Quadrise PLC (AIM:QED) shares soared 24% on Monday morning after the AIM-listed firm announced a site licence and supply agreement with Valkor for its carbon-reducing technology.
MSAR and bioMSAR, which lower the carbon output from transporting and burning fossil fuels, will be produced and sold from Valkor’s heavy oil asset in Utah for 10 years under the US$1.5mln deal.
Quadrise boss Jason Miles explained the lower sulphur and carbon fuels produced at the site could “offer compelling solutions” for industrial and maritime-based clients looking to decarbonise.
Shares in Quadrise jumped 24.25% to 1.58p following the news, which marks the firm’s first commercial supply licence.