The memorandum of agreement (MOA) covers proof of concept and scoping phases, with later phases including feasibility, application testing, trial and commercial implementation to be covered by more specific agreements in due course.
Quadrise itself would be responsible for testing specific refinery residue samples at its research facility over the third quarter of 2019, adding that early-stage work has already begun.
"We are pleased to sign this MOA and we look forward to jointly developing the project to maturity and delivering on the substantial economic and environmental benefits that MSAR can provide”, said Mike Kirk, executive chairman of Quadrise.
The news gave a boost to the share price, which jumped 13.1% to 5.9p in mid-morning trading.
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