StockMarketWire.com - Alternative fuels group Quadrise Fuels International said it had entered into a commercial trial agreement for use of its technology with Greenfield Energy, which is a joint venture between Valkor Technologies and Tomco Energy.

Quadrise said phase one of the trial agreement was worth $150k to the company.

It comprised activities that were planned to be completed during the remainder of 2020, subject to completion of preparatory works at a site in Utah.

The activities would involve proof-of-concept formulation and test work using oil samples supplied by Greenfield and a loan of Quadrise production and test equipment.

Quadrise would also supply specialist services to assist Greenfield in completing the commercial scale demonstration trial to produce over 600 barrels of power-grade MSAR fuel.

Quadrise said it and Greenfield would continue to cooperate in good faith to agree the commercial terms of a licence and commercial supply agreement for the production of MSAR fuel under phase-two of the pact.

'We are delighted to have concluded the MSAR commercial trial agreement with Greenfield,' chairman Mike Kirk said.

'We are looking forward to being able to take our technology to site and demonstrate its effectiveness in enhancing the value of the sweet heavy or paraffinic oil deposits in Utah.'

'We will also be providing our expertise to the Greenfield team from joint-venture partners Valkor and Tomco to assist with the subsequent commercial development of the facilities there.'


At 1:12pm: [LON:QFI] Quadrise Fuels International PLC share price was +0.78p at 2.93p



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