Business
Final Results, Directorate Change & Notice of AGM
Final Results, Directorate Change & Notice of AGM.
About this update from Quadrise Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8219N\n Quadrise Fuels International PLC\n 04 October 2021\n \n \n \n \n 4 October 2021\n \n \n \n \n \n Quadrise Fuels International plc\n \n \n (\"Quadrise\", \"QFI\", the \"Company\" and together with its subsidiaries the \"Group\")\n \n \n \n \n \n Final Results, Directorate Change, Investor Presentation and Notice of AGM\n \n \n \n \n \n \n \n \n Quadrise Fuels International plc (AIM: QFI) announces its audited final results for the year ended 30 June 2021 and gives notice that the Company's Annual General Meeting (\"AGM\") will be held at 12 noon on 26 November 2021. \n \n \n \n \n \n Highlights \n \n \n \n \n \n · \n \n Substantial progress across Quadrise's project portfolio\n \n and accelerated development of \n low-carbon bioMS\n AR™ both during and post period end despite the significant challenges posed by the COVID-19 pandemic.\n \n \n \n \n \n · \n \n Completion of significantly oversubscribed placing and open offer in March 2021\n \n to raise net proceeds of £6.5m, ensuring that on the delivery of successful trials and entry of appropriate commercial supply agreements, the Company has the resources in place to reach sustainable commercial revenues in Q1 2023. \n \n \n \n \n \n · \n \n bioMSAR™ -\n \n Quadrise's innovative low-carbon bioMSAR™ fuel takes advantage of our proven emulsion fuel technology platform and utilises renewable glycerine as a clean fuel component. The glycerine content of bioMSAR™ can be adjusted to meet the client's required price/CO2 reduction goals, providing a cost-effective transition fuel solution to meet increasingly stringent decarbonisation requirements. Testing of bioMSAR™ at Aquafuel Research Ltd demonstrated over 20% CO2 and NOx emissions savings, as well as higher engine efficiency results. This was followed by a larger trial using 5 tons of bioMSAR™ at the VTT facility in Finland. The VTT testing demonstrated a 26% average reduction in CO2 emissions compared to marine diesel. Plans are underway to accelerate testing for bioMSAR™ use in a range of sectors that are demanding \"drop in\" transition fuels to advance decarbonisation. \n \n \n \n \n \n · \n \n MSC\n \n - Following the signature of the Joint Development Agreement with MSC Shipmanagement to carry out LONO ('Letter Of No Obje...