Quadrise PLC (AIM:QED) has reported interim financial results for the six-month period ending 31 December 2022 and gave investors an update on its activities in the first quarter.
Despite a drop in cash reserves from £5.6 million to £2.6 million and an increase in losses after tax from £1.5 million to £1.7 million, the company maintains a focus on key projects across the marine, upstream and industrial sectors.
The key projects are expected continue to make progress through the second quarter.
Among the operational highlights, in July, Quadrise signed an agreement with MSC Shipmanagement, paving the way for the commercial supply of Quadrise's fuels to MSC's global fleet.
The company meanwhile anticipates the completion of a proof-of-concept trials and securing a tripartite agreement with feedstock suppliers and MSC.
A commercial test of MSAR and bioMSAR with a central American power provider is also expected to start in the second quarter of 2023.
The company's venture into Morocco saw a significant breakthrough with logistical issues related to customs resolved.
Quadrise also concluded site engineering setup with trials set to commence in April 2023.
In Utah, the company awaits the conclusion of commercial discussions with Valkor for MSAR and bioMSAR production. A commercial supply agreement is expected, if the trial is successful.
"While delays, such as those experienced in Morocco, have been frustrating, I am pleased that each of our core projects remains on track for a positive outcome," chief executive Jason Miles said.
Miles meanwhile highlighted excitement over the development of bioMSAR and net-zero solutions and their potential to secure a green future for Quadrise and its clients.
Quadrise said it expects to make substantial progress in upcoming months and into 2023, capitalising on favourable oil and oil product economics and increasingly emissions-conscious regulations.