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(Sharecast News) - Quadrise announced on Thursday that it has signed an agreement with the European Climate, Infrastructure and Environment Executive Agency (CINEA) as part of the Seastars consortium.
The AIM-traded firm said the consortium, consisting of 17 companies, aimed to achieve at least a 30% reduction in well-to-wake greenhouse gas emissions and a 20% improvement in energy efficiency for marine vessels.
It said the Seastars project would integrate emerging marine technologies, including Quadrise's 'Blend-On-Board' emulsion technology, into eight vessel designs set to be market-ready by December 2027.
The initiative would also produce tailored decarbonisation recommendations for vessel owners and operators.
Quadrise said it had been awarded up to 63,500 under CINEA's Horizon grant programme to contribute to the work, which was aligned with its commitment to cleaner energy solutions in the marine sector.
"Quadrise is delighted to have joined the Seastars consortium, which will demonstrate the benefits of bioMSAR and our Blend-On-Board technology to a much wider audience, whilst our participation in the Horizon project will deepen our combined knowledge in this important area of marine decarbonisation," said chief executive officer Jason Miles.
At 1629 GMT, shares in Quadrise were up 6.15% at 7.6p.
Reporting by Josh White for Sharecast.com.
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