Quadrise PLC (AIM:QED) share soared another 50% higher on Tuesday as a pivotal and hotly anticipated partnership deal was inked with global shipping firms, following yesterday's news of a separate marine partnership.
Today, Quadrise announced the signing of the fuel trial agreement with global shipping giants MSC and Cargill. Trials are now confirmed to get underway in the first quarter of 2025, with some 1,000 metric tons of the bioSAR and MSAR fuels, created by Quadrise, being used in the first phase.
Beyond that, subject to results, the agreement envisages a scale-up in the use of the diesel-alternative fuels. Negotiations for a definitive commercial agreement is anticipated after 4,000 operating hours.
In London, Quadrise shares gained 1.16p or 50.23% in Tuesday's early deals taking the price to 3.46p - it marks a gain of some 114% in the past two days.
"Quadrise is delighted to have signed this pivotal agreement with MSC and Cargill, which triggers the process for the trials to get underway,” chief executive Jason Miles said in a statement.
“We are hugely excited to be partnering with world-leading companies to demonstrate the commercial viability and environmental benefits of our technology and the contribution it can make to decarbonisation of the shipping sector.
“Having already successfully demonstrated MSAR on the trial vessel, we are highly confident of a successful trial result on bioMSAR™ and the substantial commercial opportunities that this will lead to."
The agreement in more detail
Quadrise has signed a collaboration and operational trial agreement with MSC Shipmanagement Ltd and Cargill NV to advance the use of its innovative fuel solutions, bioMSAR and MSAR.
It facilitates trials aboard MSC Leandra, a vessel that previously demonstrated MSAR® performance.
Quadrise will deliver technical expertise and equipment, MSC will provide the trial vessel and monitoring, and Cargill will supply feedstocks and logistical support.
The trials take place following the installation of Quadrise equipment at the MAC2 facility in Antwerp, Belgium, with a targeted start by the end of Q1 2025.
The trials will begin with proof of concept tests using approximately 1,000 metric tons of fuel.
Upon successful results, the testing will scale to operational trials aiming to secure ‘Letters of No Objection’ after 4,000 operating hours. This milestone will enable the negotiation of a definitive commercial agreement.