular scheduled route, whilst outside of the
European Emission Control Area.
The feedback received from Maersk on the performance of MSAR(R)
fuel continues to be positive and based on the substantial progress
to date we anticipate that an interim assessment will be possible
in the Spring of 2017 and that the trial should be completed around
the middle of the year.
Power
Since the signature of the Memorandum of Understanding ("MoU")
in the Kingdom of Saudi Arabia in August 2016, we have been working
collaboratively with all parties to move this large-scale
production to combustion trial forward. Significant management
resource has been dedicated to this work and, based on our latest
discussions with our partners, we anticipate being able to enter
into formal contracts during the first-half of 2017 and commence
the trial during the second-half of the year.
Other Developments
In September we extended our agreements until November 2018 with
our technology partner, Akzo Nobel, for the exclusive purchase and
supply of chemicals for the production of MSAR(R) and the exclusive
joint development of emulsion fuels. These agreements underpin our
ability to migrate the business to long-term commercial
revenues.
In October 2016, we renewed our MoU with YTL PowerSeraya for a
further year, which confirms the continued opportunities to develop
both the power and marine markets in Singapore.
After a positive review of the first year of our arrangement
with the University of Surrey, we renewed the contract in November
2016 for a further year to provide Quadrise with continued and cost
effective access to their world class research facilities.
We are also delighted to announce that we have appointed Martin
Verle as General Manager Marine, commencing in January 2017. Martin
is a Marine Engineer and completed a Global Leadership course at
IMD and has over 26 years of experience in the marine industry,
most recently as Global Services Director for Veritas (formerly
DNV) Petroleum Services ("VPS"). Prior to this, Martin held senior
positions with VPS globally and has worked directly for Sun
Cruises, V. Ships, A.P. Moller-Maersk, and Souter Shipping.
This progress is supported by the strengthened balance sheet
following the successful fundraising in October 2016, the Open
Offer element of which was 2.5 times oversubscribed demonstrating
the continuing confidence and strong support from QFI
shareholders.
Mike Kirk, Executive Chairman of Quadrise, said:
"This has been a hugely important year in the development of
Quadrise. Operationally our programmes continue to progress to
plan, we have strengthened the team, and we were very encouraged by
the strong positive response to our recent Placing and Open Offer.
The combination of these elements has clearly positioned the
Company to progress to commercial operations during 2017 and we
look forward to reporting continued progress during the year."
For further information, please refer to the Company's website
at www.quadrisefuels.com or contact:
Quadrise Fuels International Plc
+44 (0)20 7031
Mike Kirk, Executive Chairman 7321
Hemant Thanawala, Finance Director
Jason Miles, Chief Operating Officer
Nominated Adviser
Smith & Williamson Corporate Finance
Limited
+44 (0)20 7131
Dr Azhic Basirov 4000
Ben Jeynes
Broker
Peel Hunt LLP
+44 (0)20 7418
Richard Crichton 8900
Ross Allister
Chris Burrows
Public & Investor Relations
FTI Consulting
+44 (0)20 3727
Ben Brewerton 1065
Sara Powell
Notes to Editors
QFI has developed MSAR(R) as a less expensive, cleaner synthetic
HFO. Produced using QFI's proprietary technologies and services,
MSAR(R) offers both producers and consumers of the fuel significant
economic and environmental advantages. MSAR(R), an oil in water
emulsion, is made by mixing the residue stream from an oil refinery
with water and specialised chemicals in a proprietary production
process, instead of diluting the residuals with high value
distillate products as in the production of HFO.
QFI acts as the technology and service partner to both the
producer and the consumer and aims to create value both through
licence revenues from the production of fuel and the sale of the
chemicals and MSAR(R) manufacturing systems. The core technology
has been developed jointly with AkzoNobel - one of the world's
leading surface chemistry companies.
The two largest markets for the use of MSAR(R) as a low cost,
efficient and environmentally friendly synthetic HFO are marine
bunkering and power generation. Significant work has been carried
out to demonstrate the proof of concept in both end-user markets
and current work is focused on commercial scale trials the
successful conclusion of which will be a significant milestone
towards QFI developing sustainable commercial revenues.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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