Shares in Quadrise PLC (AIM:QED) rose 13% to 1.7p on Monday as the company said it is nearing the legal agreements needed to begin its first operational vessel trials, with container shipping giant MSC and Moroccan chemicals group OCP both named as imminent partners.
Quadrise, MSC and commodities trader Cargill are working to finalise bilateral and trilateral agreements for the MSC vessel programme. All three parties are described as committed to the process.
Once signed, trials will open with a proof-of-concept phase using MSAR, the company's low-emission heavy fuel oil emulsion, before switching to bioMSAR, its biofuel variant, for around 4,000 hours of operation across six to eight months.
Completion would unlock a formal Letter of No Objection from engine maker Wärtsilä, a significant commercial milestone.
In parallel, OCP and Quadrise have reaffirmed their commitment to MSAR trials at an alternative Moroccan site, with a revised trial plan expected to be signed shortly.
The interim results for the six months to 31 December showed a post-tax loss of £2 million, up from £1.7 million a year earlier. Cash on the balance sheet, however, strengthened to £4 million from £1.4 million following fundraising, giving the company sufficient runway to advance its trial programme.