Quadrise Fuels International PLC Update re Research & Development Programmes (2163G)
November 19 2015 - 2:00AM
UK Regulatory
TIDMQFI
RNS Number : 2163G
Quadrise Fuels International PLC
19 November 2015
19 November 2015
Quadrise Fuels International plc
("QFI", "Quadrise" or the "Company")
Research & Development Programmes
Quadrise, the emerging supplier of MSAR, a low cost alternative
to heavy fuel oil in the shipping, oil refining and power
generation markets, is pleased to provide the following update on
its Research & Development programmes.
A Collaboration Agreement was executed with the University of
Surrey in Guildford (the "University") on 18 November 2015 (the
"Agreement") which provides for the shared use of the University's
Centre for Petroleum and Surface Chemistry ("CPSC"), an advanced
research facility under the supervision of Professor Spencer Taylor
within the Department of Chemistry. The consideration payable by
Quadrise to the University for the first twelve months under the
Agreement, which is renewable annually, is GBP78,000. As a result,
the Company is relocating its primary emulsion fuels research base
from Sweden to the UK.
In a related development, the existing Quadrise Research
Facility ("QRF") in Essex is being expanded to meet anticipated
business support requirements and to develop new MSAR formulations
in collaboration with the University.
The programme at the University will be directed by Professor
Taylor, a world class expert on surfactant and emulsion technology
with over 20 years' experience in the petroleum industry with BP,
undertaking applied research to underpin intellectual property, as
well as upstream and downstream businesses. The CPSC has first
class facilities and is ideally equipped with additional hardware
and expertise to meet QFI's primary and applied research needs.
The intellectual property developed from applied research
projects under the Agreement will be exclusively owned by Quadrise,
whilst any fundamental research/intellectual property developed
under the Agreement will be the property of the University, with
Quadrise granted a non-exclusive, royalty free licence - with the
option of exclusive rights based on a negotiated settlement.
Quadrise will have exclusive rights on intellectual property
created from jointly conducted research.
The overall research programme will be coordinated with the QRF
and tightly aligned with future business needs and imperatives to
extend and strengthen the Company's existing competitive
advantage.
In view of these developments, the primary research programme
previously coordinated by Dr Simon Craige in Sweden has been
transferred to the UK to facilitate cost effective control and
coordination. Dr Craige wished to remain domiciled in Scandinavia
for personal reasons and left the Company's employment on 31
October 2015, following an amicable contractual separation.
Commenting on these developments, Ian Williams, Executive
Chairman of QFI, said:
"The agreement with the University of Surrey, together with the
relocation of primary research and the extension of QRF, results in
the consolidation, expansion and strengthening of all our R&D
activities to better serve the anticipated future needs of the
Company. We are delighted to be working with Professor Taylor and
his team, and to have established the framework for a long term
relationship with the University."
Professor Dulcie Mulholland, Head of the Department of
Chemistry, said:
"The University of Surrey and the Department of Chemistry are
delighted to establish a relationship with Quadrise. Professor
Taylor of our Centre for Petroleum and Surface Chemistry is a
leading researcher in this field. We look forward to a long,
productive relationship with the company"
For further information, please refer to the Company's website
at www.quadrisefuels.com or contact:
Quadrise Fuels International Plc
+44 (0)20 7031
Ian Williams, 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
Alastair Rae
Public & Investor Relations
Bell Pottinger
+44 (0)20 7861
Rollo Crichton-Stuart 3232
This information is provided by RNS
The company news service from the London Stock Exchange
END
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