Quadrise Plc announced the signature of a Project Development Agreement with renewable biofuels specialists, BTG Bioliquids BV and Euthenia Energy Group Limited. As announced on 8 June 2023, Quadrise and BTL entered into a Joint Development Agreement to investigate the use of BTL's fast pyrolysis bio-oil ("FPBO") as a potential cost-effective renewable feedstock for Quadrise's bioMSAR? solution.

The JDA forms part of strategy to deliver a commercially viable net-zero biofuel by 2030 whilst also supporting decarbonisation of the marine, power, and heavy industry sectors. Work carried out under the JDA has resulted in positive outcomes to date, with stable formulations of bioMSAR? incorporating FPBO being produced at the Quadrise Research Facility.

Building on this success, Quadrise and BTL have signed the PDA with Euthenia, an industrial group that is focused on developing, financing, and operating renewable energy projects and transition solutions for a low carbon economy. Euthenia have active projects and operations in Europe, North America and the Caribbean. Under the PDA, a programme of lab and pilot testing, followed by diesel engine testing, is planned leading to a third-party commercial marine vessel trial.

Euthenia will processligno-cellulosicbiomass feedstock at their facilities in Spain using BTL's FPBO and fractionation technologies, with the extracted sugars blended into Pyrolytic bioMSAR? to provide sustainable marine fuel. The work envisaged under the PDA is expected to accelerate the development of Pyrolytic bioMSAR?

and bioMSAR? Zero to serve global shipping fleets in the Mediterranean, widen the global opportunities for BTL FPBO technology and leverage Euthenia's successful bioenergy and decarbonisation business. A binding term sheet is expected to be finalised and signed within four months of signing the PDA to cover the larger diesel engine tests, the marine vessel trial and the future commercial relationships between the parties.