Emulsion Bunker Fuel Firm Quadrise Hails "Substantial Progression" in 2016, Expects Commercial Operations in 2017

Quadrise's financial results for the year ending June 30, 2016 show a loss after tax of £4.8 million.

Quadrise Fuels International plc (Quadrise) today hailed a year of "substantial progression" for its emulsion fuel bunkers, and is taking the last steps before commercial operations expected next year 2017.

The comments came as part of its final financial results for the year ending June 30, 2016, which also show a loss after tax of £4.8 million ($5.86 million), down from £4.9 million ($5.98 million) in the previous year.

"This has been a year of substantial progression for Quadrise, with our key trial projects in the marine and power markets having reached defining stages," said Mike Kirk, Executive Chairman of Quadrise.

"We believe that the successful completion of the current trials should be the last remaining steps to being able to develop substantial commercial markets. We have also continued to selectively build our resources to support these projects and for the expected migration to commercial operations during 2017."

Quadrise reports no debt and £4.3 million ($5.25 million) in cash reserves on June 30, which is expected to be supported by an additional £4.0 million ($4.89 million) through a placing that was also announced today, as well as a possible further £1.0 million ($1.22 million) through an intended Open Offer to current Quadrise shareholders.

The company also reports total assets of £8.8 million ($10.75 million) as of June 30, which Quadrise notes includes further investment in the group's R&D and operations support facility, as well as the balance payment for a commercial-scale MSAR Manufacturing Unit.

"Whilst there remain challenges, we believe that MSAR provides a compelling economic and environmental offer to both producers and consumers and that this will drive market uptake during 2017 and beyond. We look forward to being able to report further progress for the remainder of 2016 and 2017," concluded Kirk.

In September, Quadrise said that it continues to "make excellent progress" with the development of its emulsion bunker fuel, MSAR, and has successfully manufactured a number of fuel batches using a range of residues.