REG - Quadrise PLC - OCP Commercial Framework Agreement

QuadriseAnnouncement

28/05/2024 07:00

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RNS Number : 9596P  Quadrise PLC  28 May 2024

28 May 2024

 

Quadrise plc

("Quadrise" or the "Company")

 

OCP Commercial Framework Agreement

 

Quadrise Plc (AIM: QED), the supplier of innovative energy solutions for a
cleaner planet, is pleased to announce the signature of a Commercial Framework
Agreement (the "Agreement") with its client in Morocco, OCP S.A. ("OCP"), an
international manufacturing and mining group.

Under the Agreement, Quadrise and OCP will commence commercial discussions
with third parties for MSAR® supply to OCP. Simultaneously, the parties have
agreed to work together on a paid-for commercial trial at OCP's Jorf Lasfar
site ('the Site').

The three components of the Agreement are as follows:

1)  Commencing from the date of the Agreement, Quadrise will approach
suppliers (refineries, terminal operators and/or traders) who have the
capacity to produce MSAR® to meet OCP's demand. To facilitate discussions,
OCP have signed a Letter of Intent stating their intention to enter into a
Commercial Supply Agreement with a supplier, who would supply MSAR® to OCP
under licence from Quadrise.

2)   Quadrise will provide an update to the technical, economic and
feasibility study that was previously issued in June 2022, to convert the Site
for the consumption of MSAR®.

3)  Quadrise will supply and install equipment (including a 5 tonne per hour
MSAR® Manufacturing Unit) to emulsify locally available heavy fuel oil using
MSAR® technology.  A 30-day MSAR® combustion trial will then be carried out
on a kiln at the Site. Execution of a Commercial Supply Agreement is
conditional upon successful results of this trial.

Commenting on this agreement Jason Miles, CEO Quadrise, said:

"This Agreement marks a hugely significant step for Quadrise. We are delighted
to be progressing towards the commercialisation of our technology with OCP,
who are world leader in their sector. This Agreement provides a clear pathway
to long term commercial revenues and an opportunity to create a supply point
for our fuels in the Mediterranean, a strategic location for marine bunkering.

We look forward to progressing commercial supply discussions with prospective
suppliers and to working with the OCP team to complete the commercial trial.
Based on the success of the previous trial, we have every confidence in its
successful conclusion."

Summary of Agreement

Under the Agreement, Quadrise and OCP will immediately start work to identify,
and then enter commercial discussions with commercial supply partners.

In parallel, Quadrise will progress the work already carried out under the
June 2022 Material Transfer & Cooperation Agreement with OCP, under which
MSAR® and bioMSAR trials were successfully completed in November 2023 and a
feasibility study for commercial use of MSAR® at OCP's Jorf Lasfar site was
prepared.  Quadrise will update the feasibility study to include details of
the equipment and methodology to convert the Jorf Lasfar site to the use of
MSAR® fuel.

A 30-day MSAR® test at a kiln at the Jorf Lasfar site (formerly referred to
as 'Site-A') will be carried out to assess the long-term operational
performance of MSAR® fuel. The MSAR® fuel will be manufactured on-site using
heavy fuel oil following the installation of a 5 tonne per hour MSAR®
Manufacturing Unit and associated equipment.

The Agreement is for a term of one year, unless mutually extended, and may be
terminated by mutual agreement or by one party if a breach of the Agreement
has occurred.

For additional information, please contact:

 

 Quadrise Plc                                               +44 (0)20 7031 7321
 Andy Morrison, Chairman

 Jason Miles, Chief Executive Officer

 Nominated Adviser
 Cavendish Capital Markets Limited                          +44 (0)20 7220 0500
 Ben Jeynes
 Katy Birkin

 George Lawson
 Joint Brokers

 Shore Capital Stockbrokers Limited

                                                            +44 (0)20 7408 4090
 Toby Gibbs, Rachel Goldstein (Corporate Advisory)
 Fiona Conroy (Corporate Broking)
 ( )                                                  ( )   ( )
 VSA Capital Limited                                        +44 (0)20 3005 5000

 Andrew Raca (Corporate Finance)

 Andrew Monk (Corporate Broking)

 Public & Investor Relations
 Vigo Consulting                                            +44 (0)20 7390 0230

 Patrick D'Ancona

 Finlay Thomson

Peter Jacob

 

About Quadrise

 

Quadrise is the supplier of MSAR® and bioMSAR™ 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 (http://www.quadrise.com)

 

Follow us on social media:

LinkedIn: @Quadrise Plc
(https://uk.linkedin.com/company/quadrise-international-ltd)

X (formerly Twitter): @QuadrisePlc (https://x.com/QuadrisePlc)

 

About OCP

 

OCP is a leader in plant nutrition and the world's first producer of
phosphate-based fertilizers. OCP provides a wide range of customized
fertilizer products to enhance soil, increase agricultural yields, and help
feed the planet in a sustainable and affordable way.

Learn more at: www.ocpgroup.ma (http://www.ocpgroup.ma)

 

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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