“Edison’s accessible and high-quality research gives us the opportunity to communicate an independent perspective of Tyman to a wide variety of potential stakeholders.”
Currency in GBP
Last close As at 24/03/2023
GBP0.02
▲ 0.01 (0.67%)
Market capitalisation
GBP21m
Research: Industrials
Quadrise has entered into joint development agreement (JDA) with lignin biofuel specialists Vertoro. Under the JDA, the two companies will seek to progress the use of Vertoro’s advanced crude sugar oil as a cost-effective supplement or alternative to glycerine in Quadrise’s bioMSAR fuel.
Quadrise Fuels International |
Key step towards a net-zero marine bunker fuel |
Joint development agreement |
Alternative energy |
21 September 2022 |
Share price performance
Business description
Analyst
Quadrise Fuels International is a research client of Edison Investment Research Limited |
||||||||||||||||||||||||||||||||||
Quadrise has entered into joint development agreement (JDA) with lignin biofuel specialists Vertoro. Under the JDA, the two companies will seek to progress the use of Vertoro’s advanced crude sugar oil as a cost-effective supplement or alternative to glycerine in Quadrise’s bioMSAR fuel.
Year end |
Revenue (£m) |
EBITDA |
PBT* |
EPS* |
DPS |
P/E |
06/18 |
0.0 |
(3.3) |
(3.5) |
(0.37) |
0.00 |
N/A |
06/19 |
0.0 |
(2.8) |
(3.0) |
(0.32) |
0.00 |
N/A |
06/20 |
0.0 |
(3.0) |
(3.3) |
(0.32) |
0.00 |
N/A |
06/21 |
0.0 |
(2.8) |
(2.8) |
(0.23) |
0.00 |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
Quadrise is creating a range of synthetic heavy fuel oils for use in industrial processes such as cement manufacture and in power generation, as a marine bunker fuel and in upstream oil production operations. Its original fuel, MSAR, emulsifies hydrocarbon residues from oil refineries with water. bioMSAR, which was launched in December 2020, is made in the same way as MSAR but uses glycerine derived from plant and animal sources as well as hydrocarbon residues. Under the new JDA, Quadrise will develop a fuel in which advanced crude sugar oil from Vertoro is used as a supplement or alternative to glycerine in bioMSAR. This crude sugar oil is a by-product of Vertoro’s patented process for making a substitute for methanol from residual biomass.
Quadrise has already produced stable blends of Vertoro’s crude sugar oil-based bioMSAR emulsions at laboratory scale. The two companies intend to schedule diesel engine tests during the next 12 months and have filed a joint patent for crude sugar oil-based bioMSAR.
The move potentially accelerates the supply of a low-cost, crude sugar oil-based bioMSAR for the marine sector. This is significant because Quadrise has a framework agreement with MSC Shipmanagement, which is responsible for the largest container ship fleet in the world, to carry out proof-of-concept tests and subsequent operational trials of both bioMSAR and MSAR fuel ahead of potential commercial supply of these fuels to MSC's global fleet.
|
|
Research: TMT
WANdisco’s (WAND’s) $25m commit-to-consume agreement with a top 10 global telco is the company’s largest ever by some margin. This contract also adds credibility to management’s ability to successfully execute its growth strategy and we raise our estimates for FY22 bookings and ending remaining performance obligations (RPO). Until we gain more visibility on the rate of data consumption, we leave our revenue estimates unchanged. When considering the expected expansion of IoT, WAND’s robust pipeline and the recent number of reference wins, we see sizable uplift potential at all KPI levels.
Get access to the very latest content matched to your personal investment style.
