|
Quadrise PLC shares declined on Monday after the company reported delays to previously expected timelines for key projects. The London-based fuel and biofuel company said the bilateral agreements between MSC Shipmanagement Ltd and Cargill NV, and Quadrise and Cargill remain ‘in near final form’, but noted that internal processes with the relevant counterparties are ongoing, though at a slower rate than expected. Back in November, Quadrise signed a collaboration and operational trial agreement with MSC Shipmanagement and Cargill NV to pave the way for commercial scale marine fuel trials on board the MSC Leandra. MSC Shipmanagement is a Limassol, Cyprus-based subsidiary of the global shipping company, MSC Group. Cargill NV is a Mechelen, Belgium-based subsidiary of Minnesota-based food corporation Cargill Inc. Quadrise added that the commercial scale trials are no longer anticipated to begin in the third quarter of this year, owing to delays in entry of the agreements. The company said it continues to build its marine development pipeline, aimed at accelerating the commercialisation of bioMSART and MSAR. Shares in Quadrise were 8.6% lower at 2.92 pence on Monday afternoon in London. In the Americas, it said trials with Sparkle Power SA in Panama have concluded, with it now awaiting results from the engine manufacturer and client. Sparkle Power is a Colon, Panama-based thermal power producer. Quadrise said the trials represent an important milestone as they are the first test for the MSAR and bioMSAR on MAN-4 stroke diesel engines, ‘to confirm the potential to expand product applications.’ In Morocco, Quadrise said it is still awaiting final approval from the original equipment manufacturer to progress the planned commercial trial with OCP SA, a Moroccan state-owned international manufacturing and mining group. Back in May last year, Quadrise inked a commercial framework agreement with OCP and said they agreed to work together on a paid-for commercial trial at OCP’s Jorf Lasfar site. Quadrise also reported slower-than-expected progress with regard to production growth by Valkor Technologies LLC in Utah this year, with current production levels insufficient to feed the development of marketing and mid-stream operations. Quadrise added that it is negotiating a compensation payment with Valkor over the deferral of an initial $350,000 licence fee payment due in January this year. ‘Whilst much is being done to prepare ourselves for the scale-up of our business, it is disappointing that we have not been able to progress our existing projects as quickly as we had expected,’ said Chair Andy Morrison. ‘We remain committed to completing these projects, to demonstrating the significant value add to our clients that Quadrise technology can bring, and to being positioned to act quickly as and when further opportunities arise,’ added Morrison. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
