Quadrise PLC Morocco Update (8252J)

TIDMQED

RNS Number : 8252J

Quadrise PLC

18 August 2023

Quadrise Plc

("Quadrise" or the "Company")

Morocco Update

Quadrise Plc (AIM:QED), the supplier of innovative energy solutions for a cleaner planet, provides an update on its fuel trial in Morocco following the announcement on 22 June 2023.

The Quadrise team returned to site at the client's request to recommence the trial early last week.

Combustion at 100% unit load was achieved, but unfortunately it was not possible to complete the test at full load due to a progressive decline in fuel pump performance. The pump was replaced with an identical spare unit this week, but similar performance issues were experienced at full load, indicating a design issue with the pump units at high pressure.

A replacement pump of alternative design is being expedited to Morocco for installation later this month. The trial is now expected to be completed in early September, and the client remains supportive of the Company's efforts to resolve this issue and progress the project at the next available opportunity.

Jason Miles, CEO of Quadrise commented:

"The design issues experienced with the pumps to date were not foreseeable and are very frustrating for all concerned. We remain highly confident that once the trial resumes following the installation of an alternative pump, we will be able to demonstrate the benefits of MSAR(R) and bioMSAR(TM) in the commercial trial for our supportive client."

For additional information, please contact:

 
Quadrise Plc                                 +44 (0)20 7031 7321 
Andy Morrison, Chairman 
 Jason Miles, Chief Executive Officer 
 
Nominated Adviser 
Cenkos Securities plc                        +44 (0)20 7397 8900 
Ben Jeynes 
Katy Birkin 
 
Joint Brokers 
 Shore Capital Stockbrokers Limited          +44 (0)20 7408 4090 
Toby Gibbs, Rachel Goldstein (Corporate 
 Advisory) 
Fiona Conroy (Corporate Broking) 
 
VSA Capital Limited 
 Andrew Raca (Corporate Finance) 
 Andrew Monk (Corporate broking)             +44 (0)20 3005 5000 
 
Public & Investor Relations 
Vigo Consulting 
 Patrick D'Ancona 
 Finlay Thomson                              +44 (0)20 7390 0230

About Quadrise

Quadrise is the supplier of MSAR(R) and bioMSAR(TM) 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

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.

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August 18, 2023 10:46 ET (14:46 GMT)

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