TIDMQFI
RNS Number : 6960G
Quadrise Fuels International PLC
27 November 2020
27 November 2020
Quadrise Fuels International plc
("Quadrise", "QFI", the "Company" and together with its
subsidiaries the "Group")
AGM Statement
Quadrise Fuels International plc (AIM:QFI) will provide the
following update by way of a presentation of its business
development activities via Investor Meet Company at 12.30pm today,
following the conclusion of the Annual General Meeting of the
Company that commences at 12.00 noon and which will be a closed
meeting due to Covid-19 restrictions.
Investors can sign up to Investor Meet Company for free and add
Quadrise Fuels International plc via
https://www.investormeetcompany.com/quadrise-fuels-international-plc/register-investor
Investors who have already registered and added to meet
Quadrise, will be invited automatically.
2020 Overview and Update
Business Development
A swift and proactive approach ensured that Quadrise has been
able to mitigate, to a significant extent, the impact of COVID-19
on its business development and project activities. As a result,
Quadrise continues to build
positive momentum and demonstrate significant progress in several key areas.
Whilst the timetable of some specific activities has been
impacted, the team has worked remotely with clients to ensure that
overall programmes remain on-track. This has also demonstrated the
value in the network of agents and partners that we have built in
recent years who have been instrumental in enabling progress
through their in-country presence.
The key developments are:
-- Morocco. As announced on 26 October 2020, following the
completion of the Pilot Trial at one of the client's industrial
facilities in Morocco, work has continued on the phase 2 study and
planning for the larger industrial-scale trial at another of the
client's facilities in Morocco that is being carried out under an
amendment to the original agreement. The phase 2 study and the
industrial-scale trial are scheduled to be completed in Q1 2021,
for which QFI will be paid GBP100,000. Pending a positive outcome,
a new agreement will be finalised for the phase 2 trial that is
being planned for Q2 2021 and is the final precursor to commercial
roll-out. The purpose of the industrial trial is to de-risk
commercial roll-out and fast-track the phase 2 trial, which is
similar in scale and will utilise the same MSAR(R) trial equipment
currently being assembled by Quadrise.
-- Greenfield Energy, Utah. Progress is being made with
Greenfield Energy LLC ("Greenfield") on the plans for the
commercial trial at the Asphalt Ridge facility in Utah, USA, under
the terms of the Commercial Trial Agreement ("CTA") signed in
August 2020, albeit there have been delays in the start-up the
Petroteq Oil Sands Plant ("POSP"). Commissioning of the POSP is now
planned to begin shortly. As previously noted, the availability of
oil samples for testing at Quadrise Research Facility ("QRF") is a
critical path item on this programme and sample testing will be
completed within 2-3 weeks of receipt at QRF. The MSAR(R)
manufacturing unit and fuel systems are ready to be shipped to the
site in Utah, and the MSAR(R) trial is scheduled to take place at
POSP during Q1 2021.
-- Marine Fuels. Quadrise has continued to progress
opportunities with the intention of reaching agreement as soon as
possible for the undertaking of LONO trials with major companies in
the container and/or bulker markets during 2021. Plans under
discussion relate to scheduling and vessel and fuel supply
preparations being made during H1 2021 to commence LONO testing on
the main engines of commercial vessels installed with exhaust gas
cleaning systems in H2 2021.
-- Kingdom of Saudi Arabia ("KSA"). Building on our long history
in the region, the Quadrise team continue to have constructive
discussions with the major power utility in the KSA together with
our local partners Al Khafrah Holding Group ("AKHG"), with whom we
have been working to engage with key stakeholders. To reinforce our
commitment to the region, in August 2020 we published a Middle East
White Paper (in both Arabic and English), outlining the substantial
economic and environmental advantages of MSAR(R) . This was
followed, in September 2020 by providing an Arabic version of the
main elements of the Quadrise website, including the animated
video. Recent discussions have also been held with owners of cement
plants and the NOC in KSA.
-- Ecuador. Following rapid progress earlier in the year,
momentum has now stalled as a result of reorganisation changes by
the government impacting the state oil company. We remain in
contact with the key stakeholders via our local agents, but
progress will be dependent on relations normalising between the
ministry and a stable management team at the state oil company. The
potential tender of a concession contract for the refinery is a
further complication, though we have started to speak with the
bidding consortium - as the opportunity for significant value
enhancement through the use of MSAR(R) technology is not dependent
on a particular ownership/management structure.
-- Green MSAR(R) . We are progressing early-stage work which
pending confirmation in planned larger scale studies, would
fundamentally enhance the environmental and sustainability
credentials of MSAR(R) . Green MSAR(R) incorporates biofuel
derivatives alongside residue (with the biofuel derivatives
displacing water and residue) and Nouryon additives. This delivers
very significant reductions in both CO(2) and SO(x) emissions when
compared with HFO, as well as reductions in NO(x) and particulates.
We believe that this provides the opportunity to fundamentally
increase the market opportunity in all applications, and the speed
and scale of market penetration for Quadrise. A further update on
our progress in this area and a formal product launch will be
delivered in early December 2020.
-- Nouryon - We continue to work closely with Nouryon, and they
are supporting our work in the development and patenting of Green
MSAR(R) . Alongside this, we are also looking at opportunities for
them to be able to provide more comprehensive support for our
business development activities where their relationships with
common clients can be used to good effect.
-- Other - At this time there are no material updates with
regard to the opportunities with the European Oil Major, or the
European Oil Refiner, our activities in Kuwait and Mexico, JGC,
Merlin Energy Resources, Bitumina, API Poly GCL - though work is
continuing as appropriate.
No additional new material information will be disclosed at the
presentation and a copy of the presentation will be available on
the QFI website immediately prior to the webinar commencing.
Commenting on the update, Mike Kirk, Executive Chairman of QFI,
said:
"We are very pleased to be able to provide a comprehensive
update to our shareholders following the 2020 AGM. This has been a
challenging year for many businesses throughout the world, so we
are pleased that we have been able to continue to make good
progress in our business development and testing and trial
activities, and we have an exciting 2021 planned to provide a
pathway to commercial revenues. Our proactive approach to cost
management during the year has meant that we were able to extend
the runway of our existing cash resources from December 2020,
through to mid-Q2 2021.
For additional information, please contact:
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
Ntobeko Chidavaenzi
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END
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