Developed MSAR heavy fuel oil substitute
Memorandum of agreement with Saudi investment group
Agency agreement to accelerate use of MSAR in Mexico
Three-year deal agreed with Nouryon
What Quadrise does
MSAR is made from the thick, almost solid residues left when lighter fractions such as gasoline and diesel have been distilled from the crude oil which are then mixed with a small amount of water and speciality chemicals.
What’s created is a synthetic heavy fuel oil which is around one-third water. With a couple of simple, relatively cheap tweaks to a ship’s engine or a power station’s boiler, it can be used as a direct replacement for diesel or heavy fuel oil.
Because of the high-water content, the combustion temperature is much lower which reduces NOx emissions, and as MSAR is pre-atomised, it burns almost completely, meaning next to no black soot is pumped out into the atmosphere.
Not only is it cleaner – it reduces nitrogen oxide (NOX) emissions by between 20-50% - but MSAR, being made from quite literally the dregs of a barrel, is also cheaper than typical heavy fuel oils as well.
How it's doing
In May, Quadrise said that a new round of cost savings has given it financial headroom until the middle of next year (2021).
"We are pleased that we have been able to deliver a material extension to our cash runway, which will now take us to mid-Q2 2021,” Quadrise chairman Mike Kirk said in a statement.
“This provides us the opportunity to progress our business development opportunities in earnest for over one-year - an increase of around 5 months to that forecasted at the beginning of 2020.”
Kirk said the group has also made material progress in the second phase of work in Morocco and on the techno-economic studies with its client in South America, while it is also in talks over multiple opportunities in the marine sector.
What the boss says: Mike Kirk, chairman
“Although the oil market is significantly disrupted at this time, we do not believe our clients are basing their medium to long-term plans on the current pricing environment and so we remain confident of the opportunities to progress our projects to commercialisation, which will underpin any future funding needed in the period up to mid-Q2 2021, "
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- A three-year exclusive global collaboration and emulsifiers sales agreement with speciality chemicals giant Nouryon.
- Re-start of pilot trial in Morocco once coronavirus pandemic eases
- Partnership with Saudi Arabia-based Al Khafrah Holding Group, an investment group which has a portfolio comprising 42 industrial companies