26 June 2024
Quadrise
Plc
("Quadrise" or the
"Company")
Extended agreement with BTG
Bioliquids to advance the supply of Sustainable Marine
Fuels
Quadrise Plc (AIM: QED), the
supplier of innovative energy solutions for a cleaner planet, is
pleased to announce the signature of a Cooperation Framework
Agreement ("CFA") with BTG Bioliquids BV ("BTL"). The CFA
serves to extend the scope of Quadrise's existing agreement with
BTL.
Following the signature of a Joint
Development Agreement ("JDA") with BTL in June 2023,
Quadrise has worked with BTL to incorporate BTL's sustainable
Fast Pyrolysis Bio-Oil ("FPBO") products into bioMSAR™. Stable
emulsions incorporating up to 20% BTL FPBO sugars have been
produced at the Quadrise Research Facility, with Cummins diesel
engine testing on these emulsions at Aquafuel now planned for Q3
2024.
As a result of this progress, the
parties have now agreed a Cooperation Framework Agreement ("CFA").
The CFA expands the scope of the JDA to incorporate the parties'
intention to undertake additional diesel engine testing with BTL
FPBO emulsions on engines larger than the currently planned Q3 2024
Cummins test leading, ultimately on success, to a marine vessel for
final testing ahead of potential commercial-scale bioMSAR™
supply.
Assuming the planned Cummins engine
tests in Q3 2024 are positive, under the CFA the parties intend to
complete independent testing on a larger diesel engine during the
period Q4 2024 to Q1 2025, as well as associated third party
testing for marine fuel characterisation and compliance.
Quadrise and BTL will then prepare
for larger scale production of bioMSAR™ incorporating FPBO sugars
for marine vessel tests in 2026. In order to ensure the supply of
FPBO sugars for future commercial-scale bioMSAR™ marine tests, BTL
are planning the construction of a pilot plant in Dordrecht,
Netherlands.
Commenting on the update, Jason Miles, CEO
of Quadrise, said:
"This new agreement is a result of the substantial progress
Quadrise and BTL have made with their respective technologies, and
provides a clear plan to incorporate BTL's sustainable pyrolysis
sugars into bioMSAR™. This agreement also expands our future
options for bioMSAR™ Zero testing and
production."
Commenting on the update, Gerhard Muggen, Managing
Director of BTG Bioliquids, said:
"We are pleased to have reached this new agreement with
Quadrise. This is an exciting next step, moving us towards large
engine testing and production of bioMSAR™ using renewable pyrolytic
sugars produced from BTL's licensed process and fractionation
technology."
For additional information, please
contact:
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Quadrise Plc
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+44 (0)20
7031 7321
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Andy Morrison, Chairman
Jason Miles, Chief Executive
Officer
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Nominated
Adviser
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Cavendish Capital Markets Limited
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+44 (0)20
7220 0500
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Ben Jeynes
Katy Birkin
George Lawson
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Joint
Brokers
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Shore Capital Stockbrokers Limited
Toby Gibbs, Rachel
Goldstein (Corporate Advisory)
Fiona Conroy (Corporate
Broking)
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+44 (0)20
7408 4090
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VSA
Capital Limited
Andrew Raca (Corporate
Finance)
Andrew Monk (Corporate
Broking)
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+44 (0)20
3005 5000
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Public & Investor
Relations
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Vigo Consulting
Patrick D'Ancona
Finlay Thomson
Peter Jacob
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+44 (0)20
7390 0230
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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.
Learn more
at: www.quadrise.com
About BTG Bioliquids
BTG Bioliquids is a market leading
supplier and developer of fast pyrolysis bio-oil plants using
proprietary technologies, converting lignocellulosic biomass
residues into biofuels and biochemicals. Learn more at: www.btg-bioliquids.com