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Quadrise Fuels International

Termination of coverage

Update | Oil & Gas | 09 Aug 2017

Edison Investment Research is terminating coverage on Quadrise Fuels International (QFI). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Quadrise Fuels International

Steaming ahead

Outlook | Oil & Gas | 01 Nov 2016

Since our last outlook note, Quadrise has begun to supply MSAR for extended LONO sea trials, paving the way for commercial adoption from calendar H217 onwards. In August it signed a memorandum of understanding with clients in the Kingdom of Saudi Arabia (KSA), which is a key enabler for progressing the production-to-combustion pilot there. In October it completed a placing and open offer raising a total of £5.25m (gross). This should enable it to transition comfortably to the commercial phase on successful completion of the LONO and KSA trials.

Quadrise Fuels International

Final leg of development phase

Outlook | Oil & Gas | 16 Nov 2015

Quadrise is the supplier of MSAR, a technically proven alternative to heavy fuel oil (HFO) for marine, power generation and industrial applications. Since our last outlook note it has executed contracts governing production of MSAR for extended LONO sea trials, preparing the way for commercial adoption from calendar H117 onwards. Our indicative value is £431m (53.2p/share) at current levels of perceived risk.

Quadrise Fuels International

Marine programme steaming ahead

Flash note | Oil & Gas | 16 Sep 2015

Quadrise has passed another major milestone on its route to commercialisation with contracts in place for the production of MSAR for LONO (Letter of No Objection) marine trials. This prepares the way for commercial adoption from end calendar 2016 onwards. It also clearly demonstrates Maersk's continued commitment to the programme despite the low crude oil price. We place our estimates under review until there is more clarity on the volume of MSAR required for this phase.

Quadrise Fuels International

Poised for commercialisation

Outlook | Oil & Gas | 18 Nov 2014

Quadrise is the supplier of MSAR, a technically proven alternative to heavy fuel oil for power generation, marine and industrial applications. Since our last major note it has been awarded proof-of-concept for its reformulated marine MSAR and is preparing for the production of commercial volumes of marine MSAR during FY16. A commercial-scale demonstration in Saudi Arabia is scheduled for H215. Further progress towards commercialisation has the potential to drive upwards movement in the share price beyond our indicative value of 55.6p/share towards 69.1p.

Quadrise Fuels International

Maersk awards proof of concept for MSAR

Update | Oil & Gas | 07 Jul 2014

Quadrise has passed a major milestone on its route to commercialisation with Maersk advising that MSAR has satisfied its proof-of-concept requirements, smoothing the way for initial commercial usage by marine vessels in calendar 2015.

Quadrise Fuels International

A year of progress

Outlook | Oil & Gas | 05 Nov 2013

Quadrise is the supplier of MSAR, an emerging low-cost alternative to heavy fuel oil for the shipping, refining and power generation industries. It continues to make progress in key projects with major shipping line Maersk and in Saudi Arabia and Asia. It has broadened its project portfolio to include programmes with Ecopetrol in Colombia and a global oil major. Commercialisation of any one of these projects would result in substantial profits for Quadrise. Further progress regarding any of these key projects has the potential to drive upwards movement in the share price beyond our indicative value of 28.8p/share towards 38.9p.

Quadrise Fuels International

Derisking the investment proposition

Update | Oil & Gas | 04 Mar 2013

During H113 Quadrise has taken significant steps towards derisking the business, making substantial progress with regards to the Marine MSAR and Saudi projects, and embarking on new projects in Latin America and with a global oil major. Cash from the October placing is expected to see the group through to the early revenue phase. We adjust our indicative valuation from £126m (16.3p/share) to £150m (19.4p/share).

Quadrise Fuels International

Making progress with MSAR trials

Update | Oil & Gas | 22 Oct 2012

Quadrise is the emerging supplier of multi-phase superfine atomised residue (MSAR), a low-cost alternative to heavy fuel oil for the shipping, refining and power generation industries. The FY12 results show it continues to make progress in key projects in Saudi Arabia, Asia and Latin America and with major shipping line Mærsk. Commercialisation of any one of these would result in substantial profits for Quadrise. Material progress towards this has the potential to trigger upwards movement in the share price towards our indicative value of 16.3p/share.

Quadrise Fuels International

Progress towards commercialisation

Update | Oil & Gas | 04 Oct 2012

Quadrise is the emerging supplier of multi-phase superfine atomised residue (MSAR), a low-cost alternative to heavy fuel oil for the shipping, refining and power generation industries. It continues to make progress in key projects in Saudi Arabia, Asia and Latin America and with major shipping line Mærsk. The recent placing provides support for these projects as they progress towards the commercialisation phase. Material progress towards commercialisation has the potential to trigger upward movement in the share price towards our revised indicative value of 16.1p/share.

Quadrise Fuels International

Innovative heavy fuel oil substitute

Update | Oil & Gas | 04 Sep 2012

Quadrise is the emerging supplier of multi-phase superfine atomised residue (MSAR), a low-cost alternative to heavy fuel oil for the shipping, refining and power generation industries. It continues to make progress in key projects in Saudi Arabia, Asia and Latin America and with major shipping line Mærsk. Commercialisation of any one of these would result in substantial profits for Quadrise. Material progress towards this has the potential to trigger upwards movement in the share price towards our indicative value of 16.8p/share.

Quadrise Fuels International

2012 a pivotal year

Update | Oil & Gas | 26 Mar 2012

Quadrise's interim statement outlines continued progress on its three key projects, any one of which has the potential to transform MSAR, its patented oil-in-water emulsion fuel, from an interesting green technology into a commercial success. Calendar 2012 should see Quadrise take key steps towards commercial application.