Losses Widen for Synthetic Fuel Firm

Quadrise has been working with Maersk on tests of its fuel

Quadrise Fuels International plc [LON:QFI] (Quadrise) reports that it lost £5.0 million ($8.0 million) in fiscal year 2013, after losing £4.2 million ($6.8 million) the previous year, as it moved closer to commercialising its synthetic fuel product.

"[T]he Company moved forwards on many fronts, not only in the core programmes but also in product technical developments and the strengthening of key relationships," Executive Chairman Ian Williams said in a statement.

The company, which said its "first revenues from commercial operations are still several months away," paid £3.2 million ($5.1 million) in non-cash charges related to amortisation and impairment of intangible assets and adjustments for sale investments.

Quadrise has been working on trials of its MSAR fuel for marine transportation, partnering with A.P. Møller-Mærsk (Mærsk), and it signed a deal in June to work with two other companies to develop business opportunities in South and Central America.

The company also said it "has recently undertaken an assessment of a specific project opportunity with a global oil major" relating to using its proprietary process at large-scale integrated refining and petrochemical sites, and that results have been positive so far.

Quadrise's stock price has risen significantly since the announcement of its work with Maersk.

"The investor market response as reflected in the share price performance has been very gratifying, possibly driven by growing appreciation of the scope for our game changing technology to deliver significant added value in very large heavy fuels markets," Williams said.

Looking to the future the company said that "that conditions are now highly conducive to commercial traction and success" and that "[j]ust one or two high profile successes have the potential for a step change in value and thereby rapidly propel the company."