Near-Term Progress on MSC / Cargill Trial
Management reports the MSC–Cargill–Quadrise trilateral trial agreement is close to signature; VAT concern for Antwerp resolved and a Belgian branch filed to avoid delays. Team describes remaining issues as pragmatic/legal rather than principal, and expects a single signing for the related agreements.
Positive OCP Engagement and Extended Trial Plan
OCP meetings were described as 'extremely positive.' Equipment remains on site, OCP reimburses ongoing costs, and an amended longer-term trial (15–30 days depending on kiln size) is being finalized to secure operational data ahead of commercial supply.
Valkor Contract Payments and Pilot Timetable
Valkor: initial payment received; second installment invoiced at USD 300,000 (due end of month) and an additional USD 650,000 due at year-end. Valkor pilot runs are underway, pilot plant installation expected in Q3 and operational in Q4; Quadrise unit nearly complete for shipment in Q2 for Q3 deployment.
Cash Position and Near-Term Receivables
Cash of approximately USD 4.0 million at the reporting date (end-Dec). Management expects around USD 950,000–1,000,000 of receipts from Valkor/license fees over the calendar year, providing more than one year’s run-rate cover at historical spend levels.
Strategic hires and strengthened refinery expertise
New senior hires include an investment/energy-experienced board member and Matthew Hyde (ex-BP) for refinery economics, accelerating refinery partner analysis (initial gross shortlist ~25 refineries) and scale-up planning.
BioMSAR R&D, External Validation and Digital Capabilities
Ongoing bioMSAR testing with additional bio feedstocks, third-party engine testing in Germany, collaboration with University of Bath on fuel research and digital twin development, and participation in an EU-funded project (consortium of ~18 partners) to model decarbonization pathways across vessel types.
Regulatory Approvals and Market Access Steps
Panama authorities have approved MSAR and bioMSAR as alternative fuels; import-permit procedures have been detailed and Quadrise is engaging local partners to enable commercial imports. ISCC certification application progress reported; final audit to occur once plant is commissioned.