TIDMQED
RNS Number : 7923V
Quadrise PLC
06 December 2023
6 December 2023
Quadrise Plc
("Quadrise" or the "Company")
Update re bioMSAR(TM) and bioMSAR(TM) Zero Development
Finalised results from recent diesel engine testing identify new
pathways towards bioMSAR(TM) Zero
Quadrise Plc (AIM:QED), the supplier of innovative energy
solutions for a cleaner planet, is pleased to confirm the
finalisation of results from bioMSAR(TM) fuel testing completed in
November 2023 (the "bioMSAR(TM) Tests"), further to the Company's
announcement of 27 November 2023.
The ultimate objective of the Company's bioMSAR(TM) programme is
to supply the marine and industrial fuel sectors with sustainable
biofuels that are lower in cost, more efficient, safer yet simple
to use, and which generate the fewest harmful emissions.
The bioMSAR(TM) Tests were conducted using the Company's 40kW
Cummins diesel engine installed at Aquafuel Research Limited
("Aquafuel").
Key highlights of bioMSAR(TM) Tests
-- bioMSAR(TM) blends containing Vertoro's Crude Sugar Oil
("CSO(TM)") reduced carbon dioxide ("CO(2) ") emissions by over 30%
when considering increased engine efficiency of up to 7%, and
significantly reduced emissions of Nitrogen Oxides ('NOx') and
Carbon Monoxide ("CO") when compared with diesel.
-- New bioMSAR(TM) formulations incorporating biofuels
containing waste-based methyl esters were shown to reduce CO(2)
emissions by over 45%, increase engine efficiency by up to 7%, and
reduce NOx and CO emissions significantly when compared with
diesel, providing a new potential pathway to bioMSAR(TM) Zero.
bioMSAR(TM) with Crude Sugar Oils and other biomass-derived
sugars
Quadrise and biorefinery specialists, Vertoro BV ("Vertoro"),
have been collaborating to develop a cost-effective supplement or
alternative to glycerine in bioMSAR(TM) fuel under the Joint
Development Agreement ("JDA") announced by Quadrise on 21 September
2022.
The bioMSAR(TM) Tests concluded in November were completed on
blends of bioMSAR(TM) containing up to 40% of Vertoro's CSO(TM) as
a replacement for renewable glycerine. When compared with
conventional diesel fuel, the CSO(TM) bioMSAR(TM) demonstrated:
-- Reductions of up to 25% in carbon dioxide ("CO(2) ")
emissions before engine efficiency savings are considered.
-- Additional engine efficiency improvements of 6-7% resulting
in reduced fuel use, taking total CO(2) reductions to over 30%, in
line with previous bioMSAR(TM) testing results.
-- Reductions in NOx of around 30%, comparable with 20-45% seen
during previous testing with bioMSAR(TM) on the same engine.
Furthermore, a reduction in CO emissions of over 50% was measured,
with negligible visible smoke.
Based on these results, testing of the 40% CSO(TM) bioMSAR(TM)
and 40% glycerine-based bioMSAR(TM) on a larger medium-speed
Wartsila engine at VTT is scheduled in H1 2024. This additional
testing will be performed in parallel with testing of CSO(TM) in
bioMSAR(TM) at levels above 40% at the Quadrise Research Facility
("QRF") and at Aquafuel.
In addition to the CSO(TM) development programme described
above, work is progressing under the JDA with BTG Bioliquids BV
("BTL") on pyrolysis sugars derived from biomass, and with other
prospective partners who can supply C5/C6 sugars at commercial
scale.
Large scale adoption is a key customer requirement for marine
and industrial applications and the ability to use water-soluble
biomass sugars within the Company's unique oil-in-water emulsion
fuels opens up access to abundant bio-energy waste resources. Such
waste material cannot otherwise be easily diverted into
higher-value applications that use oil-based biofuels or oil-based
emulsions.
bioMSAR(TM) with methyl esters
For the first time, Quadrise have tested blends of bioMSAR(TM)
incorporating B30, a marine biofuel of 30% methyl esters blended
with fuel oil, providing a new potential pathway to bioMSAR(TM)
Zero.
