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Quadrise Fuels extends cash runway to middle of next year

The group has also made material progress in the second phase of work in Morocco

Quadrise Fuels International PLC -

Quadrise Fuels International PLC (LON:QFI), the developer of cleaner marine fuel, said a new round of cost savings has given it financial headroom until the middle of next year.

"We are pleased that we have been able to deliver a material extension to our cash runway, which will now take us to mid-Q2 2021,” Quadrise chairman Mike Kirk said in a statement.

 “This provides us the opportunity to progress our business development opportunities in earnest for over one-year - an increase of around 5 months to that forecasted at the beginning of 2020.”  

Kirk said the group has also made material progress in the second phase of work in Morocco and on the techno-economic studies with its client in South America, while it is also in talks over multiple opportunities in the marine sector.  

“Although the oil market is significantly disrupted at this time, we do not believe our clients are basing their medium to long-term plans on the current pricing environment and so we remain confident of the opportunities to progress our projects to commercialisation, which will underpin any future funding needed in the period up to mid-Q2 2021, " he added.

Quick facts: Quadrise Fuels International PLC

Price: 2.55 GBX

LSE:QFI
Market: LSE
Market Cap: £27.47 m
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