Quadrise is the innovator and global supplier of disruptive refinery upgrading technology that produces a synthetic, enhanced heavy fuel oil called MSAR and a biofuel called bioMSAR. The technology provides a low cost and cleaner fuel for marine, power and industrial applications.

Quadrise is still pre-revenue. Stripping out share option and exceptional charges, operating losses widened by £0.3m year-on-year during H123 to £1.7m. Free cash outflow rose by £0.3m to £1.7m, leaving the group with £2.6m in cash and cash equivalents and no debt or convertible securities at end H123. While management remains confident that the group will generate its first commercial revenues during Q423 (Q2 CY23), and has sufficient cash to reach that point, it notes that additional funding will be required to bridge the gap to sustainable cash generation.