Quadrise Fuels Signs MoU with Freepoint Commodities
Fuel oil technology firm Quadrise Fuels International said it had signed a non-binding memorandum of understanding with commodities trader Freepoint Commodities to provide commercial opportunities for its MSAR fuel technology product.The Synthetic fuel developer said that this followed the effective end of a trial in Saudi Arabia for a combustion boiler project that would have used MSAR due to the lack of an agreement between the utilities involved. MSAR is a low viscosity oil in water emulsified synthetic HFO.Freepoint, which is based in Stamford, Connecticut, is both an established global merchant of physical commodities and a financer of upper and mid-stream commodity-producing assets.
Quadrise Share Offer to Fund Fuel Production Program
Quadrise Fuels International PLC, emerging supplier of MSAR®, a low cost alternative to heavy fuel oil, place ordinary shares on market. Application has been made for the 50,000,000 Placing Shares to be admitted to trading on AIM and dealings are expected to commence on 9 October 2012. A key objective of the programme is the production of a stable emulsion fuel manufactured from different oil refinery heavy residues, with fuel properties that substantially eliminate the need for any marine engine modifications. The board of directors of Quadrise (the "Board") believes that the proceeds of the Placing will be sufficient to allow the…
Low Cost Alternative to Fuel Oil on Commercial Track
Quadrise International Limited agrees with AB Orlen Lietuva to proceed with fuel manufacturing and assessment programme with Mærsk. Quadrise International Limited (QIL) is the emerging supplier of MSAR®, a low cost alternative to heavy fuel oil in the shipping, refining, and power generation markets. QIL earlier reported that the limited 'in service' adjustments available on the A.P.Møller-Mærsk test vessel prevented the full optimisation of engine performance during the first 'seaborne' assessment earlier in 2012. The positive results and associated information have, however, led to re-confirmation of support by all partners to the Joint Development Agreement and their commitment to the programme to commercialisation.
Emulsion Fuel Trial Update
Quadriise Fuels shareholders were advised in March 2012 that focus would move to sea borne assessment on a Mærsk container ship to provide the operating performance information required by all participants in the programme. During this first assessment it was not possible to fully optimise engine performance, as the test configuration afforded limited scope for relevant 'in service' adjustments. These recent results have provided the necessary data for future adjustment and assessments. Further marine engine and 'in service' tests are planned in the second half of the year with the support of Maersk, candidate refineries and major engine manufacturers. On completion, the programme is planned to move to the next phase involving use of MSAR® fuel in a sample of the Mærsk fleet.
