Quadrise has given investors a mixed update on its Utah project with Valkor Technologies, confirming progress towards deployment but also pushing back several key milestones.
The AIM-listed decarbonisation specialist, which is developing low-emission fuels for shipping and heavy industry, said work continues towards pilot deployment and commercial demonstration of its upstream production model. Its equipment is ready to go, and Quadrise has been told that heavy sweet oil samples have been prepared at Valkor’s new pilot plant ahead of formulating its MSAR and bioMSAR fuels.
It’s been a long road for Quadrise and its shareholders which has just become a little longer.
Valkor’s 500 barrel-per-day oil-sands pilot plant is now due to be commissioned in the fourth quarter of 2026. As a knock-on, Quadrise will no longer deliver its 600 bpd Multifuel Manufacturing Unit to site by the end of June as previously flagged. This is now thought to happen in the third quarter.
There’s also payments due that have been delayed. Of the $1.0m licence fee owed by Valkor, $0.95m remains unpaid as the partner waits on approved project funding. The board now expects to receive the fee in full by the end of September.
Investors weren’t over the moon and shares slipped 9% on Friday.