Quadrise Fuels International reported £5.6m in cash reserves at the end of its first half on Monday, up from £1.1m a year earlier.
The AIM-traded firm said that would be sufficient for it to reach revenue generation in the second half, subject to concluding commercial project agreements.
It reported a loss after tax of £1.5m for the six months ended 31 December, narrowing from £2.3m year-on-year.
That included production and development costs of £0.7m, up from £0.6m, and administration expenses of £0.7m, down from £0.8m.
Total assets at period end totalled £9.3m, up from £4.9m at the end of the first half of 2020.
Looking ahead, Quadrise said testing of ‘bioMSAR’ was generating “highly promising results”, with further development and test work planned for 2022.
The positive results to-date supported the company’s plans for larger-scale trials on commercial diesel engines such as those planned with MSC, as well as other non-engine uses in industrial and boiler applications.
It said its key projects in the marine, upstream and industrial sectors had each been subject to delays during the period, with the firm’s focus now on demonstrating ‘MSAR’ and ‘bioMSAR’ technology at commercial-scale and progressing each of the opportunities to commercial agreements during 2022.
“Increases in both energy prices and volatility exacerbated by Russia’s invasion of Ukraine have further emphasised the reliance that the global economy has on fossil fuels and the need to more efficiently utilise hydrocarbons as the world transitions towards a net zero future,” said chief executive officer Jason Miles.
“The focus on large-scale and immediate net zero carbon solutions to climate change often underplays the valuable and critical role that must be played by transitional technologies such as Quadrise’s.
“Our proven MSAR and low carbon bioMSAR technologies are available immediately and can generate both cost and emissions savings for adopters without the need for large scale capital investment.”
Miles said Quadrise had progressed a range of its core projects and business opportunities during and following the period, underlining the advantages of its strategy of pursuing a diversified range of projects, although progress in converting the projects to agreements was slower than expected, largely due to factors beyond the company’s direct control.
“However, conversion of these projects into commercial contracts remains our key focus.
“Looking ahead, fuel efficiency and reduced emissions from the energy sector are critical, and our emulsion technology platform can deliver tangible benefits, especially on larger diesel engines used in the power and marine sectors.
“Quadrise also recognises that net zero energy solutions will be mandatory in the future, potentially as early as 2030, and we have an RDI strategy in place to take advantage of this opportunity.”
At 1136 BST, shares in Quadrise Fuels International were up 3.67% at 1.56p.