Quadrise (AIM:QED) is seeking to raise up to £2.4 million before expenses through a combined placing, subscription and retail offer, with proceeds directed at pushing its emulsion fuel products toward commercial supply and profitability.
The AIM-listed company on Wednesday morning confirmed that the first half of the funding, via share placing, had closed, and that the remainder would now be sought in a retail offer.
In the placing, it raised £1.2 million, selling new shares priced at 1p each, and the retail offer will be priced on the same terms.
Quadrise, which has developed MSAR and bioMSAR fuel technologies designed to replace conventional fuel oil at roughly 10%, or about $40 per tonne, lower cost, detailled that it intends to use the funds across three priorities.
It plans to advance marine trials with MSC and Cargill through to commercial supply, including establishing a bunkering hub in Antwerp; as well as progress industrial and upstream projects with Morocco's OCP, heavy oil producer Valkor and power customers in the Americas; and also bolster its balance sheet to demonstrate funded-counterparty status to commercial partners.
The company highlighted that it is targeting the global fuel oil market, which it values at $147 billion per annum across roughly 360 million tonnes, and expects sustained fuel production and positive cashflow to begin emerging in the 2028 to 2029 financial years.
"The progress we are making with ship operators, fuel partners and refiners underpins our confidence in the scale of the opportunity ahead," said chief executive Peter Borup, who joined Quadrise in October 2025.
Shore Capital projects strong MSAR revenue potential for Quadrise with MSC
Shore Capital analyst Tom Fraine says Quadrise's opportunity with MSC and Cargill could generate substantial high‑margin annual revenues if only a small percentage of MSC's fuel demand switched to MSAR or bioMSAR.
Quadrise, a 'house stock' for the broker, is expecting that the proceeds should fund commercial‑scale MSC/Cargill marine trials, complete OCP and Valkor trials and progress refinery engagement.
Fraine models MSC consumption at close to 10m tonnes annually and assumes Quadrise could charge about $50 per tonne, highlighting the material revenue upside from even modest adoption.
