Quadrise shares soar on deal to kickstart innovative fuel trials
Quadrise
3.55p
17:15 26/11/24
Shares in AIM-listed Quadrise rocketed again on Tuesday after the cleaner fuel solutions group announced a project agreement that paves the way for the long-awaited trials of the company's MSAR and bioMSAR fuels.
FTSE AIM All-Share
730.59
16:59 26/11/24
Oil & Gas Producers
8,021.07
16:40 26/11/24
The company signed an agreement with MSC Shipmanagement and Cargill, which was earmarked earlier this year, that will see trials begin in the first quarter of 2025 "to demonstrate the commercial viability and environmental benefits of our technology and the contribution it can make to decarbonisation of the shipping sector", according to chief executive Jason Miles.
Miles said the "pivotal" agreement, which will kickstart proof-of-concept tests using MSAR and bioMSAR should lead to "substantial commercial opportunities".
The trials will be carried out on the MSC Leandra following the installation and commissioning of Quadrise equipment at the MAC2 facility in Antwerp. If the trials prove successful, Quadrise, MSC and Cargill plan to "conclude long-term commercial agreements within three months of achieving this milestone".
The stock was up 63% at 3.74p, touching a high of 4.5p in morning trade – it highest level since mid-2021 – following an 18% surge on Monday after the announcement of an agreement with fuel supply systems firm Aquamarine.
The Aquamarine agreement will see the companies jointly develop and promote new sales opportunities in the shipping industry, converting marine vessels to Quadrise fuels as they look to comply with new environmental regulations.