- Quadrise Fuels International said it is building positive momentum and demonstrate significant progress in several key areas of its business as the company continues to mitigate the impact of Covid-19.

In an AGM statement it said that a swift and proactive approach ensured that it has been able to mitigate the impact of Covid-19 on its business development and project activities.

It added that whilst the timetable of some specific activities has been impacted, the team has worked remotely with clients to ensure that overall programmes remain on-track.

Quadrise said following a pilot trial, work on the phase two study and planning for the larger industrial-scale trial at another of the client's facilities in Morocco is scheduled to be completed in the first quarter of 2021, for which the company will be will be paid £100,000.

It also said progress is being made with Greenfield Energy on the plans for the commercial trial at the Asphalt Ridge facility in Utah, USA.

Mike Kirk, executive chairman of Quadrise, said: "This has been a challenging year for many businesses throughout the world, so we are pleased that we have been able to continue to make good progress in our business development and testing and trial activities, and we have an exciting 2021 planned to provide a pathway to commercial revenues.

“Our proactive approach to cost management during the year has meant that we were able to extend the runway of our existing cash resources from December 2020, through to mid-Q2 2021.”

At 1:30pm: [LON:QFI] Quadrise Fuels International PLC share price was 0p at 1.9p

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