QED: VSA Capital
VSA Morning Flow Test
This Morning’s News
Quadrise (QED LN) has provided an update on its Utah project with Valkor. Valkor’s partner (Heavy Sweet Oil LLC) has received funding and approval to commence drilling enabling production of 20-40bopd of heavy sweet oil providing QED with samples for production of test scale quantities of MSAR and bioMSAR; the company’s key fuel decarbonising emulsion fuel products. This should derisk the commercial scale ramp up.
QED management has highlighted that Valkor has not yet raised the minimum of US$15m before QED will receive the initial US$1.5m in initial payments and transfer payments of US$75k per quarter. This funding will enable commercial production of QED products. Valkor comments indicate full project financing and final approvals will advance as a result of the announcement with initial drilling starting next week.
QED also has its key upcoming trials with MSC which offers a large-scale opportunity to break into the commercial shipping industry starting with their global internal market. In this effort QED has the support of other multinationals including Cargill.
We reiterate our BUY recommendation.
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