Morocco Project Update

Quadrise PLC

22 November 2023

 

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.

22 November 2023

Quadrise Plc
("Quadrise" or the "Company")

Morocco Project Update

Successful Completion of Industrial Demonstration Test

Quadrise Plc (AIM:QED), the supplier of innovative energy solutions for a cleaner planet, provides an update on its fuel trial in Morocco following the announcement made by the Company on 31 October 2023.

Quadrise is now pleased to announce that the industrial demonstration test of MSAR® and bioMSAR™ fuels at the client's site in Morocco (the "Trial") has been successfully completed in accordance with the performance criteria of the agreement announced by the Company on 13 June 2022.

The client's industrial unit was processing product at commercial scale throughout the Trial, with the Company's fuels used to provide the required thermal energy for drying. The objective was to make a direct comparison with normal operations running on heavy fuel oil. The industrial unit in question was successfully operated at varying loads of up to 100%, equivalent to 33MW of energy that is supplied by a single burner. This is similar to the energy consumption of a medium-sized container ship.

The final phase of combustion optimisation tests recently completed involved experts from Quadrise and the client fine-tuning combustion at full (100%) load and production rates using Quadrise fuels.

Emissions from MSAR® and bioMSAR™ combustion were very low, and well within environmental limits for the site. This was the first demonstration of bioMSAR™ in an industrial application. Quadrise is now preparing a technical report to submit to the client within the next month.

The parties will now enter into discussions for long-term commercial supply, in conjunction with reaching agreement for testing at the client's other sites to expand supply opportunities for MSAR® and bioMSAR™ fuels. In parallel, the Company will continue work to ensure the supply of appropriately located and priced residual feedstock.

Further announcements will be made, as appropriate, in due course.

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

"We're delighted to have finally completed this commercial-scale trial in Morocco, which has demonstrated the stability and performance of both MSAR® and bioMSAR™ in one of the client's major facilities. We would like to especially thank the client and our shareholders for their continued support in achieving this positive outcome, and we look forward to discussing commercial supply and applications in other major facilities with the client."

For additional information, please contact:

Quadrise Plc		[phone]
Andy Morrison, Chairman Jason Miles, Chief Executive Officer
Nominated Adviser
Cavendish Capital Markets Limited		[phone]
Ben Jeynes
Katy Birkin
Joint Brokers Shore Capital Stockbrokers Limited		[phone]
Toby Gibbs, Rachel Goldstein (Corporate Advisory)
Fiona Conroy (Corporate Broking)
VSA Capital Limited Andrew Raca (Corporate Finance) Andrew Monk (Corporate Broking)		[phone]
Public & Investor Relations
Vigo Consulting Patrick D'Ancona Finlay Thomson		[phone]

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

 

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