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Shares of Quadrise Fuels International Plc (LON: QFI) rallied 21.8% after conducting a series of tests for Tomco Energy’s Greenfield project in Utah and presenting positive results to the client.
According to Tomco Energy, the tests carried out by Quadrise on samples from its oil sands project in Utah confirmed that its technology can generate commercial MSAR and bioMSAR fuels.
The tests revealed that Greenfield's heavy sweet oil found in the oil sands project could commercially generate electric power and sustainable fuels for marine end-user applications both for the domestic and international markets.
Today’s results marked the end of the proof-of-concept work agreed between Quadrise and Greenfield in August 2020. The tests were conducted at Quadrise Fuels’ Essex, UK facility.
John Potter, TomCo’s CEO, said: “We are delighted that Quadrise has now completed its testing programme. We are encouraged by the positive confirmations issued by Quadrise today, and we look forward to continuing to work with Quadrise as we progress our plans for Greenfield.”
Jason Miles, Quadrise Fuels’ CEO, separately, added: “We are pleased to have completed the testing and analysis work during August as scheduled and to be reporting the positive results to Greenfield. We look forward to updating Quadrise shareholders in due course as to the next steps for this exciting low-sulphur MSAR, and bioMSAR opportunity in Utah once agreed with Greenfield and their strategic partners.”
Quadrise Fuels share price.
Quadrise Fuels share price rallied 21.84% to trade at 4.435p, rising from Wednesday’s closing price of 3.640p.
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