15 February 2024
Quadrise
Plc
("Quadrise" or the
"Company")
Project
Development
Agreement with Euthenia and BTG Bioliquids
Quadrise Plc (AIM: QED), the
supplier of innovative energy solutions for a cleaner
planet, is pleased to announce the signature of a Project
Development Agreement ("PDA") with renewable biofuels specialists,
BTG Bioliquids BV ("BTL") and Euthenia Energy Group Limited
("Euthenia").
As announced on 8 June 2023,
Quadrise and BTL entered into a Joint Development Agreement ("JDA")
to investigate the use of BTL's fast pyrolysis bio-oil ("FPBO") as
a potential cost-effective renewable feedstock for Quadrise's
bioMSAR™ solution. The JDA forms part of our strategy to deliver a
commercially viable net-zero biofuel by 2030 whilst also supporting
decarbonisation of the marine, power, and heavy industry sectors.
Work carried out under the JDA has resulted in positive outcomes to
date, with stable formulations of bioMSAR™ incorporating FPBO
("Pyrolytic bioMSAR™") being produced at the Quadrise Research
Facility.
Building on this success, Quadrise
and BTL have signed the PDA with Euthenia, an industrial group that
is focused on developing, financing, and operating renewable energy
projects and transition solutions for a low carbon economy.
Euthenia have active projects and operations in Europe, North
America and the Caribbean.
Under the PDA, a programme of lab
and pilot testing, followed by diesel engine testing, is planned
leading to a third-party commercial marine vessel trial. Euthenia
will process ligno-cellulosic biomass feedstock at their facilities in Spain using BTL's
FPBO and fractionation technologies, with the extracted sugars
blended into Pyrolytic bioMSAR™ to provide sustainable marine
fuel.
The work envisaged under the PDA is
expected to accelerate the development of Pyrolytic bioMSAR™ and
bioMSAR™ Zero to serve global shipping fleets in the Mediterranean,
widen the global opportunities for BTL FPBO technology and leverage
Euthenia's successful bioenergy and decarbonisation
business.
A binding term sheet is expected to
be finalised and signed within four months of signing the PDA to
cover the larger diesel engine tests, the marine vessel trial and
the future commercial relationships between the parties.
Commenting on the update, Jason Miles, Chief Executive Officer
of Quadrise, said:
"Quadrise is pleased with the progress made with BTG
Bioliquids to date, and we are delighted to be now working
alongside Euthenia under this new tripartite agreement. Advanced
biofuels derived from woody biomass are expected to be very price
competitive net-zero feedstocks. Importantly, the extracted sugars
are water-soluble and therefore particularly suited for use with
our oil-in-water emulsion technology for shipping and industrial
applications. This latest collaboration is part of our wider plan
to commercialise bioMSAR™ sustainable marine fuel in major bunker
hubs, as well as advancing our programme to supply bioMSAR™ Zero by
2030 to reduce sector emissions of greenhouse gases and other
pollutants using existing infrastructure.
Gerhard
Muggen, Managing Director of BTG Bioliquids,
added:
"BTG
Bioliquids is pleased to have signed this latest agreement
with Quadrise and Euthenia to accelerate our strategy of
collaborating with partners to develop attractive applications for
fast pyrolysis bio-oil technology. The successful inclusion of fast
pyrolysis bio-oils and their derivatives into bioMSAR™ will be a
major step in decarbonising the shipping
industry."
Jean Paul
Chalot, Chairman of Euthenia Energy Group,
concluded:
"Euthenia
is pleased to
initiate this major project in collaboration with BTG Bioliquids
and Quadrise as technology partners, using our industrial site in
Spain, leveraged by a unique background in the biomass industry and
a location nearby the major Mediterranean bunker hubs of Algeciras
and Gibraltar. Advanced renewable transportation fuels derived from
biomass present a very disruptive alternative for the aviation and
shipping industries. With the successful outcome of this Project,
we will confirm our ambition with our partners to be a major player
in the sustainable marine fuel industry."
For additional information, please
contact:
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Quadrise Plc
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+44 (0)20
7031 7321
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Andy Morrison, Chairman
Jason Miles, Chief Executive
Officer
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Nominated
Adviser
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Cavendish Capital Markets Limited
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+44 (0)20
7220 0500
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Ben Jeynes
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Katy Birkin
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Joint
Brokers
Shore Capital Stockbrokers Limited
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+44 (0)20
7408 4090
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Toby Gibbs, Rachel Goldstein
(Corporate Advisory)
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Fiona Conroy (Corporate
Broking)
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VSA
Capital Limited
Andrew Raca (Corporate
Finance)
Andrew Monk (Corporate
Broking)
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+44 (0)20
3005 5000
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Public & Investor
Relations
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Vigo Consulting
Patrick D'Ancona
Finlay Thomson
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+44 (0)20
7390 0230
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About Quadrise
Quadrise is the supplier of MSAR®
and bioMSAR™ emulsion technology, fuels and biofuels, providing
innovative solutions to reduce energy costs and greenhouse gas
emissions today for clients in the global power generation,
shipping, industrial and refining industries.
Learn more at: www.quadrise.com
Learn more about BTG Bioliquids
at: www.btg-bioliquids.com
Learn more about Euthenia Energy
at: www.euthenia-energy.com
This
announcement contains inside information for the purposes of
Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms
part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with
the Company's obligations under Article 17 of
MAR.