Shore Capital said it is excited by the scale of the opportunity facing Quadrise Fuels International PLC as it arranged new funding. In a note, the stockbroker highlighted that the funding will cover the firm’s operations through to June 2022 at which point meaningful revenue streams may be in place.
“We anticipate that significant licence fees and equipment sales could come as early as H2 2022, helping to support positive, sustainable cash flows,” Shore Capital analyst Tom Fraine said in a note.
“We are excited by the scale of the opportunity Quadrise has in a range of markets across diverse geographies and we are encouraged by the momentum the company has been gaining recently.”
The funds are being raised through a share placing and an open offer to qualifying shareholders.
A total of 222.2mln new shares are being sold at a price of 2.7p each.