25 November 2022

Quadrise Fuels International plc

("Quadrise", "QFI", the "Company" and together with its subsidiaries the "Group")

AGM Statement

Quadrise Fuels International plc (AIM:QFI), the supplier of innovative energy solutions for a cleaner planet, is pleased to provide the following update ahead of the Company's Annual General Meeting ("AGM") which commences today at 12 noon.

At the conclusion of the AGM, the Company will provide a business update presentation to shareholders present at the venue and online via the Investor Meet Company ("IMC") platform. The presentation is open to all existing and potential investors. Those wishing to attend online via IMC can register via: www.investormeetcompany.com/quadrise-fuels-international-plc/register-investor.  

2022 Overview and Update

Business Development

Throughout the financial year ended 30 June 2022 ("FY22") and since the period end, Quadrise has seen material progress across its portfolio of international projects. With the advancement of these projects, Quadrise expects to achieve commercial revenues in its current financial year.

Key projects:

·     Morocco - In June 2022, Quadrise signed a new Material Transfer & Cooperation Agreement with the client. The initial industrial demonstration test is now scheduled to be completed next month. Upon success, the parties will enter discussions for potential commercial supply, with a view to signing a fuel supply agreement in the first quarter of calendar year 2023.

·    MSC - In July 2022, Quadrise signed a Framework Agreement with MSC Shipmanagement ("MSC") to carry out trials of bioMSAR™ and MSAR^® with a view to the commercial supply of one or both fuels to MSC's global fleet. Proof-of-concept tests are planned for H1 2023, following which MSC will run Letter of No Objection trials starting with bioMSAR™. Discussions are now underway with third parties regarding the production of the fuel for the trials. With positive trial progression, Quadrise, MSC, and other key stakeholders expect to commence discussions for commercial supply to MSC's fleet in H2 2023.

·    Utah - In April 2022, Quadrise entered into a Commercial Development Agreement with Valkor Technologies LLC  to commercialise both MSAR^® and bioMSAR™ at its projects in Utah. The Company is targeting a commercial agreement by the end of January for the licensed supply of a Manufacturing Unit to provide fuel for  MSAR® and bioMSAR™  trials as a precursor to commercial supply during 2023.

·    Americas - Quadrise and its local agents are advancing discussions with candidate sites in Panama and Honduras to trial MSAR^® and bioMSAR™ at power plants in H1 2023 as a precursor to potential commercial supply agreements later in the year. Joint discussions are also underway with a large refinery in the Caribbean with an interest in potential MSAR^® supply and the Company continues its efforts to progress activities in Mexico.

·    bioMSAR™, bioMSAR Zero & RDI -Testing of glycerine-based bioMSAR™ in relation to the MSC project has been successfully completed by Wärtsilä and affiliates at test facilities in Italy. Final test reports are expected before the end of 2022. Aquafuel diesel engine testing on bioMSAR™ and other fuel and biofuel formulations to support the new Quadrise Blend-on-Board solution is also scheduled to be completed before the end of the year.

In September 2022, Quadrise signed a Joint Development Agreement with Vertoro to investigate the use of their crude sugar oils as an alternative biofuel feedstock for bioMSAR™. RDI work continues on our bioMSAR™ Zero solution for 2030 at our QRF laboratories.

Commenting on the update, Jason Miles, Chief Executive Officer of QFI, said:

"During the period we have made substantial progress with each of our key projects, whilst also positioning ourselves to be one of the key decarbonisation solution providers in a rapidly changing global energy market, as set out in our recent inaugural Sustainability Report.

The pace of decarbonisation and the escalating price of energy is creating a significant opportunity to commercialise our innovative fuel and biofuel solutions, as they offer clients the ability to reduce energy costs and greenhouse gas emissions immediately to help them accelerate the transition to net-zero.

The Company is entering a notably exciting period, with the progression of our core projects expected to deliver commercial revenues in the current financial year. Beyond these projects, we continue to invest and collaborate in research and development to enhance our intellectual property portfolio and advance our decarbonisation technologies to ultimately deliver net-zero carbon solutions by 2030.

On behalf of the board, I would like to thank our loyal shareholders for their continued support, and I look forward to seeing many of you at the AGM in person."

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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: www.quadrisefuels.com