REG - Quadrise PLC - Valkor update

QuadriseAnnouncement

26/09/2025 07:00

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RNS Number : 9845A  Quadrise PLC  26 September 2025

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26 September 2025

 

Quadrise plc

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

 

Valkor update

 

Quadrise plc (AIM: QED), the technology company focused on the decarbonisation
of shipping and heavy industry through deployment of low emission fuels and
biofuels, confirms the signature of an addendum (the "Addendum") to the June
2023 Site License and Supply Agreement ("SLS Agreement") with Valkor
Technologies LLC ("Valkor") in Utah, USA.

 

Pursuant to the Addendum, the payment of US$1.0 million due to the Company
under the SLS Agreement (as amended) has been re-phased over the period to 30
June 2026, with the deliveries of Multifuel Manufacturing Units ("MMUs") and
associated payments to the Company amended to match updated expectations of
oil production ramp-up at the Valkor project site.

 

On 14 January 2025, an addendum to the SLS Agreement was executed by the
Parties under which Valkor agreed to pay Quadrise an aggregate of US$1.5
million in exchange for the provision by Quadrise of an MSAR license and the
delivery of a smaller Multifuel Manufacturing Unit ("MMU") in 2025 prior to
the delivery of a full size MMU thereafter.

Due to slower than expected ramp-up in oil production and resulting financial
constraints during the period, Quadrise and Valkor have now agreed a further
addendum to the SLS Agreement as follows:

·    A re-phased payment of the initial US$1.0m license fee, with a
non-refundable amount of US$50k payable immediately, US$0.3 million payable by
Valkor on or before 31 March 2026 and the remaining US$0.65 million due on
30 June 2026.

 

·    The supply by Quadrise of a smaller Multifuel Manufacturing Unit
("MMU") of 600 bpd capacity on an interim basis by 30 June 2026, for which
Valkor will pay US$0.2 million by 30 September 2026. A further US$0.3 million
will be due to Quadrise upon supply of a full size 6,000 bpd MMU to Valkor, in
exchange for the 600 bpd MMU.

 

·    A project development and support services fee of US$75,000 payable
quarterly by Valkor from 1 July 2026 for a minimum period of two years, in
respect of Quadrise engineering and process design and commissioning services,
site operations and compliance support.

 

Commenting on the update, Jason Miles, Chief Technology Officer of Quadrise,
said:

 

"We are pleased to have signed this addendum with Valkor, which reflects their
continued commitment to deploying Quadrise technology in Utah as a route to
market for their heavy sweet oil, whilst also re-organising licence and MMU
delivery payments to be received by the Company."

 

"When combined, our respective technologies will provide very attractive low
sulphur fuels and biofuels with compelling economics and environmental
credentials."

 

Steven Byle, Chief Executive Officer of Valkor, added:

 

"While progress during 2025 has been slower than anticipated, we remain
committed to our partnership with Quadrise and to deployment of their
technology in Utah.

 

The recent approvals and financing secured for our first mined oil sands
marked a significant milestone and we are now focused on increasing oil
production and enhancing product quality.

 

Quadrise technology remains a key part of our strategy to unlock higher value
markets for our heavy sweet oils and we look forward to working closely with
the team to bring these solutions to market."

 

For further information please contact:

 

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

 Jason Miles, Chief Technology 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, Harry Davies-Ball (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)

 

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