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New three-year Exclusive Agreement with Nouryon

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RNS Number : 0544P
Quadrise Fuels International PLC
08 October 2019
 

Quadrise Fuels International plc

("QFI", "Quadrise" or the "Company")

New three-year Exclusive Agreement with Nouryon

Quadrise Fuels International plc (AIM: QFI) is pleased to announce it has entered into an Exclusive Global Collaboration and Emulsifiers Sales Agreement ("Agreement") with Nouryon for the exclusive global collaboration and supply of goods and services for future MSAR® projects.  The Agreement will run for three years to October 2022.

This Agreement replaces the two separate contracts with AkzoNobel that were previously extended to November 2019 (as announced by the Company on 26 November 2018), having been originally entered into in November 2013. Prior to this, Quadrise had been party to an Alliance Agreement with AkzoNobel from November 2004.

Commenting on this development:

Mike Kirk, Executive Chairman of QFI, said:

"We are delighted that we have been able to revert to a new, three-year agreement with Nouryon, after putting in place the shorter-term agreement in November 2018, as a temporary measure whilst the relevant Nouryon entities were formed. The new contract with our core technology partner, Nouryon, reinforces the commitment of both parties to commercialising the global MSAR® business. Our long-term relationship with Nouryon continues to underpin our ability to move the Company towards long-term commercial revenues, as we progress our business development activities towards large-scale trials followed by commercial roll-out.  This new contract enables Quadrise to both progress and protect the IP inherent to MSAR® and to provide the exclusive supply to Quadrise of the chemicals for the production of MSAR®."

Dr Staffan Asplund, R&D Director, Nouryon, said:

"We have been working with Quadrise for many years and we are pleased to be able to continue supporting their progression, through this new contract.  It is a great example of how Nouryon is able to deliver a unique, customised surfactant system, that underpins Quadrise's proprietary MSAR® fuel technology that delivers significant benefits for existing producers and users of heavy fuel oil."

Background to the Nouryon Agreement:

The Agreement between Quadrise International Limited ("QIL"), a subsidiary of the Company, and Nouryon Surface Chemistry AB ("NSC") continues the commercial relationship between the parties relating to the purchase and supply of goods and associated technical services to MSAR® projects in development. QIL purchases, and will continue to purchase, speciality chemicals used as emulsifiers exclusively from NSC, which NSC supply exclusively to QIL for oil-in-water emulsion fuel applications.

Intellectual Property arising from any future joint development activity, or relating to past work such as MSAR® Marine fuels development, is jointly owned between the parties. The Agreement is exclusive in the field of oil-in-water emulsion fuels research and development.

For further information, please refer to the Company's website at www.quadrisefuels.com or contact:

Quadrise Fuels International Plc


Mike Kirk, Executive Chairman

+44 (0)20 7031 7321

Jason Miles, Chief Operating Officer




Nominated Adviser


Cenkos Securities plc


Dr Azhic Basirov

+44 (0)20 7397 8900

Ben Jeynes


Katy Birkin




Joint Broker


Peel Hunt LLP


Richard Crichton

+44 (0)20 7418 8900

David McKeown 




Joint Broker


Shore Capital Stockbrokers Limited


Toby Gibbs

Fiona Conroy

 

+44 (0)20 7408 4090

Public & Investor Relations


FTI Consulting


Ben Brewerton

+44 (0)20 3727 1000

Ntobeko Chidavaenzi


 

 

For further information on Nouryon, please refer to their website at www.nouryon.com

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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