Quadrise raises £1.51 million. File Image / Pixabay
Emulsion fuel business Quadrise says it has secured approximately £1.51 million from a new share offering, allowing it to continue operations until Early October 2019 and avert an “orderly winding down" of the business.
The firm said it had originally hoped to raise £2.16 million.
"We are delighted to have received an enthusiastic response from Quadrise's existing shareholders to the Open Offer. We would like to thank our shareholders for their continued strong support,” said Mike Kirk, Executive Chairman of Quadrise.
“Having raised gross proceeds of £1.51 million from the Open Offer, Quadrise is now funded in the short term to build on the substantial progress made in our business development operations, and progress during 2019 our plans for the migration to commercial operations."
While Quadrise’s MSAR product can be used for the power industry, it has also been pitched for the marine market where the company has long believed it is attractive to those vessels using scrubbers.
Unfortunately, the firm’s only notable marine trial was with Maersk who subsequently adopted a strong preference of not using scrubbers.