Quadrise Fuels International PLC (LON:QFI) shares surged on Thursday after the firm said “significant progress” had been made in preparation for a pilot trial of its MSAR fuel at an industrial client site in Morocco.
The AIM-listed company said the fabrication of an MSAR plumbing and heating unit (PHU) had been completed at its research facility in February as planned and was then used to successfully complete burner tip spray testing.
The test was to ensure that Quadrise’s burner tips were compatible with MSAR fuel in order to undertake and successfully complete the trial at the client's pilot facility and move to the next phase of the project as soon as possible.
The PHU and other equipment required for the trial, including MSAR fuel produced at the company’s facility, has now been shipped to Morocco and will be on site for the trial to commence in mid-March as scheduled.
Quadrise shares jumped 15.7% to 2.5p in mid-morning trading.