REG - Quadrise PLC - Material Transfer Agreement with Sparkle Power SA

QuadriseAnnouncement

16/12/2024 07:00

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RNS Number : 1192Q  Quadrise PLC  16 December 2024

16 December 2024

 

Quadrise Plc
("Quadrise" or the "Company")

 

Material Transfer and Trial Agreement with Sparkle Power SA, Panama

 

Quadrise Plc (AIM: QED), the transition technology provider for a cleaner
planet, is pleased to announce the signature of a Material Transfer and Trial
Agreement (the "Agreement") with Sparkle Power SA ("Sparkle"), a thermal power
producer in Colón, Panama that uses fuel oil today.

 

Under the Agreement, Quadrise will supply and install trial equipment at
Sparkle's 50MW El Giral power plant, including a 5 tonne per hour Multifuel
Manufacturing Unit. MSAR® and bioMSAR™ fuel will then be produced for a
week-long diesel engine trial on site, to supply power to the Panama
electricity grid.

 

The trial will be performed on a MAN 4-stroke diesel engine, a first for
Quadrise on this engine type, broadening the Company's application experience
for the decarbonisation of energy intensive sectors.

 

Summary of Agreement

 

The purpose of the Agreement is to carry out a proof-of-concept programme and
an emissions test on a 4-stroke engine. Following this, the Parties will
evaluate the technical and economic feasibility of the commercial application
of MSAR® and bioMSAR™ at the site.

 

To this end, Sparkle and Quadrise intend to work together, via a joint project
team, to develop a detailed and phased MSAR® and bioMSAR™ roadmap to
confirm the commercial use of Quadrise fuels instead of fuel oil to reduce
costs and emissions.

 

The Project will be based on a MAN 4S 18V 32/40 Engine at Sparkle's El Giral
power plant in Colón, Panama and will proceed on the basis of three
sequential parts:

·      Part one - the proof-of-concept test,

·      Part two - the emissions test,

·      Part three - a report studying the technical and economic
feasibility of commercial rollout.

 

The Agreement is for a term of six months and shall expire after the term or
after all obligations of the Parties have been performed. If Sparkle decides
not to proceed with commercial supply, Quadrise will remove the trial
equipment from site at the Company's cost.

 

Further announcements will be made, as appropriate, in due course.

 

Jason Miles, CEO of Quadrise, commented:

"We are delighted to be working with Sparkle Power in Panama. We expect the
tests to demonstrate an economic case for switching the site to our emulsion
fuel solutions that can lower costs, emissions and greenhouse gases. This is
also a great opportunity to gain experience with a MAN Energy 4-stroke diesel
engine. After a successful trial, we look forward to agreeing future
commercial supply terms with Sparkle, and a regional supplier, with a view to
establishing a facility in Panama - which is a key location for fuel oil sales
and marine bunkering activities in Central America."

 

Jose Castillo, General Manager of Sparkle, commented:

"We are excited to be working with Quadrise on this new project for Panama.
Sparkle Power is committed to becoming more fuel efficient and conserving the
environment by reducing emissions. This is implemented in Sparkle's corporate
policy through the use of more environmentally friendly fuels and
especially biofuels, all in accordance with government policies that are
being implemented for environmental conservation in Panama. We hope that the
MSAR® and bioMSAR™ will achieve the expected results to continue towards a
commercial implementation in the country."

 

 

For additional information, please contact:

 

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

 Jason Miles, 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, Rachel Goldstein (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
 Cutbill Jacoby

 Andy Cutbill                                            +44 (0)7841 576000

 Frankie Dundon                                          +44 (0)7312 274086

 

 

About Quadrise Plc

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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X (formerly Twitter): @QuadrisePlc
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About Sparkle Power SA

Sparkle specialises in electric power generation, transmission and
distribution, and is committed to providing reliable energy solutions to its
customers. The company operates from its principal 50MW plant located in
Colón, Panama, which provides thermal power generation capacity to the
national electricity grid run by ETESA. The plant operates on fuel oil to meet
electricity demand from the national network balancing scheme, providing
stable and reliable energy supply to Panama.

 

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is disclosed
in accordance with the Company's obligations under Article 17 of MAR.

 

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