top of page
Search

Quadrise

  • Feb 25
  • 7 min read

Updated: 5 days ago

Practical, lower cost, lower emission fuels for the global marine industry.

Mission

To accelerate maritime decarbonisation by providing scalable, drop in fuel solutions that reduce emissions today while enabling a smooth transition to lower carbon feedstocks over time.


Problem

Conventional marine fuels remain carbon intensive, costly to decarbonise, and difficult to replace at scale. Shipowners face rising compliance costs, tightening regulations (IMO, EU ETS, FuelEU Maritime), volatile fuel prices, and limited availability of advanced alternative fuels. Many vessels in the existing fleet cannot feasibly convert to new propulsion systems, leaving a significant compliance and cost gap.


Solution

Quadrise produces MSAR® and bioMSAR™: oil in water emulsion fuels that deliver immediate emissions reductions and cost savings for existing vessels without requiring engine or infrastructure modifications. These fuels offer a pragmatic compliance pathway for the legacy fleet while supporting long term transition strategies.

Key advantages:

  • Immediate emissions reductions: Lower NOx, black carbon, and CO₂ equivalent emissions compared with HSFO/VLSFO.

  • Cost advantaged: Uses lower cost residual streams; reduces OPEX vs conventional fuels.

  • Fully drop in: Compatible with existing engines, storage, and bunkering systems.

  • Feedstock flexibility: Can incorporate biogenic or waste derived components as availability scales.

  • Scalable production: Modular MSAR® manufacturing units close to refineries or fuel suppliers.


Market Opportunity

Market size

Quadrise addressable market is defined by vessels equipped with “target engines” — 2 stroke electronic engines (Wärtsilä Flex, WinGD X, MAN ME) and selected 4 stroke Wärtsilä/Evergreen classes which can use MSAR® and bioMSAR™ without modification.

Quadrise completed a Clarksons-based shipping database assessment in 2025 that identifies:

  • 33,679 vessels >5,000 DWT screened

  • 16,494 vessels with target engines (49% of the screened fleet; 54% of installed engine power)

  • 7,839 vessels with scrubbers (23%)

  • 5,625 vessels with both target engines and scrubbers (17%), the highest-value segment

This fleet represents a maximum heavy fuel oil (HFO) demand of 127 million tpa, equivalent to:

  • 187 million tpa MSAR® demand

  • 570 MMUs at full global penetration

A further 60 million tpa HFO sits in vessels with both target engines + scrubbers, equal to:

  • 90 million tpa MSAR®

  • 270 MMUs

Target customers:

  • Deep-sea segments with high engine loads and high MSAR® switching potential: container ships, crude & product tankers, bulkers, cruise, ferries, Ro Ro

  • Owners operating under EU ETS and FuelEU Maritime, where compliance costs materially favour lower-carbon-intensity fuels

  • Shipowners with large fleets of Wärtsilä Flex, WinGD X, MAN ME, and Wärtsilä 4S engines

  • Refiners and fuel suppliers seeking cost-advantaged blends and lower-carbon transition fuels

  • Bunker hubs and storage operators in ARA, Mediterranean, Singapore, Gulf of Mexico and Panama


Go-to-Market Strategy

Customer acquisition:

  • Direct engagement with owners/operators: Targeting compliance exposed fleets in EU, Middle East, and Asia.

  • Partnerships with refiners and fuel suppliers: Licensing MSAR® technology and establishing production close to hubs.

  • Demonstration and pilot programmes: Vessel based trials to validate commercial performance.

  • Regulatory positioning: Aligning with EU ETS and FuelEU Maritime pathways to create immediate cost avoidance incentives.

  • Industry collaborations: SEASTARS (EU Horizon), Sustainable Ships, class societies, and OEM engagement.


Exit Strategy

Potential acquirers include:

  • Major marine fuel suppliers and refiners seeking lower carbon product lines.

  • Engine OEMs and propulsion technology providers expanding decarbonisation portfolios.

  • Large energy companies looking to strengthen transitional fuels offering.

Quadrise path to exit is based on scaling MSAR®/bioMSAR™ licensing, expanding production partnerships, and embedding fuels into mainstream bunkering hubs.


Traction

KPIs:

  • Successful engine and vessel trials with commercial operators.

  • Confirmed emissions reductions across CO₂ eq, NOx, and black carbon.

  • Technology licensing framework in place.

  • Patented technology and emulsion formulations

  • Partnerships with chemical producers, Sustainable Ships and participation in EU Horizon SEASTARS programme.

  • Refinery-side production deployments

  • Commercial discussions progressing with major shipowners

Milestones achieved:

  • MSAR® and bioMSAR™ fuel formulations proven, verified reductions in operational emissions and fuel savings in engine and marine trials.

  • Successful MSAR® and bioMSAR™ trials completed with Sparkle Power in Panama in September 2025

  • bioMSAR™Zero (a B100 blend formulation) undergoing engine testing at Aquafuels

  • Commercial lisencing agreement for MSAR® with Valkor Technologies LLC ("Valkor") in Utah, USA. The agreement includes a smaller Multifuel Manufacturing Unit ("MMU") with delivery of a full size MMU to follow.

  • Fuel comparison tool designed and deployed to support shipowner decision making


Business Model

Revenue

Quadrise generates revenue primarily through technology licensing, equipment sales (MMUs), chemical supply, and technical services to marine and industrial customers. All scenarios in the latest cashflow forecast assume the lowest margin licensing model, with revenues tied to staged project progression—trials, initial commercial deployment, and fleet or site scale up.

Where we spend money:

  • R&D and fuel optimisation.

  • Intellectual property and process engineering.

  • Market development, trials, and partnership setup.

Revenue and forecasts:

  • Early stage licensing revenue from production deployments.

