1 August 2017
Quadrise Fuels International plc
("Quadrise", "QFI" or the "Company")
Update on Interim Inspection Report
Quadrise Fuels International plc (AIM: QFI) announces that it has now received the Interim Inspection Report provided by Wärtsilä from Maersk.
This detailed engineering report underpins the Interim LONO that was provided by Wärtsilä for the use of MSAR® fuel in its RT Flex 2-stroke diesel engines, details of which were provided in QFI's announcement dated 21 June 2017. This concludes the process of obtaining the supporting information related to the marine operational and LONO trial with Maersk.
QFI will continue to use the knowledge gained from the Maersk trial in conjunction with its in-house and third party research to further enhance the Company's offering to the marine and power markets.
Mike Kirk, Executive Chairman, said:
"I am pleased that we have been able to obtain the Interim Inspection Report relating to the Marine Operational and LONO trial and we will be using this to further enhance our existing business development activities - which are not reliant on any continuing collaboration with Maersk. We will not be publishing the Inspection Report, but a précis will be produced and uploaded to the website in due course.
QFI continues to believe that the marine industry will ultimately acknowledge and adopt the use of exhaust gas scrubbers and high sulphur heavy fuel as the most economic compliance option for the International Maritime Organisation's 2020 sulphur limit environmental legislation and that Marine MSAR® will enable operators to obtain additional economic and environmental advantages over the use of heavy fuel oil."
This announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014.
Notes to Editors
QFI is the emerging supplier of MSAR® emulsion technology and fuel, enabling a low-cost alternative to heavy fuel oil (one of the world's largest fuels markets, comprising over 450 million tonnes per annum) in the global shipping, refining and power generation markets.
For further information, please refer to the Company's website at www.quadrisefuels.com or contact:
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Quadrise Fuels International Plc |
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Mike Kirk, Executive Chairman |
+44 (0)20 7031 7321 |
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Hemant Thanawala, Finance Director |
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Nominated Adviser |
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Smith & Williamson Corporate Finance Limited |
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Dr Azhic Basirov |
+44 (0)20 7131 4000 |
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Ben Jeynes Katy Birkin |
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Broker |
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Peel Hunt LLP |
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Richard Crichton |
+44 (0)20 7418 8900 |
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Ross Allister |
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Chris Burrows |
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Public & Investor Relations |
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FTI Consulting |
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Ben Brewerton |
+44 (0)20 3727 1000 |
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Sara Powell |
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This information is provided by RNS