Quadrise Signs Deal With Saudi Firm

Wednesday June 12, 2019

Quadrise's chief executive, Mike Kirk, has taken to the airwaves to talk up a new agreement with a Saudi firm.

Kirk told Youtube channel Proactive Investors Stocktube that its partnership deal with Al Khafrah Holding Group (AKHG) would facilitate movement in what is a key market for the company's product of emulsified fuel oil.

Called MSAR fuel, its technology adds water and speciality chemicals to the bottom of the barrel  to produce a greener and cheaper fuel oil for use by power plants and shipping.

"AKHG will help us unlock some of the blockages so that we can start to progress that [its presence in the Saudi Arabian market] at the earliest, possible opportunity," Kirk said.

The next step in the process is to start a boiler trial in Saudi Arabia. AKHG will faciliate that move. Kirk added that while the agreement is not a formal joint-venture at this point, that could change later on. An earlier attempt at a boiler trial stalled.

Quadrise will be able to show that it's made substantial progress by the end of the third quarter, Kirk said. The company successfully complete a funding round at the start of the year.