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LONDON - Quadrise plc (AIM:QED), a technology company focused on decarbonization through low emission fuels, announced Friday it has signed an addendum to its 2023 Site License and Supply Agreement with Valkor Technologies LLC in Utah.
The revised agreement restructures a $1 million payment originally due to Quadrise, spreading it over a period extending to June 30, 2026. According to the company’s statement, the payment schedule now includes an immediate non-refundable $50,000, followed by $300,000 by March 31, 2026, and the remaining $650,000 by June 30, 2026.
The addendum also modifies the delivery timeline for Multifuel Manufacturing Units (MMUs) to align with updated oil production expectations at Valkor’s Utah project. Quadrise will supply a smaller 600 barrels-per-day capacity MMU by June 30, 2026, for which Valkor will pay $200,000 by September 30, 2026. An additional $300,000 will be due upon delivery of a full-size 6,000 barrels-per-day MMU.
Starting July 1, 2026, Valkor will pay Quadrise a quarterly project development and support services fee of $75,000 for a minimum of two years.
The changes come after slower than anticipated ramp-up in oil production at Valkor’s site, which has created financial constraints, according to the press release.
Jason Miles, Chief Technology Officer of Quadrise, stated the addendum "reflects their continued commitment to deploying Quadrise technology in Utah as a route to market for their heavy sweet oil."
Steven Byle, Chief Executive Officer of Valkor, acknowledged the slower progress in 2025 but affirmed the company’s commitment to the partnership, noting that "Quadrise technology remains a key part of our strategy to unlock higher value markets for our heavy sweet oils."
This revised agreement follows a previous addendum from January 14, 2025, when Valkor agreed to pay Quadrise $1.5 million for an MSAR license and delivery of a smaller MMU.
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