Quadrise Fuels International plc on Monday (11 April) revealed the execution of a phased Commercial Development Agreement (CDA) with Valkor Technologies LLC to commercialise Quadrise’s MSAR® and bioMSAR™ technology at Valkor’s projects in Utah, USA.
Under Phase 1 of the CDA, to be completed by 30 June, 2022:
Full commercial terms for an MSAR® and/or bioMSAR™ License and Supply Agreement at the Primary Project would then be concluded no later than October 2022.
Under Phase 2 of the CDA, following the conclusion of a License and Supply Agreement covering the Primary Project, Quadrise intends to grant Valkor exclusive terms over the deployment of QFI technology in the State of Utah.
This is expected to take the form of further Licence and Supply Agreement(s) or Tolling Agreement(s) for projects on which QFI technology is proposed to be deployed.
Net profits generated under the License and Supply Agreement(s) or Tolling Agreement(s) are to be shared between Quadrise and Valkor, based on the respective contribution by each party to the deployment of QFI technology for each project.
Quadrise Fuels International CEO Jason Miles said the need for more economical and lower carbon industrial and marine fuels has never been more apparent.
“Quadrise is delighted to have executed this agreement and looks forward to working expeditiously with the Valkor team to conclude commercial agreements for supply of MSAR® and bioMSAR™ for identified projects,” he said.
Valkor CEO Steven Byle added they were delighted to work jointly with Quadrise to secure high value opportunities for its Utah heavy sweet oil projects, following the successful testing completed on oil sands samples from the pilot plant last year.
“The supply and licensing of MSAR® technology in Utah is conditional on securing the first opportunity for fuel supply and offtake, and we look forward to working closely with Quadrise during the coming months on this commercial opportunity,” he said.
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