Quadrise Fuels International PLC (LON:QFI) said it expects full results shortly from a test in Finland of its new low carbon alternative to heavy fuel oil.
In a statement, Mike Kirk, chairman, said: "The positive initial feedback from testing of bioMSAR on a Wärtsilä 4-stroke engine in Finland is very encouraging and we look forward to receiving the full report in the coming weeks.
“This a key milestone towards being able to undertake larger commercial-scale testing during the next twelve months with MSC, where we remain on track to complete the 4,000-hour LONO trials by mid-2022.
Kirk added that Quadrise generally had received an increasingly enthusiastic market response to bioMSAR, with zero-carbon momentum driving the interest.
"In Morocco, commercial-scale testing with our client is on track for completion in H2 2021 and, assuming the successful conclusion of the trial programme, the intention is to conclude a commercial supply agreement before the end of 2021."
In Utah, Quadrise is looking forward to receiving samples, completing the necessary testing at QRF, and then progress the MSAR and bioMSAR heavy sweet oil opportunities with Greenfield and Valkor in the USA, Kirk added.
House broker Shore Capital said the recent progress was encouraging, especially MSC’s eagerness to advance testing on bioMSAR, given its scale and position in the marine sector.
"We are excited by the opportunities Quadrise has to work with customers in reducing the environmental impact of HFO, whilst enabling it to be more economical. We believe a single project could eventually be worth significantly more than the company’s current enterprise value."
-- adds broker comment--