Quadrise inks collaboration agreement with Aquamarine

Energy solutions business Quadrise said on Monday that it has struck a collaboration agreement with marine fuel supply systems group Aquamarine.

Quadrise stated that under the agreement, the pair will work together to jointly develop and promote new sales opportunities that offer a comprehensive value proposition to the shipping industry to comply with new environmental regulations.

The AIM-listed group said it will provide its expertise in MSAR and bioMSAR fuels, while Auramarine will work on designing and installing fuel supply systems for the conversion of marine vessels to Quadrise fuels.

In consideration for the gross sales generated or finance raised under this agreement, Quadrise noted that each party shall pay the other a commission.

Chief executive Jason Miles said: "This collaboration is in line with our strategy of working with new channel partners to decarbonise shipping, adding the necessary expertise, network and resources of Auramarine in marine fuel systems to accelerate the implementation of MSAR and bioMSAR fuel conversions globally."

As of 1050 GMT, Quadrise shares were up 12.68% at 2.20p.

Reporting by Iain Gilbert at Sharecast.com