Quadrise Fuels extends core fuel contract with AkzoNobel

Quadrise Fuels has extended two crucial agreements with Dutch chemicals giant AkzoNobel to continue developing a new form of marine fuel.

As well as agreeing the continued exclusive joint development of emulsion fuels, a second contract covers the exclusive purchase and supply of goods and services that are crucial to ongoing production.

The extensions "ensure continuity and ongoing support" from AkzoNobel for the commercialization of Multiphase Superfine Atomised Residue (MSAR) emulsion technology globally and will run until at least November 2018.

MSAR fuel is designed to make the heavy hydrocarbons used in marine 'bunker' fuel easier to use by producing a low viscosity fuel oil using water instead of expensive oil-based diluents, as well as enhancing the fuel's combustion features.

According to Quadrise MSAR technology "is a game-changer for oil refiners as it frees up valuable distillates traditionally used for HFO manufacture, providing a viable alternative process for handling the bottom of the crude oil barrel without significant expenditure – thereby increasing profitability".

The share price rose 3.2% to 12.90p at 1314 BST on Wednesday.