MOU signed between Quadrise and Freepoint (file image/pixabay)
Fuel oil technology company Quadrise and commodity trading firm Freepoint have signed a commercial co-operation agreement to market the former's MSAR technology.
Under a memorandum of understanding signed between the two companies, "Quadrise and Freepoint intend to work together to pursue commercial arrangements involving the production and supply of MSAR® fuel to producers and consumers", Quadrise said in a statement.
Over the next two years, the companies will pursue "selected MSAR® project opportunities in the Americas, with a number of identified counterparties".
Further, the companies will do the same "in Asia on an exclusive basis with the goal of entering into commercial agreements for MSAR® production and supply arrangements with fuel producers and consumers", the statement said.
Quadrise's technology allows for the production of an alternative, emulsified form of fuel oil at a lower cost than the conventional heavy fuel oil used in power generation and the maritime industries.