Quadrise Fuels International PLC (LON:QFI) shot up 55% to 3p this week after making a deal with the world’s second largest shipping company.
Mediterranean Shipping Company will trial Quadrise’s MSAR synthetic fuel formulation in its fleet of commercial container vessels and, if it goes well, it will adopt it as its fuel of choice.
After perfecting its proprietary fuel for two decades, Quadrise seems to finally have reached a breakthrough.
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 that can be used as a more eco-friendly replacement for diesel or heavy fuel oil.
Quadrise may be one to benefit from the new United Nations’ regulations to limit the environmental impact of maritime fuel oil.
In the very different world of mattresses and posh pillows, Eve Sleep PLC (LON:EVE) dropped off by 11% to 5p after admitting that possible raw material shortages will hinder near-term growth.
On the upside, the online retailer plans to further expand its French business after revenue there jumped by 18% in the second half of 2020, driving full-year sales up 6% to 325mln.
Turning to the wider market, the AIM All-Share rose 1.4% to 1,191 this week, outperforming the FTSE 100, which shed 0.8% to 6,675.
Looking at the risers, Microsaic Systems PLC (LON:MSYS) soared 80% higher to 0.3p after raising £5mln via an oversubscribed but discounted placing as well as overhauling its board with the appointment of a new chairman and a non-executive director.
It was a busy week in the life sciences sector, with one of the big climbers being Faron Pharmaceuticals Oy (LON:FARN). It shot up 62% to 449p after realising its precision cancer drug, bexmarilimab, could be more effective than previously thought. The firm also revealed that the US Department of Defense is backing a trial of its coronavirus (COVID-19) treatment.
Meanwhile, ANGLE PLC (LON:AGL) surged 21% higher to 74p after research showed that it's Parsortix liquid biopsy can identify a certain type of cancer cell that indicates metastasis, which is when the disease spreads throughout the body.
Evgen Pharma PLC (LON:EVG) rose 12% to 11p after its leading compound SFX-01 was shown to block a protein present on many types of cancers, so it can be used to develop treatment. It also achieved another pre-clinical landmark, which suggested SFX-01 could also potentially provide a potent treatment for glioma and glioblastoma.
Wrapping up medical sector news, cell engineering specialist MaxCyte Inc (LON:MXCT) advanced 13% to 690p after forecasting revenue growth in 2021 after achieving better-than-expected performance for the year just gone.
Among the fallers, Asiamet Resources lost a third of its value to 3p because Indonesian miner PT WIN, which agreed to buy the junior miner’s BKM copper project in the country, has been dragging its heels with a promised initial payment of US$2.5mln.
Advanced engineering materials group Versarien PLC (LON:VRS) reversed 27% to 48p after revealing half-year losses before tax doubled to £4mln as revenues dropped 29% due to the impact of the coronavirus pandemic.
Oiler 88 Energy tumbled 22% to 0.4p off the back of news that it is minimising spending until there is more clarity over its oil exploration assets in Alaska. It comes in the first days of the Biden administration which has seen the US seek to rejoin the Paris Accord and row back on certain energy sector policies from the Trump era.
Elsewhere, Sabien Technology Group PLC (LON:SNT) slipped 18% to 0.1 in its first week back on AIM after suspension because it scrapped the proposed acquisition of Ptarmigan Health Destinations. The energy efficiency products supplier couldn’t secure the required regulatory approvals and was risking a trading cancellation.
Blood monitoring device producer Deltex Medical Group plc (LON:DEMG) was down 14% to 1p after posting a 44% revenue slump to £2mln because of fewer elective surgeries worldwide.
In the week’s initial public offers news, battery distributor Supreme, which has Duracell, Panasonic, Energizer and Eveready on its roster, announced it is seeking to debut on AIM in early February.