  • Commercial scale expected as shipowners and refiners adopt drop in transition fuels under tightening regulation.

  • First revenues from ongoing trials in 2026 with commercial supply to MSC anticipated from first half 2027

  • Revenues from single MMUs generates £1.7m/year gross margin with six MMUs scheduled to be deployed by 2030 giving revenues of £9.4m/year.

  • Licence fees to Valkor (US$1m), quarterly technology transfer fees (US$75k), and equipment revenue (US$500k) before mid 2027, with each new MMU thereafter adding ~£3m/year gross margin.


Team

Quadrise brings together a multidisciplinary team of fuel technology specialists, marine industry leaders, and seasoned energy sector professionals. The company’s governance and executive structure combine deep technical expertise with decades of global operational, commercial, and strategic leadership.

Board & Executive Leadership

Andy Morrison – Chairman

Andy is an experienced director of growth stage and publicly listed companies, with nearly four decades across global energy majors and high growth ESG focused ventures. His 17 year tenure at Shell included senior roles in sales, marketing, trading and strategy, followed by leadership positions at BG Group and BOC in corporate strategy and new business development. He has since led several listed companies through restructuring, turnarounds and commercial scale up. Andy holds a first class degree in Chemical Engineering & Fuel Technology (University of Sheffield).

Peter Borup – Chief Executive Officer

Peter is a global maritime executive with over 30 years of leadership across major shipping organisations. His career began at A.P. Moller Maersk, rising to Deputy Director, and he later served as President & CEO of Lauritzen Bulkers and Norvic Shipping International, and SVP/MD Asia for D/S Norden. He has led teams in Copenhagen, Singapore, Beijing, Seoul and Dubai, and has been active in maritime innovation through Rainmaking, Motion Ventures and The Shipping Collective. Peter holds degrees from IMD (MBA), Wharton (AMP), Copenhagen Business School (Board Program) and was a Fulbright Scholar at Georgetown University.

Jason Miles – Chief Technology Officer

Jason is one of the world’s leading experts in emulsion fuels, with more than 25 years dedicated to MSAR®, bioMSAR™ and emulsified fuel technologies. He previously developed emulsified fuel projects at BP and led global Orimulsion® power initiatives at PDVSA. Jason joined Quadrise in 2006 and has since overseen technical strategy, product development and commercial deployment. He is a Chartered Chemical Engineer (Loughborough University) with an Executive MBA from Cass Business School.

Laurie Mutch – Non Executive Director

Laurie is a senior management consultant with extensive experience advising multinational organisations. His background spans strategic planning, organisational development and energy sector transformation.

Vicky Boiten Lee – Board Member

Vicky contributes substantial commercial, sustainability and strategic expertise to Quadrise’s Board. Her background spans senior leadership roles across energy transition, stakeholder engagement and ESG driven business development.

Tony Foster – Non Executive Director

Tony joined the Quadrise Board as a Non Executive Director in 2025. He brings senior board level experience and governance insight, complementing the company’s strategic and commercial capabilities at a time of scaling operations.

David Scott – Chief Financial Officer

David is a Chartered Accountant who trained with KPMG before holding finance leadership roles at Cable & Wireless and Consolidated Water Co. Ltd (NASDAQ listed). He joined Quadrise in 2011 as Financial Controller and became CFO in 2017. David holds a Master’s degree in Physics from Durham University.

Bernard Johnston – Head of Engineering & Projects

Bernard leads all engineering, MMU deployment and technical project management activities. He brings strong operational and technical execution experience across industrial energy systems.

Dr. Linda Sørensen – Head of Marine

Linda leads Quadrise’s marine decarbonisation strategy, customer engagement and the development of marine fuel deployment pathways. She brings deep expertise in maritime sustainability, regulatory frameworks and alternative fuels adoption.


Funding

Previous funding

Quadrise has historically been supported through public market capital and strategic partnerships, enabling development of MSAR® and bioMSAR™ technologies, deployment of modular MMUs, and execution of marine and industrial trials. These prior raises have funded the company’s R&D, refinery integration workstreams, fuel optimisation, and key demonstration projects.

Future fundraising

Quadrise expects to raise additional capital aligned to one of the above scenarios to:

  • Support accelerated fleet adoption within MSC and other major owners

  • Enable bioMSAR™ and wider marine MSAR® commercialisation

  • Expand its MMU deployment footprint across Europe, the Americas, MENA and Asia

  • Strengthen the company’s data, digital and commercial development capabilities

Fundraising will not target specific amounts at this stage and is expected to take the form of strategic and institutional investment, potentially complemented by project level finance and corporate partnerships.

Funding will be used to:

  • Deliver MSAR® and bioMSAR™ trials (MSC, bioMSAR™ and bioMSAR™Zero pilots, new marine customers).

  • Finance MMU deployments via non dilutive asset backed structures aligned to cash inflows.

  • Support commercial scale up in marine, power and industrial markets.

  • Advance digitalisation under the QED Max scenario, including:

    • Conversion of 20 years of test data into an AI ready knowledge base

    • Emissions tracking and customer digital tools

    • Digital twins for fuel optimisation

    • Real time refinery and commodity intelligence platforms

    • Build out of an internal AI/Digital capability

These enhancements are intended to accelerate customer onboarding and maximise the value of large fleet deployments.


Contact



Peter Borup – Chief Executive Officer

LinkedIn Profile: Peter Borup

 

Jason Miles – Chief Technical Officer

LinkedIn Profile: Jason Miles

 

Andy Morrison – Chairman of the Board

LinkedIn Profile: Andy Morrison


This article was written by a third-party business or organisation.

marinn.ai has not conducted due diligence on the company or organisation.

This content is for informational purposes only and does not constitute investment advice or a solicitation.

bottom of page