Quadrise Fuels confirms need for funding

Quadrise Fuels confirmed on Tuesday that it needs funding for its operations to keep going past early October.

The company said it is now seeking equity or equity-linked funding to enable it to continue with its business development initiatives beyond early October "with a view to capitalising on recent business development progress and, ultimately, to delivering commercial projects".

Quadrise which is currently developing MSAR, a low-cost greener alternative to heavy fuel oil, said there had been significant business development progress this year, including the entry of new partnerships focussing on potential opportunities in Kuwait, the Kingdom of Saudi Arabia, Mexico, Morocco, China, the Commonwealth of Independent States (including Russia), Poland, Romania and Vietnam.

Before today's fall, the company's share price had roughly tripled this year.

At 1540 BST, the shares were down 25% at 4.70p.