Quadrise PLC (AIM:QED) is approaching important milestones at several of its key projects, according to chief executive Jason Miles.
“Agreements covering our commercial vessel trial with MSC and other stakeholders are expected to be signed in the final quarter of 2023, with the trial itself planned to commence in the first quarter of 2024.
“Supply of our first MSAR site license and equipment to Valkor in Utah is expected in the final quarter of 2023, pending the successful conclusion of Valkor's project financing.
“Following the installation of an alternative pump, the MSAR and bioMSAR commercial trial in Morocco is due to conclude before the end of October 2023.”
In addition, Miles said Quadrise continues to make patent applications and is further enhancing its alternative fuels bioMSAR and bioMSAR Zero through research and development.
Losses in the year to the end of June 2023 were £3.1 million (£2.6 million) with cash at the year-end of £1.3 million, which has since been bolstered by a £1.9 million equity raise.