Quadrise PLC (AIM:QED) has updated investors on its projects, namely the MSC sea trials, and its separate ventures in the Americas and Morocco.
The company revealed that its commercial trials involving MSC and Cargill will now be delayed beyond the third quarter. Work to finalise agreements for the trial are ongoing - agreements are in near final form, but the process has been slower than anticipated.
The trial equipment will be installed and commissioned at the MAC2 site in Antwerp as soon as the agreements are finalised, Quadrise noted.
"Whilst much is being done to prepare ourselves for the scale-up of our business, it is disappointing that we have not been able to progress our existing projects as quickly as we had expected," said Quadrise chair Andy Morrison.
Quadrise, meanwhile, said it continues to expand its marine business development pipeline to support the commercialisation of its MSAR and bioMSAR low-emission fuels.
In the Americas, trials in Panama with Sparkle Power SA have concluded. The company is now awaiting fficial results from the engine manufacturer and the client. A successful outcome could support Fuel Supply Agreement negotiations and discussions with other regional power producers, the firm highlighted.
In Morocco, Quadrise is awaiting final approval from the original equipment manufacturer to begin a planned commercial trial. All necessary trial equipment is already in place on site.
In the United States, meanwhile, production growth by Valkor in Utah has been slower to arrive than expected. Current output has not And, Quadrise and Valkor are negotiating compensation for the deferral of a US$350,000 licence fee, which was originally due in January 2025.
Andy Morrison added: "We remain committed to completing these projects, to demonstrating the significant value add to our clients that Quadrise technology can bring, and to being positioned to act quickly as and when further opportunities arise."