Quadrise PLC (AIM:QED) has shared positive progress on several of its key projects aimed at driving a cleaner planet.
The company's industrial demonstration test in Morocco is set to begin this month, with the latest client production schedule finalised.
Quadrise personnel are already at the client site, finalising trial preparations.
Upon successful testing and joint review with the client, both parties plan to enter commercial supply discussions with a fuel supply agreement anticipated by Q3 2023.
At the same time, Quadrise is making headway with the MSC Leandra trials, and, following encouraging discussions with third-party fuel suppliers for the proof-of-concept and letter of no objection trials, a tripartite agreement is expected to be reached soon.
Additionally, a bioMSAR hazard identification and operability study, recommended by Wärtsilä, is also being scheduled.
If trials proceed favourably, commercial supply discussions with MSC and other stakeholders are anticipated to commence in H1 2024.
In Utah, Quadrise and Valkor are close to finalising terms for a supply licence, services, and manufacturing unit.
This collaboration would enable Valkor to produce MSAR® and bioMSAR for the first project.
Following the award of drilling permits for Valkor's Asphalt Ridge site, production of low sulphur heavy oil with lower carbon intensity is slated for trials in H2 2023, ahead of commercial supply in Q1 2024.
"Our key projects are each progressing to their next stage of development, and we look forward to sharing updates as additional milestones are reached," chief executive Jason Miles said in a statement.
“The company is entering an exciting period, with commercial revenues expected upon signature of the Valkor agreement, the Morocco trial expected to commence this month and progress continuing with regard to securing a fuel supplier for the MSC trials."
He meanwhile highlighted the company's ongoing work in decarbonisation technologies, demonstrating its commitment to net-zero carbon solutions and expanding business opportunities across different regions and applications.