REG - Quadrise PLC - Vertoro Joint Development Agreement Update

QuadriseAnnouncement

26/05/2023 07:00

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RNS Number : 7379A  Quadrise PLC  26 May 2023

26 May 2023

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

Vertoro Joint Development Agreement Update

Successful first phase of engine testing confirms material improvements in
efficiency and emissions reductions with bioMSAR™

Quadrise Plc (AIM:QED), the supplier of innovative energy solutions for a
cleaner planet, and biorefinery specialists, Vertoro BV ("Vertoro") have been
collaborating to develop a cost-effective supplement or alternative to
glycerine in Quadrise's bioMSAR™ fuel. The trials follow the Joint
Development Agreement ("JDA") announced on 21 September 2022.

Quadrise has successfully produced stable blends of bioMSAR™ containing up
to 40% of Vertoro's crude sugar oil (CSO™) at pilot scale at the Company's
research facility. The fuel was subsequently tested by partners, Aquafuel, on
Quadrise's Cummins diesel engine using bioMSAR™ containing 18-20% CSO™.

Testing of CSO™ bioMSAR™ when compared with conventional diesel confirmed
the following:

·    Engine efficiency improvements of 7% resulting in reduced fuel
consumption and lower carbon dioxide emissions, in line with conventional
bioMSAR™ results.

·    A reduction in Nitrogen oxides (NOx) emissions of up to 16% and a
reduction in carbon monoxide emissions of over 50%, again consistent with
conventional bioMSAR™.

·    Negligible visible smoke when running CSO™ bioMSAR™ and
bioMSAR™ when compared with diesel.

A further phase of testing is now planned at Aquafuel on bioMSAR™ containing
up to 40% CSO™ material. Subsequent testing is also being scheduled on a
larger medium-speed diesel engine later in the year. These results and
scheduled tests are expected to accelerate the larger-scale trials and the
potential use of lower-cost CSO™ bioMSAR™ for the marine and power
generation sectors.

Commenting on the update, Jason Miles, CEO of Quadrise, said:

"Quadrise aims to offer ship owners and power producers practical, low-cost
decarbonisation alternatives that require minimal modifications and make use
of existing fuel supply logistics and infrastructure. The Company is delighted
with the test results to date that combine Vertoro's crude sugar oil with
bioMSAR™ fuel. CSO™ products are potentially the most price competitive
net-zero biofuel solutions for the marine sector. This offers another
compelling solution for the marine sector as it looks to accelerate
decarbonisation and emissions reduction economically and safely.  It also
advances our programme to supply net-zero bioMSAR™ by 2030 by combining a
wide range of sustainable biofuels that are soluble in oil or water."

 

Commenting on the update, Michael Boot, Co-founder and Co-CEO of Vertoro,
said:

"We're excited by the progress to date to accelerate the use, within the
bioMSAR™ formulation, of our crude sugar oil, which can be produced from
sustainably sourced forestry and agricultural residues, as well as end-of-life
paper and textile (cotton) fibres. Using sugars in engines directly, instead
of fermenting them first to ethanol, opens up a completely new and competitive
decarbonisation pathway for hard to abate sectors such as shipping. The
increased engine efficiency and more favourable low emissions profile observed
in recent engine tests further underlines the potential of this innovative
fuel. We look forward to continue our already fruitful collaboration with our
partners at Quadrise."

 

For additional information, please contact:

 

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

 Jason Miles, Chief Executive Officer

 Nominated Adviser
 Cenkos Securities plc                                    +44 (0)20 7397 8900
 Ben Jeynes
 Katy Birkin
 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
 Vigo Consulting                                          +44 (0)20 7390 0230

 Patrick D'Ancona

 Charlie Neish

 

About Quadrise

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

 

About Vertoro

Vertoro is a Maersk Growth-backed producer of sustainable bio-based platforms,
notably crude lignin oil (CLO) and crude sugar oil (CSO™), which are
extracted from abundant agricultural- and forestry residues using their
proprietary Goldilocks® technology. CLO is compatible with methanol-powered
diesel engines, while CSO™, using Quadrise' proprietary bioMSAR™
technology, is compatible with conventional diesel engines.

 

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

 

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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