B30 methyl esters are currently the most widely available marine
biofuels. Engine tests were carried out at Aquafuel to assess
engine efficiency and emissions improvements.
In this first phase of testing, bioMSAR(TM) blends were made
with up to 70% B30 and up to 40% glycerine respectively. When
compared to diesel, these blends demonstrated:
-- Up to 40% well-to-wake CO(2) reductions based on the carbon
intensity of the components, before accounting for diesel engine
efficiency savings.
-- Enhanced diesel engine efficiency of 3-7% with a
corresponding reduction in fuel costs, further reducing overall
CO(2) emissions by up to 45%.
-- Reductions in NOx emissions of 43%-59% and CO savings of
58-76% with negligible visible smoke.
The successful results described above provide a pathway to
further reduce the fossil fuel content of our emulsion blends using
methyl esters.
The next phase of testing will incorporate higher concentrations
of waste-based methyl esters, and ultimately B100 combined with
glycerine or biomass-derived sugars. The plan is to demonstrate a
commercial bioMSAR(TM) Zero product well ahead of the Company's
2030 target. The biofuel samples are being supplied by a major
trading company.
These latest results are available on the QED website at:
https://www.quadrise.com/references/biomsar-zero/
Further announcements will be made, as appropriate, in due
course.
Commenting on the update, Jason Miles, Chief Executive Officer
of Quadrise, said:
" A recent joint declaration by major shipping company CEOs at
COP 28 called for an end date for fossil-fuel only powered newbuild
vessels and urged the IMO to create the regulatory conditions to
accelerate the transition to green fuels. This reinforces the
importance of our bioMSAR(TM) programme in helping to secure the
energy transition as we look to meet the needs of our current and
prospective clients.
These test results demonstrate that our flexible MSAR(R)
technology platform can produce fuels which can be marketed at
scale to the marine and industrial sectors using existing bunkering
infrastructure. This will aid these sectors in meeting their
climate targets while maintaining vessel operating life.
Quadrise and our commercial partners are excited by these
results and we look forward to progressing the testing programme to
the next stages, with the intention upon successful testing to
offer our first fossil-free bioMSAR Zero(TM) product at commercial
scale in advance of 2030."
Commenting on the update, Michael Boot, co-Founder and co-Chief
Executive Officer of Vertoro, said:
"With our proprietary technology we can convert up to 80% of
lignocellulosic biomass to CSO(TM). Using such 2G sugars directly
as a sustainable fuel, thereby foregoing the traditional conversion
to ethanol, offers a significant cost advantage for end users. We
look forward to scaling up production and to continue our joint
testing program with Quadrise and their commercial partners."
For additional information, please contact:
Quadrise Plc +44 (0)20 7031 7321
Andy Morrison, Chairman
Jason Miles, Chief Executive Officer
Nominated Adviser
Cavendish Capital Markets Limited +44 (0)20 7397 8900
Ben Jeynes
Katy Birkin
Joint Brokers
Shore Capital Stockbrokers Limited +44 (0)20 7408 4090
Toby Gibbs, Rachel Goldstein (Corporate
Advisory)
Fiona Conroy (Corporate Broking)
VSA Capital Limited
Andrew Raca (Corporate Finance)
Andrew Monk (Corporate Broking) +44 (0)20 3005 5000
Public & Investor Relations
Vigo Consulting
Patrick D'Ancona
Finlay Thomson +44 (0)20 7390 0230
About Quadrise
Quadrise is the supplier of MSAR(R) and bioMSAR(TM) emulsion
technology, fuels and biofuels, providing innovative solutions to
reduce energy costs and greenhouse gas emissions today for clients
in the global power generation, shipping, industrial and refining
industries.
About Vertoro
Vertoro is a Maersk Growth-backed producer of sustainable
bio-based platforms, notably crude lignin oil (CLO) and crude sugar
oil (CSO(TM)), which are extracted from abundant agricultural and
forestry residues using their proprietary Goldilocks(R) technology.
CLO is compatible with methanol-powered diesel engines, while
CSO(TM), using Quadrise' proprietary bioMSAR(TM) technology, is
compatible with conventional diesel engines.
Learn more at: www.quadrise.com
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