Quadrise PLC (AIM:QED) has hailed a new 'tripartite' agreement that brings a company called Energy Group into a project developing new green marine fuels.
Euthenia, an industrial conglomerate focused on the development, financing, and operation of renewable brings its expertise in low carbon economy transition.
Working with existing partner BTG (LSE:BTG) Bioliquids (BTL), the three companies have agreed an ambitious programme of laboratory and pilot testing, leading to diesel engine trials and ultimately a commercial marine vessel trial.
Specifically, the collaboration is expected to fast-track the development of green fuels bioMSAR and bioMSAR Zero, enhancing their viability as global shipping fuels. In doing so, it aims to extend the global opportunities for BTL's FPBO technology and capitalize on Euthenia's successful track record in bioenergy and decarbonization projects.
Euthenia will process biomass feedstock in Spain, utilising BTL's FPBO and fractionation technologies. The resulting pyrolytic bioMSAR will serve as a sustainable marine fuel, contributing to the decarbonization efforts of the global shipping industry.
A binding term sheet, covering larger diesel engine tests, marine vessel trials, and future commercial relationships, is anticipated to be finalised within four months. This agreement underscores a significant advancement in the quest for cleaner energy solutions, emphasizing the importance of innovative technologies and partnerships in the fight against climate change.
"Quadrise is pleased with the progress made with BTG Bioliquids to date, and we are delighted to be now working alongside Euthenia under this new tripartite agreement," said Quadrise CEO Jason Miles.
"Advanced biofuels derived from woody biomass are expected to be very price-competitive net-zero feedstocks.
"Importantly, the extracted sugars are water-soluble and therefore particularly suited for use with our oil-in-water emulsion technology for shipping and industrial applications.
"This latest collaboration is part of our wider plan to commercialise bioMSAR sustainable marine fuel in major bunker hubs, as well as advancing our programme to supply bioMSAR Zero by 2030 to reduce sector emissions of greenhouse gases and other pollutants using existing infrastructure."