Quadrise PLC (AIM:QED) jumped another 20% as it reported the results of engine tests on prototypes of its ‘bioMSAR’ marine diesel alternative including a new 100% biofuel.
The tests, using bioMSAR formulations on the company's 40kW 4-Stroke Cummins diesel engine generator installed at Aquafuel Research, confirmed them as viable non-fossil and low-fossil fuels that cut emissions, improve engine efficiency and reduce fuel costs, it said.
In a second phase of testing, engine efficiency improvements of 7-8% were recorded, reducing fuel consumption costs and CO2 emissions while carbon monoxide (CO) and Nitrogen oxide (NOx) emissions were cut by 87% and 29% respectively with negligible smoke visible from the exhaust.
Further testing on biofuel blendstocks and bioMSAR prototypes is now planned to accelerate progress towards a commercial bioMSAR Zero, said the statement.
The AIM-listed group said the plan is to offer shipping groups an entirely fossil-free 'bioMSAR Zero’ fuel on a commercial scale by 2030, which will both future-proof its technology and open up new markets.
Jason Miles, Quadrise's chief executive, said: "These hugely encouraging results demonstrate the capability of the team and the adaptability of our unique proprietary oil-in-water emulsion chemistry, squarely positioning the company to address the ongoing decarbonisation of the marine sector.
“Our versatile technology mixes both water and oil-soluble blendstocks to produce stable biofuels, increasing the opportunity to access abundant waste bio-energy resources that do not have economic higher-value applications.
“Quadrise fuels have significantly enhanced performance and lower consumption costs per unit energy consumed.
“They can be supplied at scale to the marine sector using existing bunkering infrastructure and vessels.
"Quadrise and our development partners are excited by these results, and we look forward to progressing the testing programme to the next stages"
Shares in Quadrise rose by 20% to 4.1p, marking a rise of nearly 175% over the past two weeks since it confirmed a partnership with shipping giants MSC and Cargill and signed a deal with Finland's Auramarine.