Quadrise Fuels International PLC MOU with API POLY-GCL Alliance (7434Y)
13 May 2019 - 4:00PM
UK Regulatory
TIDMQFI
RNS Number : 7434Y
Quadrise Fuels International PLC
13 May 2019
13 May 2019
Quadrise Fuels International plc
("Quadrise", "QFI" or the "Company")
Memorandum of Understanding with API POLY-GCL Alliance
Quadrise is pleased to announce that the Company has entered
into a Memorandum of Understanding ("MOU") with API POLY-GCL
Alliance Limited ("API POLY-GCL"), an alliance between Ample Power
Investments Limited ("API") of the British Virgin Islands and
POLY-GCL Petroleum Group Holdings Limited of Hong Kong.
POLY-GCL Petroleum Group Holdings Limited is a partnership
between China's POLY Group and Golden Concord Holdings Ltd ("GCL").
GCL is one of the top 500 companies in the Peoples Republic of
China ("China") with over 300,000 employees and has holdings in
four business units covering Power, Oil & Gas, Photo-Voltaics
and Finance.
API POLY-GCL, led by Mr Alvin Yip, is a project origination and
development company in the downstream oil, gas and power sectors
both in China and globally. API has a number of complementary
business alliances in the marine and power sectors.
This non-binding MOU defines how Quadrise and API POLY-GCL will
work together on an exclusive basis to pursue commercial
opportunities involving the production and supply of MSAR(R) fuel
in China for marine (including river transportation), power and
industrial fuel consumers.
Subsequent commercial agreements between the parties will be
structured so that Quadrise and API POLY-GCL will share profits of
any project delivered on the basis of the IP, resources and
financial contributions of each party.
The term of the MOU is 24 months, after which time it will
expire unless mutually extended by the parties or superseded by
another agreement.
Commenting on this development:
Mike Kirk, Executive Chairman of QFI, said:
"We are excited to sign this MOU with API POLY-GCL to enable
Quadrise to progress commercial opportunities in China.
Utilising API POLY-GCL's related power assets and in-depth
knowledge of China, we are planning to establish opportunities to
progress regional MSAR(R) projects in the power and marine
sectors.
This is a new and large market opportunity for Quadrise and
offers the potential to deliver significant value to shareholders
of both QFI and API POLY-GCL."
Alvin Yip, Co-Chairman & CEO of API POLY-GCL, said:
"API POLY-GCL see significant potential for Quadrise's MSAR(R)
technology to add value to our power generation assets and
downstream offering. We look forward to working with Quadrise to
progress projects in a rapidly growing economy that is keen for
energy efficiency and cleaner energy, where MSAR(R) technology and
fuel offers material economic and environmental advantages.
We believe the combination of our extensive resources, strong
network, assets and market knowledge, together with Quadrise's
MSAR(R) fuel application expertise, can enable the first MSAR(R)
project to be initiated in China during 2019."
For further information, please refer to the Company's website
at www.quadrisefuels.com, or contact ir@quadrisefuels.com or
phone:
Quadrise Fuels International Plc
Mike Kirk, Executive Chairman +44 (0)20 7031 7321
Jason Miles, Chief Operating Officer
Nominated Adviser
Cenkos Securities plc
Dr Azhic Basirov +44 (0)20 7397 8900
Ben Jeynes
Katy Birkin
Joint Brokers
Peel Hunt LLP
Richard Crichton +44 (0)20 7418 8900
Ross Allister
Shore Capital
Andy Crossley
Daniel Harris +44 (0)20 7601 6108
Public & Investor Relations
FTI Consulting
Ben Brewerton +44 (0)20 3727 1000
Ntobeko Chidavaenzi
For further information about API POLY-GCL, please refer to
their website at
https://www.amplepwr.com/api-poly-gcl-alliance-company-ltd/
Notes to Editors
QFI is the supplier of MSAR(R) emulsion technology and fuels, a
low-cost alternative to heavy fuel oil (one of the world's largest
fuel markets, comprising over 450 million tons per annum) in the
global power generation, shipping, steam and refining
industries.
This announcement is inside information for the purposes of
Article 7 of EU Regulation 596/2014.
This information is provided by RNS, the news service of the
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END
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