Quadrise PLC (AIM:QED) highlighted "meaningful strides" made during the twelve months ended 30 June, whilst noting that progress in the project pipeline was slower than anticipated.
"While project progress has been slower than hoped, we have nevertheless achieved significant milestones that have strengthened the financial and strategic position of the company," said chair Andy Morrison.
"Crucially, global regulation is firmly aligned with our mission. The IMO's Net-Zero Framework and new EU carbon regulations are accelerating demand for viable decarbonisation technologies. The company is well-positioned to address this demand with our bioMSAR and bioMSAR Zero fuels, which offer cleaner, cost-effective alternatives for marine transport."
Morrison, meanwhile, described a "robust financial foundation", with the company confirming it had £5.9 million of cash at the end of the reporting period, following a £6.5 million equity raise in January.
"Quadrise is enviably placed to play a leading role in the decarbonisation of shipping. I would like to thank our team, shareholders, and partners for their unwavering support," he added.
In terms of financials, Quadrise reported a £3.1 million loss for the year.
The financial report didn't contain new insights, but confirmed recently announced progress toward the firm's nearing commercial milestones.
It highlighted that, in Panama, a successful trial at Sparkle Power’s El Giral plant marked the first use of MSAR® and bioMSAR on Everllence four-stroke engines.
In Morocco, Quadrise and OCP are awaiting OEM approval to commence a 30-day trial at Jorf Lasfar.
Crucially, preparations for MSC and Cargill’s marine trials in Antwerp are complete, and the pilot is pending signature of final bilateral agreements.
In Utah, Quadrise agreed on a revised timetable with Valkor for a delayed licence payment and equipment deployment.
On the corporate front, the company noted the recently announced appointment of Peter Borup as its new chief executive officer, effective 1 October.
Borup is a veteran of Maersk, D/S Norden, Lauritzen Bulkers and NORVIC Shipping, and he is expected to play a key role in driving the commercialisation of the company’s fuel products.