Quadrise Fuels International PLC (LON:QFI) said it has a “firm foundation” from which to grow through a range of project opportunities, as it posted interim results.
The company described its last three quarters as “amongst the most significant periods in its history”.
Its alternative fuel products – designed to replace heavy fuel oils – are being used in a variety of tests and trials which are progressing through the remainder of 2021 and 2022.
Mike Kirk, Quadrise chairman, highlighted that these projects should see a transition to commercial revenues and positive net cash flow by July 2022.
The company’s projects and ambitions were supported recently by an successful oversubscribed share placing raising some £7mln of new equity.
“As a result of the placing, we now have two major institutional investors, Premier Miton and Canaccord Genuity that have major disclosable investments of approximately 9% and 5%, respectively,” Kirk noted. “We were also delighted that our loyal base of existing holders responded so positively to the open offer which was 3.4 times oversubscribed.
“This funding provides Quadrise with the ability to deliver all of the activities required to migrate our active projects in the industrial, upstream and marine markets to commercial delivery. It also enables completion of the development and testing of bioMSAR and the ability to look at what we believe are significant opportunities to add further value in related activities.
Kirk added: “2021 is going to be a very busy year and we look forward to providing regular project updates to shareholders, as appropriate in due course."
The results for the six months ended 31 December 2020, saw the company report a £2.3mln loss after, in line with the same period in 2019
Quadrise ended the period with £1.1mln of cash and it has £4.9mln of total assets. The share placing closed in March 2021.