Quadrise Fuels International PLC bioMSAR Testing Update & Collaboration Agreement (0841J)
18 December 2020 - 6:00PM
UK Regulatory
TIDMQFI
RNS Number : 0841J
Quadrise Fuels International PLC
18 December 2020
18 December 2020
Quadrise Fuels International plc
("Quadrise", "QFI", the "Company" and together with its
subsidiaries the "Group")
Update re bioMSAR(R) Testing and Collaboration Agreement with
Aquafuel Research Ltd
Quadrise Fuels International, the supplier of MSAR(R) emulsion
technology and fuels, a low-cost, cleaner alternative to heavy fuel
oil, is pleased to provide an update on the expected conclusion of
initial testing of bioMSAR(R) and to announce that it has signed a
Collaboration Agreement ("Agreement") with Aquafuel Research Ltd
("Aquafuel"), a British-based company specialising in renewable
power innovation using conventional biofuels and glycerine. In
accordance with the Agreement, Quadrise and Aquafuel will work
together to jointly promote commercial glycerine supply, Aquafuel
power solutions and bioMSAR(R) projects across various applications
and regions.
Aquafuel is the industry partner currently testing bioMSAR(R) on
a standard Cummins diesel generator owned by Quadrise at Aquafuel's
UK test facility. The testing, first announced on 15 December 2020,
is expected to be completed shortly with final report on the
outcome expected in January 2021. bioMSAR(R) is a low carbon
alternative to heavy fuel oil that combines renewable glycerine
with MSAR(R) fuel technology to reduce CO(2) emissions by 20-30%,
as well as NOx and particulates.
Under the Agreement, Quadrise and Aquafuel will work together,
combining their respective expertise and networks, to jointly
develop and promote Aquafuel power solutions ("Aquafuel Projects"),
bioMSAR(R) projects ("QFI Projects") and commercial joint projects
that may also incorporate glycerine supply ("Joint Projects")
across various applications and regions. In doing so the parties
will allocate the required internal resource at their own cost and
Aquafuel has agreed that it will, in the future, pay fees for
Quadrise services provided in relation to Aquafuel Projects
successfully developed under the Agreement. Quadrise has similarly
agreed to pay Aquafuel fees for their services in relation to QFI
Projects successfully developed under the Agreement. The quantum of
any future fees payable by either party will be agreed on a
project-by-project basis ahead of the other party's
involvement.
Jason Miles, CEO of Quadrise, commented:
"We are delighted to be able to sign this collaboration with
Aquafuel, who have significant experience and ability in the
development of innovative solutions using glycerine in renewable
power.
We have been very impressed with the Aquafuel team during the
current testing of bioMSAR(R) at their UK facility, which has
yielded promising results. The tests are being carried out on a
standard Cummins diesel generator and this is the first time that
an MSAR(R) formulation has ever been run on a high-speed,
small-bore engine designed for diesel and adapted for glycerine.
Early results are promising and we look forward to receiving the
final test report in January 2021 once testing is completed.
We believe that through our collaboration with Aquafuel and
other stakeholders, we can simultaneously accelerate the
development of bioMSAR(R) fuel and expand the market for Aquafuel's
power solutions through our global network."
Paul Day, CEO & Founder of Aquafuel , commented:
" We are pleased to be able to work with Quadrise, and are
impressed to date with the performance of bioMSAR(R) on a standard
Cummins engine that we have adapted to run on glycerine.
We are excited about the prospect of applying our knowledge ,
experience and patented technology of glycerine and biofuel
combustion to residue-based MSAR(R) and being able to broaden our
marketing and business development activities through Quadrise's
global network ".
Enquiries:
Quadrise Fuels International plc +44 (0)20 7031 7321
Mike Kirk, Chairman
Jason Miles, Chief Executive Officer
Cenkos Securities plc +44 (0)20 7397 8900
Nominated Adviser
Ben Jeynes
Katy Birkin
Peel Hunt LLP +44 (0)20 7418 8900
Joint Broker
Richard Crichton
David McKeown
Shore Capital Stockbrokers Limited +44 (0)20 7408 4090
Joint Broker
Toby Gibbs
Fiona Conroy
FTI Consulting
+44 (0)20 3727 1000
Public and Investor Relations
Ben Brewerton
Notes to Editors
QFI is the supplier of MSAR(R) and bioMSAR(R) emulsion
technology and fuels, a low-cost environmentally beneficial
alternative to heavy fuel oil for the global power generation,
shipping, industrial and refining industries.
Aquafuel Research Ltd is a British-based company that
specialises in renewable power innovation using conventional
biofuels and glycerine. Aquafuel zero-emission glycerine generators
have powered the Formula-E race series and Volkswagen's
record-breaking ID.R car batteries. Aquafuel also supply novel
renewable CHP and hybrid power solutions.
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