Quadrise Fuels seeks funding to continue operations beyond October

Marine fuel oil emulsification technology firm Quadrise Fuels International (QFI) on Tuesday (23 July) said it is seeking more funding to continue operations.

“As previously announced, the Company has sufficient resources to continue to operate and advance its business development opportunities until early October 2019,” it said.

“As a result, the Company confirms that it is now seeking equity or equity-linked funding to enable the Company to continue with its business development initiatives beyond early October 2019 with a view to capitalising on recent business development progress and, ultimately, to delivering commercial projects.”

The company in January raised approximately £1.51 million (US $1.97 million) from shareholders in an open offer, allowing it to continue operations until October.

Related: Quadrise raises US $1.97 million in open offer, avoids wind down
Related: Quadrise may conduct ‘orderly winding down’ if latest Open Offer unsuccessful
Related: Quadrise Fuels enter MOU and pilot test programme for MSAR fuel
Related: Quadrise fuel emulsification projects suffer $4.32 million loss
Related: Quadrise: Economics for MSAR projects to improve with IMO 2020
Related: Quadrise: Marine fuel emulsification markets ‘positive’
Related: Quadrise emulsified fuel oil project suffers setback

Published: 26 July, 2019