Quadrise Fuels International - Progress on bioMSAR development

Quadrise made significant advances in the development of bioMSAR, its biofuel variant of MSAR during H122. However, progress on the three key trial programmes with potential customers was slower than management had expected because of factors outside the company’s control. Nevertheless, management notes that Quadrise has the cash resources to progress the ongoing trial programmes to revenue generation, which it expects will commence in calendar H222 (CY H222), subject to the successful conclusion of commercial project agreements.