MOU with API POLY-GCL Alliance

RNS Number : 7434Y

Quadrise Fuels International PLC

13 May 2019

 

13 May 2019

Quadrise Fuels International plc

("Quadrise", "QFI" or the "Company")

Memorandum of Understanding with API POLY-GCL Alliance

Quadrise is pleased to announce that the Company has entered into a Memorandum of Understanding ("MOU") with API POLY-GCL Alliance Limited ("API POLY-GCL"), an alliance between Ample Power Investments Limited ("API") of the British Virgin Islands and POLY-GCL Petroleum Group Holdings Limited of Hong Kong.

POLY-GCL Petroleum Group Holdings Limited is a partnership between China's POLY Group and Golden Concord Holdings Ltd ("GCL").  GCL is one of the top 500 companies in the Peoples Republic of China ("China") with over 300,000 employees and has holdings in four business units covering Power, Oil & Gas, Photo-Voltaics and Finance.

API POLY-GCL, led by Mr Alvin Yip, is a project origination and development company in the downstream oil, gas and power sectors both in China and globally.  API has a number of complementary business alliances in the marine and power sectors.

This non-binding MOU defines how Quadrise and API POLY-GCL will work together on an exclusive basis to pursue commercial opportunities involving the production and supply of  MSAR® fuel   in China  for  marine (including river transportation), power and industrial fuel consumers.

Subsequent commercial agreements between the parties will be structured so that Quadrise and API POLY-GCL will share profits of any project delivered on the basis of the IP, resources and financial contributions of each party.

The term of the MOU is 24 months, after which time it will expire unless mutually extended by the parties or superseded by another agreement.

Commenting on this development:

Mike Kirk, Executive Chairman of QFI, said:

"We are excited to sign this MOU with API POLY-GCL to enable Quadrise to progress commercial opportunities in China.

Utilising API POLY-GCL's related power assets and in-depth knowledge of China, we are planning to establish opportunities to progress regional MSAR® projects in the power and marine sectors. 

This is a new and large market opportunity for Quadrise and offers the potential to deliver significant value to shareholders of both QFI and API POLY-GCL."

Alvin Yip, Co-Chairman & CEO of API POLY-GCL, said:

"API POLY-GCL see significant potential for Quadrise's MSAR® technology to add value to our power generation assets and downstream offering.   We look forward to working with Quadrise to progress  projects in a rapidly growing economy that is keen for energy efficiency and cleaner energy, where MSAR® technology and fuel offers material economic and environmental advantages.

We believe the combination of our extensive resources, strong network, assets and market knowledge, together with Quadrise's MSAR® fuel application expertise, can enable the first MSAR® project to be initiated in China during 2019."

For further information, please refer to the Company's website at www.quadrisefuels.com, or contact [e-mail] or phone:

Quadrise Fuels International Plc
Mike Kirk, Executive Chairman	[phone]
Jason Miles, Chief Operating Officer
Nominated Adviser
Cenkos Securities plc
Dr Azhic Basirov	[phone]
Ben Jeynes Katy Birkin
Joint Brokers
Peel Hunt LLP
Richard Crichton	[phone]
Ross Allister
Shore Capital
Andy Crossley Daniel Harris	[phone]
Public & Investor Relations
FTI Consulting
Ben Brewerton	[phone]
Ntobeko Chidavaenzi

For further information about API POLY-GCL, please refer to their website at https://www.amplepwr.com/api-poly-gcl-alliance-company-ltd/

Notes to Editors

QFI is the supplier of MSAR® emulsion technology and fuels, a low-cost alternative to heavy fuel oil (one of the world's largest fuel markets, comprising over 450 million tons per annum) in the global power generation, shipping, steam and refining industries.

This announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

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