In an update ahead of its final results, the company said it now has a “range of opportunities at various stages of development; from early phase discussions and market assessments, to active on-site projects to demonstrate MSAR technology ahead of a decision to progress to commercial implementation”.
Quadrise also said its network of in-country partners has played a “pivotal role” in enabling it to mitigate the impact of the coronavirus on its project and business development activities.
Updating on its projects, the firm said its work in Morocco was progressing with a trial expected to start in October, while a commercial agreement has also been signed to undertake testing during 2020 at the Petroteq Oil Sand Plant in Utah.
Quadrise added that it is continuing to engage with stakeholders in Saudi Arabia to resume a planned 400 megawatt boiler trial using in-country MSAR manufacturing, while in South America “good progress” has been also been made with focus now on proof of concept testing at the Quadrise Research Facility following the completion of a techno-economic study.
Other developments have been delayed by the coronavirus pandemic including a techno-economic study in Mexico and refinery testing with a European refiner, which had been due to occur in the second and third quarter in 2020 but will now be delayed until 2021.
Quadrise said it expects to resume physical meetings with essential chemistry group Nouryon in the fourth quarter regarding business collaboration opportunities, adding that it is also continuing to progress opportunities with two major shipping companies and evaluate the opportunity to establish a link with a physical fuel bunker supplier.
Looking ahead, the company said with the “substantial funding put in place during 2019”, it has the ability to pursue business development activities through to the mid-second quarter of 2021. The firm added that it has made “significant progress in several markets” which it said brought it “much closer to being able to advance towards commercial revenues and profitability”.
Quadrise shares jumped 7.3% to 3p in early deals on Monday.