REG - Quadrise PLC - AGM Statement

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RNS Number : 3561J  Quadrise PLC  28 November 2025

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Company to constitute inside information as stipulated under The Market Abuse
Regulation (EU 596/2014) pursuant to the Market Abuse (Amendment) (EU Exit)
Regulations 2018. Upon the publication of this announcement via a Regulatory
Information Service ("RIS"), this inside information is now considered to be
in the public domain.

 

 

28 November 2025

 

Quadrise plc

("Quadrise", "QED" or the "Company")

 

AGM Statement

 

 

Quadrise plc (AIM: QED), the energy transition technology company focused on
the decarbonisation of shipping and heavy industry through deployment of low
carbon fuels and biofuels, provides the following update ahead of the
Company's Annual General Meeting ("AGM") which commences today at 12.00 p.m.

 

Following conclusion of the AGM, the Company will provide a business update
presentation to shareholders present at the venue and online via the Investor
Meet Company ("IMC") platform. The presentation is open to all existing and
potential investors. Those wishing to attend online via IMC can register via:
https://www.investormeetcompany.com/quadrise-plc/register-investor
(https://url.avanan.click/v2/___https:/www.investormeetcompany.com/quadrise-plc/register-investor___.YXAxZTpzaG9yZWNhcDphOm86Nzg1MDljYzgzNGVhM2QxZTIxMDNiOWVlYTAxYWE1YTk6Njo2MWEwOmI0NWE1ZTZhMjM4YTZkMzk4OWZmYTlkZDFjZTJhMWNiZWVkODJlNGM5NWQ5MmE4NTVlMDUzM2IxMmIyYWE1Y2I6cDpU)

 

2025 Overview & Update

 

Whilst progress during 2025 overall has not proceeded as expected, the Company
closes the year in a stronger position, with a clearer path towards
commercialisation and the resources in place to achieve this. During the year
the Company advanced preparations for the MSC trial, successfully completed a
trial with Sparkle Power in Panama and recognised its first license fee
revenues from Valkor.

 

Following the successful fundraise in January 2025 which raised £6.5m (before
expenses), the Company recruited additional resources to enhance delivery
capacity, accelerate growth and raise its profile in the marine sector. These
included the appointment of Peter Borup as CEO with effect from 1 October 2025
and new additions at board, executive and advisor level.

 

These decisive appointments have resulted in a strengthened business
development pipeline and allowed the Company to open discussions with multiple
potential clients and supply partners in parallel.

 

The Company's position has also been strengthened by ongoing regulatory
uncertainty. The IMO MEPC's decision in October 2025 to defer adoption of a
mandatory Net-Zero Framework for shipping until October 2026 strengthens the
Quadrise value proposition. Our technology offers immediate cost savings,
significant emissions reductions, and a pathway to low-cost compliance with
future regulations.

 

Progress in each of the Company's key projects is summarised below.

 

Marine: Following the signature of the 3-way agreement with MSC & Cargill
in November 2024, finalisation of the remaining trial agreements has been
slower than expected. This is primarily due to the need at MSC's request to
consider post-trial go forward commercial supply and for the agreements to
reflect the logistical complexities of the trial. Negotiations are ongoing and
proceeding positively, with all parties remaining committed to the trials and
working to finalise the agreements as soon as possible.

 

During 2025, the MAC² trial services agreement was executed. Trial operating
permits and a dedicated bunker barge have been secured. Groundworks at MAC²
are complete, with the trial equipment ready for shipment to Antwerp upon
agreement finalisation. In parallel, discussions are ongoing with refineries
with regard to commercial supply from key bunker hubs worldwide.

 

Following signature of the remaining agreements, installation and
commissioning of trial equipment at MAC² will precede fuel production and
Proof-of-Concept tests. The bioMSAR™ LONO trial will conclude 6 to 8 months
after the 2-month Proof-of-Concept tests of MSAR® and bioMSAR™. During the
LONO trial, the parties are aiming to finalise a Commercial Supply Agreement
and secure permanent bioMSAR™ bunker supply operations for the marine sector
by Cargill from MAC² facilities, contingent on successful trial completion.

 

Valkor: In September 2025, due to slower than expected production growth at
Valkor's Utah operations, Quadrise and Valkor agreed a further addendum to the
2023 Site License and Supply Agreement. This sets out a revised timetable
regarding payment to Quadrise of US$1.5m for licensing and equipment fees,
quarterly support fees and the deployment of Quadrise equipment to Valkor's
site.

