10 November 2014
Quadrise Fuels International plc
("QFI", "Quadrise" or the "Company")
Co-operation and Exclusive Supply Agreement with ENH Engineering A/S
Quadrise, the emerging supplier of MSAR, a low cost alternative to heavy fuel oil in the shipping, refining and power generation markets, is pleased to announce that on 7 November 2014 it signed an agreement with ENH Engineering A/S ("ENH") for the supply of proprietary emulsion manufacturing plant designed for the processing of refinery heavy residues and production of MSAR fuel emulsions. ENH is a leading supplier of high quality bitumen emulsion manufacturing plant to the international refining and asphalt industry.
Highlights:
· Selection of ENH as a preferred supplier following extensive evaluation and testing by Quadrise research team
· ENH demonstrated capability to adapt plant and management software for fuel emulsion product
· Quadrise to place orders for at least two new commercial scale MMUs in the near future
· Ensures availability in Q1 2015 for initial requirements of the Marine and Saudi Arabian programmes
The Cooperation and Exclusive Purchase and Supply Agreement and the Joint Development Agreement executed with AkzoNobel in November 2013, and announced by Quadrise on 20 November 2013 (the "AkzoNobel Agreements"), now enable the Company to select and deal directly with plant manufacturers for the purchase of MSAR Manufacturing Units ("MMUs"). Since the execution of the AkzoNobel Agreements, Quadrise has also been able to cooperate and conduct joint research and development on process plant improvements in association with leading manufacturers to optimize fuel production economics and efficiency.
ENH were selected following an extensive programme of evaluating and testing process plant from a range of potential suppliers at the newly developed Quadrise research facilities in the UK.
During this programme, ENH has demonstrated its capability to adapt its plant and process management software technologies for MSAR fuel emulsion production. ENH is recognised for its expertise and competence in the integration of its process plant with refinery operations and management systems and for being fully compatible with modern process control systems. The agreement with ENH provides for collaboration on further joint development in the future and assures Quadrise of the exclusive supply of ENH process plant, resources and technologies for application in fuel emulsions world-wide.
Commenting on this development, Ian Williams, Executive Chairman of QFI, said:
"ENH have impressed Quadrise with their capabilities and professionalism. We can fully understand how they have distinguished themselves as a preferred supplier in this specialised field. We have every confidence that this new partnership will benefit both companies and enhance our competitive advantage over the longer term."
For further information, please refer to the Company's website at www.quadrisefuels.comor contact:
Quadrise Fuels International Plc |
|
Ian Williams, Executive Chairman |
+44 (0)20 7031 7321 |
Hemant Thanawala, Finance Director Jason Miles, Chief Operating Officer |
|
|
|
Nominated Adviser |
|
Smith & Williamson Corporate Finance Limited |
|
Dr Azhic Basirov |
+44 (0)20 7131 4000 |
|
|
Ben Jeynes |
|
|
|
Broker |
|
Peel Hunt LLP |
|
Richard Crichton |
+44 (0)20 7418 8900 |
Matthew Armitt Ross Allister |
|
|
|
|
|
Public & Investor Relations |
|
Bell Pottinger |
|
Philip Dennis |
+44 (0)20 3772 2500 |
Rollo Crichton-Stuart |
|
