Last close As at 05/08/2026
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Research: Industrials
Quadrise has signed a new material transfer and cooperation agreement with its client in Morocco. The signature clears the way for an industrial demonstration test at one of the client’s sites, potentially leading to commercial sales of MSAR and/or bioMSAR in calendar Q123.
Written by
Quadrise Fuels International |
Moving forward in Morocco |
Material transfer and cooperation agreement |
Alternative energy |
15 June 2022 |
Share price performance
Business description
Analyst
Quadrise Fuels International is a research client of Edison Investment Research Limited |
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Quadrise has signed a new material transfer and cooperation agreement with its client in Morocco. The signature clears the way for an industrial demonstration test at one of the client's sites, potentially leading to commercial sales of MSAR and/or bioMSAR in calendar Q123.
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.
Signing this agreement is a significant step in Quadrise’s continued engagement with its client in Morocco, which is considering using Quadrise’s MSAR and bioMSAR fuel as a substitute for heavy fuel oil in some of its operations. Under the terms of the recently signed agreement, Quadrise will manufacture trial quantities of MSAR and bioMSAR for an industrial-scale demonstration test at one of the client's sites. Quadrise will then provide the client with a written report on the efficacy of using MSAR and bioMSAR. Provided that the client’s stated parameters regarding performance and product quality are met, the parties will then enter into discussions regarding potential commercial supply of MSAR and/or bioMSAR.
In parallel, Quadrise will also complete a technical and economic feasibility study for a potential additional industrial demonstration test at a second site of the client. This study is close to completion, pending a final visit to the second site by the Quadrise team. This additional industrial demonstration test, once confirmed, will be covered by a further agreement.
The industrial demonstration test and feasibility study covered by the recent agreement will take place concurrently and both are expected to complete in calendar Q322. If successful, the programme of activities will potentially culminate in commercial sales of MSAR and/or bioMSAR in calendar Q123.
Quadrise has extended the representation agreement with Younes Maamar, its sales partner in Morocco, to 30 June 2023. Younes Maamar, who is a former CEO of the Moroccan state electricity company, will receive three million warrants following the signature of the updated material transfer and cooperation agreement, and a further 10 million warrants if a contract enabling a commercial MSAR/ bioMSAR project in Morocco is signed before the end of December 2022.
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Research: Consumer
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