Update: Synthetic Fuel Firm Raises £10.7M

by Ship & Bunker News Team
Thursday March 6, 2014

UPDATE: Currency correction - The original source (London South East) indicated USD$10.7 million was raised, not the correct amount of £10.7 million.

Synthetic fuel maker Quadrise Fuels International Plc (Quadrise) says it has raised £10.7 million ($17.7 million) through placement of 33,437,500 new shares.

The company said the funds will help it speed the deployment of manufacturing units for its MSAR fuel, as well as pay for a research and development facility, protect its intellectual property and recruit specialists to its staff.

Quadrise, which has been conducting tests with A.P. Moller-Maersk (Maersk) on the use of MSAR for shipping, recently extended a royalty agreement with Maersk cover future commercial supplies of the fuel.

MSAR is designed to produce a low viscosity fuel oil from heavy hydrocarbons, using water instead of petrochemical diluents.