22 May 2023
Quadrise Plc
("Quadrise" or the "Company")
Morocco Update
Quadrise Plc (AIM:QED), the supplier of innovative energy solutions for a cleaner planet, provides an update on its fuel trial in Morocco.
The industrial demonstration test commenced as planned this week in accordance with the client's production schedule. Quadrise personnel at the client site confirmed the MSAR® and bioMSAR™ fuel quality and fully commissioned the Company's pumping and heating unit ("PHU") at load.
Cold start-up of the client's combustion unit was carried out and the initial unit warm-up sequence was tested using MSAR® fuel. Unfortunately, whilst running at 100% a mechanical component in the PHU failed progressively, reducing the available unit load achievable from the Quadrise burner, and we were unable to complete the testing during May as originally planned. The parties agreed to pause the trial so that the client could complete their scheduled production run, and the respective Quadrise part could be replaced.
The replacement mechanical item concerned has been procured in the UK by Quadrise and will be sent to the client in Morocco as soon as possible. This will enable Quadrise to finalise optimisation of combustion at full load when the trial resumes.
Commenting on the update, Jason Miles, Chief Executive Officer of Quadrise, said:
"We are obviously disappointed not to have completed the trial during May due to an unexpected mechanical issue in our PHU. However, a replacement part has been purchased and expedited so that we can restart the operational production test at the next opportunity.
On behalf of the Quadrise team on site, we would like to thank our client in Morocco for their valuable and collaborative support during testing to date, and we look forward to returning and completing the test fully during the next production run with their team."
For additional information, please contact:
| Quadrise Fuels International Plc | | +44 (0)20 7031 7321 |
| Andy Morrison, Chairman Jason Miles, Chief Executive Officer | | |
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| 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) | | |
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| VSA Capital Limited Andrew Raca (Corporate Finance) Andrew Monk (Corporate broking) | | +44 (0)20 3005 5000 |
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| Public & Investor Relations |
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| Vigo Consulting Patrick D'Ancona Charlie Neish | | +44 (0)20 7390 0230 |
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
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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