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Quadrise Fuels International PLC on Friday said it is making progress across its portfolio, confirming that it expects commercial revenue in the current financial year.
Ahead of its general meeting, the London-based residual oil technology licensor said it has seen ‘material progress’ across its portfolio of international projects.
It said it expects to achieve commercial revenue in the current financial year.
Chief Executive Officer Jason Miles said: ‘During the period we have made substantial progress with each of our key projects, whilst also positioning ourselves to be one of the key decarbonisation solution providers in a rapidly changing global energy market, as set out in our recent inaugural Sustainability Report.’
The company cited previously announced updates, including signing a material transfer & cooperation agreement with a client in Morocco in June and a Framework Agreement with MSC Shipmanagement Ltd to carry out trials of bioMSAR and MSAR in July.
Quadrise Fuels also said it was ‘advancing discussions’ with candidate sites in Panama and Honduras to trial MSAR and bioMSAR at power plants in the first half of 2023 as a precursor to ‘potential commercial supply agreements later in the year.’
Miles said: ‘The pace of decarbonisation and the escalating price of energy is creating a significant opportunity to commercialise our innovative fuel and biofuel solutions, as they offer clients the ability to reduce energy costs and greenhouse gas emissions immediately to help them accelerate the transition to net-zero.’
Shares in Quadrise Fuels were trading 0.8% lower at 2.53 pence each in London on Friday morning.
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