Quadrise Fuels International PLC said the position of the company has never been better as the momentum behind decarbonisation initiatives continues to build.
Aim-listed Quadrise is developing alternatives to heavy diesel fuels used in shipping and other areas.
Jason Miles, chief executive, said: "During 2022 Quadrise has positioned itself as one of the key decarbonisation solution providers in a rapidly changing global energy market.”
He noted key agreements with “MSC Shipmanagement for marine fuel, Valkor for upstream applications, and with our client in Morocco to trial our bioMSAR and MSAR fuels as a precursor to commercial supply.
“Our innovative fuel and biofuel solutions offer clients key opportunities to reduce energy costs and greenhouse gas emissions today to effect an early transition to net zero carbon,” added Miles.
Quadrise posted a loss after tax of £2.6mln (2021: loss 4.3mln) in the year to end-June 2022.
Of this, £1.5mln (2021: £1.4mln) is attributable to production and development costs and £1.4mln (2021: £1.5mln) relates to administrative and corporate expenses.
Cash balances as of 30 June 2022 were £4.4mln, while Quadrise noted it had cumulative tax losses of £60.0m to offset against future profits.
Peel Hunt added that beyond the very important framework agreement with MSC, “we continue to believe that the scale of opportunities in Morocco and Utah are very significant in their own right – with each potentially worth more than Quadrise's current enterprise value”.
“The successful achievement of commercial revenues in the current financial year would offer strong scope for a significant re-rating catalyst, in our opinion, and we continue to highlight the important environmental benefits offered by Quadrise’s proprietary fuel technologies,” the broker said.