Quadrise Fuels International - Value from the bottom of the barrel

Quadrise’s MSAR fuel has been proven as a low-cost substitute for heavy fuel oil (HFO) in the marine and power generation markets through extensive commercial scale trials. Management estimates that the recent fundraise totalling £4.5m gives sufficient cash to pursue commercial opportunities through to end calendar year 2020 with a further draw-down of £2m potentially available. Given the lack of visibility on the timing of commercialisation, we have not issued estimates or an indicative valuation.