Quadrise Fuels International PLC (LON:QFI) chairman Mike Kirk has, in its financial results statement, described “a hugely important year” for the company with significant progress made towards unlocking a broader range of opportunities.
“Through this approach, we are now developing momentum in a number of markets in which we are seeking to progress these opportunities to commercial-scale trials and ultimately supply contracts,” Kirk said.
“With the recently confirmed funding in place, we now have the financial capacity to progress these through the remainder of 2019 and into 2020.”
Quadrise, in late September, raised some £6.5mln to secure its medium-term financial future - it agreed a £4mln package with Bergen Global Opportunity Fund (of which £2mln has been drawn), raised £1.84mln in a placing and £720,000 via a separate share subscription.
During the period the fuel-processing company advanced plans in the middle east with Freepoint Commodities introducing Aleph Commodities to the company, leading to an agency agreement in May.
The company also organised new representation in Saudi Arabia, where it is working with Al Khafrah and Aleph. It also arranged an agreement with Younes Maamar, formerly head of Morocco’s state power and water utility.
Quadrise additionally worked on other agreements for other important markets such as Russia, eastern Europe, China and Mexico.
Kirk highlighted: “With a broader range of opportunities allied to our proven project management and research, development and innovation expertise, we have significantly reduced delivery risk.
“We remain acutely aware that there may be further challenges ahead, but we have made real progress so far in 2019 and are well positioned to build on these milestones.
“We have a high degree of confidence that Quadrise will be in a position to demonstrate material progress during the current financial year, providing the pathway to future commercial revenues.”
The company reported a £3mln loss for the twelve months ended 30 June comprising £1.5mln of production and development costs, and, £1.5mln of admin and corporate expenses.
It ended June with £1.1mln of cash, supplemented post-period by the funding proceeds. Total assets were stated at £5.1mln and the company noted that it had some £51mln of cumulative losses which are available to offset against future profits.