Quadrise Fuels International PLC (LON:QFI) said it is seeking to raise new funds as it looks to capitalise on recent business development progress in Kuwait, Saudi Arabia and China.
The company, which is looking to commercialise its MSAR heavy fuel oil as a greener alternative to shipping fuel, confirmed on Tuesday that it was seeking equity or equity-linked funding.
WATCH: Quadrise Fuels' Mike Kirk details agreement to fast-track MSAR projects in Mexico
Quadrise has sufficient cash resources to continue to operate and advance its business development opportunities until early October this year.
By topping up the cash coffers now, it said, will enable the continuation of these business development initiatives “with a view to capitalising on recent business development progress and, ultimately, to delivering commercial projects”.
Recent agreements and MoUs entered into by Quadrise in 2019, which also include Russia, Mexico, Morocco and Vietnam, follow the signing of a co-marketing and project development agreement with Freepoint Commodities last November.
In the past couple of months, Quadrise has also inked agreements to combine efforts to fast-track MSAR projects to long-term commercial agreements and for a third party to provide services to the company in the use of the MSAR technology in Saudi Arabia.
