“Quadrise is now strongly positioned to deliver on its promise,” said chair Mike Kirk
In particular, Kirk pointed to the launch of the Quadrise low-carbon bioMSAR fuel as a key achievement for the period, along with what he described as a hugely successful fundraise and other project milestones.
“Quadrise is now strongly positioned to deliver on its promise and, having undertaken a progression in my role as chairman since January 2020 when Jason Miles was appointed as chief executive officer to ensure a seamless migration in executive duties, I believe that now is the right time for me to be handing over to a new non-executive chairman.”
The results statement comes ahead of next month’s AGM, at which Kirk will step down and be succeeded by new interim chair Laurie Mutch.
Monday’s statement meanwhile noted that Quadrise ended June with £10.7mln of assets, including £7mln of cash.
The fuel development company made a £4.3mln loss for the period which brought cumulative losses, available for set-off against future profits, to £58.4mln.
Chief executive Jason Miles said: “This has been a year of substantial progress for Quadrise, notwithstanding the many challenges faced during the pandemic.
“For much of the period we, along with our clients, were subject to significant restrictions relating to travel and site access on our active projects.
“We are immensely proud of the rapid progress made in taking bioMSAR from a concept tested in the laboratory, to a proven renewable transition fuel delivering leading reductions in CO2 emissions.
“There is no doubt that bioMSAR has been instrumental in increasing interest in the company and, following the successful fundraisings earlier in the year, the company has a path to sustainable commercial revenues by Q1 2023.”
Read More: Quadrise Fuels International Plc results highlight great progress