 

Following receipt of an initial US$50k of the US$1m license fee, a further
US$0.3m is now due by 31 March 2026, and US$0.65m by 30 June 2026. Quadrise
will provide a 600 bpd Multifuel Manufacturing Unit ("MMU") by 30 June 2026,
for which Valkor will pay US$0.2m by 30 September 2026. An additional US$0.3m
is payable upon delivery of a full-size 6,000 bpd MMU, in exchange for the 600
bpd MMU. A service charge of US$75k is due quarterly from 1 July 2026 for at
least two years, covering engineering, process design, commissioning, site
operations, and compliance support.

 

Valkor have now secured the funding required to progress drilling and site
development, with their 500bpd oil sands pilot plant expected to be
operational in Q2 2026. Representative oil samples for Quadrise testing are
expected in Q1 2026 ahead of the deployment of Quadrise equipment to site and
the commencement of marketing activities in the USA.

 

Americas: In September 2025, Quadrise was pleased to announce the successful
completion of proof-of-concept and emissions testing for its MSAR® and
bioMSAR™ fuels at the Sparkle Power SA plant in El Giral, Panama. These
trials mark the first application of MSAR® and bioMSAR™ on Everllence
(formerly MAN Energy Solutions) 4-stroke engines, broadening the commercial
potential of the Company's fuels across additional engine types in
energy-intensive sectors seeking cost-effective decarbonisation.

 

Testing has demonstrated improved engine efficiency and significant emissions
reductions, and also validated expected performance for commercial deployment.
The next steps are for Quadrise and Sparkle to confirm commercial supply
arrangements and secure fuel permitting in Panama. In parallel, discussions
with potential regional supply partners are underway.

 

OCP: In Morocco, the proposed 30-day commercial site trial continues to await
final OEM approval. Quadrise and OCP are now working to obtain this or select
alternative sites, and the trial is expected to commence once plans have been
agreed, with the trial equipment on-site at OCP.

 

bioMSAR™ Development: During the year good progress has been seen on testing
new biofuels for bioMSAR™ and bioMSAR™ Zero and the Company has also
collaborated with technology companies to explore and unlock new renewable
feedstocks.  These included:

 

·    Solvolysis: with Vertoro BV and partners

·    Fast pyrolysis: with BTG Bioliquids BV and Alder Energy

·    Hydrothermal Liquefaction: with Licella Holdings

·    Undisclosed others under development

 

During the year Quadrise commenced the SEASTARS EU Horizon Project, a
consortium of 19 partners from 8 countries working together to drive
sustainable shipping forwards. The Company is also awaiting approval on other
similar EU-funded projects.

 

 

Commenting on the update, Peter Borup, Chief Executive Officer of QED, said:

 

"We obviously would have liked to have more to say about progress of the
Company's main projects. However, we have taken advantage of the successful
fund raising to significantly increase our experience base and capacity to
improve our marine project management and the commercialisation of our unique
technology."

 

"As a relatively small player dealing with larger and much more complex
clients, our focus is now on more aggressive project management, with more
assertive timeline management as well as pursuing parallel projects and trials
to give ourselves more chances to advance our technology."

 

"This is particularly important at a time where the maritime industry needs to
select technologies that together can offer cost savings and emissions
reductions to meet the requirements of the EU regulations and ultimately the
IMO."

 

 

 

For further information please contact:

 

 Quadrise Plc                                            +44 (0)20 7031 7321
 Andy Morrison, Chairman

 Peter Borup, Chief Executive Officer

 Nominated Adviser

 Cavendish Capital Markets Limited                       +44 (0)20 7220 0500
 Ben Jeynes
 Katy Birkin

 George Lawson

 Joint Brokers

 Shore Capital Stockbrokers Limited                      +44 (0)20 7408 4090
 Toby Gibbs (Corporate Advisory)
 Fiona Conroy (Corporate Broking)

 VSA Capital Limited                                     +44 (0)20 3005 5000

 Andrew Raca (Corporate Finance)

 Andrew Monk (Corporate Broking)

 Public & Investor Relations

 Tavistock Communications (Financial PR & IR)            +44 (0) 20 7920 3150

 Simon Hudson

 Nick Elwes

 Ruairi Millar

  BLUE Communications Limited (Marine & Trade PR)

  Rhys Thomas                                            +44 (0)7595 227750

  Sam Deacon                                             +44 (0)7527 558846

 

About Quadrise

Quadrise is the supplier of MSAR® and bioMSAR™ emulsion technology, fuels
and biofuels, providing innovative solutions to lower energy costs, pollution
and greenhouse gas emissions today for the global power generation, shipping,
industrial and oil industries.

Learn more at: www.quadrise.com (http://www.quadrise.com/)

 

Follow us on social media:

LinkedIn: @Quadrise Plc
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