Quadrise PLC (AIM:QED) told investors it has amended its arrangement with Valkor Technologies in Utah, rephasing $1 million of payments through to 30 June 2026.
The signed addendum to the site licence and supply agreement also includes delivery of a smaller 600 barrels per day Multifuel Manufacturing Unit by mid-2026. Valkor will pay US$200,000 for the unit next September, with a further US$300,000 due upon delivery of a full-size 6,000 barrels per day unit.
Also, Valkor will pay a quarterly project development and support services fee of US$75,000 from April, for a minimum of two years. These payments cover engineering, commissioning and compliance support.
"We are pleased to have signed this addendum with Valkor, which reflects their continued commitment to deploying Quadrise technology in Utah as a route to market for their heavy sweet oil, whilst also reorganising licence and MMU delivery payments to be received by the company," said Jason Miles, Quadrise chief technology officer.
"When combined, our respective technologies will provide very attractive low sulphur fuels and biofuels with compelling economics and environmental credentials."
Steven Byle, Valkor chief executive, meanwhile, commented: "Quadrise technology remains a key part of our strategy to unlock higher value markets for our heavy sweet oils and we look forward to working closely with the team to bring these solutions to market."
He added: "While progress during 2025 has been slower than anticipated, we remain committed to our partnership with Quadrise and to the deployment of their technology in Utah.
"The recent approvals and financing secured for our first mined oil sands marked a significant milestone and we are now focused on increasing oil production and enhancing product quality."