30 November 2017
Quadrise Fuels International plc
("Quadrise", "QFI'' or the "Company")
Memorandum of Agreement with JGC Corporation
Quadrise Fuels International plc (AIM: QFI) is pleased to announce that the Company's wholly owned subsidiary, Quadrise International Limited ("QIL"), has signed a Memorandum of Agreement ("MOA") with JGC Corporation ("JGC").
JGC is one of the world's leading engineering contractors and Japan's largest, providing a wide range of engineering, procurement, construction, operation and maintenance, and planning and investment services to major corporate and governmental customers throughout the world.
JGC will act as QFI's exclusive partner to work with prospective producers and consumers of MSAR® in Japan, Colombia, Peru and elsewhere on a case-by-case basis (the "Potential Markets"), to jointly develop commercial MSAR® projects.
This agreement will provide QFI with access to JGC's extensive network of long-term relationships within the refining, marine and power industries to develop potential commercial opportunities for the production and use of MSAR®. QFI and JGC will undertake an initial study to agree a list of potential producers and consumers of MSAR® in the Potential Markets where they would work on an exclusive basis to develop potential commercial MSAR® projects. The MOA is terminable by either party on 12 months written notice.
For those joint projects that progress to commercial MSAR® implementation and production, QFI will pay JGC a royalty based on sales.
Mike Kirk, Executive Chairman of QFI, said:
"We believe that this is an exciting opportunity for QFI to harness JGC's leading position in key markets for the production and use of MSAR®. This will not only increase the scale of the addressable market but also accelerate its development. We look forward to developing a long-term and mutually beneficial relationship with JGC."
Takashi Yasuda, Senior Executive Officer of JGC's Technology Innovation, said:
"We are pleased to have reached agreement with QFI. Access to their MSAR® technology will enable JGC to offer its clients a cost-effective and environmentally beneficial alternative to HFO that can be implemented rapidly. We look forward to working with QFI and building what we expect to be a significant new business stream."
For further information, please refer to the Company's website at www.quadrisefuels.com or contact:
Quadrise Fuels International Plc |
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Mike Kirk, Executive Chairman |
+44 (0)20 7031 7321 |
Jason Miles, Chief Operating Officer |
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Nominated Adviser |
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Smith & Williamson Corporate Finance Limited |
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Dr Azhic Basirov Ben Jeynes |
+44 (0)20 7131 4000 |
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Broker |
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Peel Hunt LLP |
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Richard Crichton |
+44 (0)20 7418 8900 |
Ross Allister |
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Public & Investor Relations |
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FTI Consulting |
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Ben Brewerton Sara Powell |
+44 (0)20 3727 1000 |
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Notes to Editors
QFI is the supplier of MSAR® emulsion technology and fuels, a low-cost alternative to heavy fuel oil (one of the world's largest fuel markets, comprising over 450 million tons per annum) in the global shipping, refining and steam and power generation industries.
