Quadrise announced that it has signed a Joint Development Agreement ("JDA") with MSC Shipmanagement Limited of Cyprus ("MSC"), to carry out an MSAR® Operational Trial (the "Trial") on commercial container vessels in the MSC global fleet commencing in 2021 with, subject to further agreement, subsequent commercial rollout upon success. Initial activities under the JDA will include project initiation, definition, high-level scoping and feasibility activities ("Initial Activities") of the overall Trial. The Initial Activities are to be completed within 3 months. Contingent on the outcome of the Initial Activities the parties will progress and define the project roadmap during second quarter of 2021 in preparation for the execution of one or more Trials commencing in second half of 2021 on representative commercial vessels in MSC's global fleet ("Phase 1"). Upon completion and success of Phase 1, and subject to further agreement between the parties, the JDA envisages subsequent commercial roll-out across the MSC global fleet ("Phase 2"). Phase 1 will see the testing of MSAR® fuel in a large MAN ME and/or a Wärtsilä/WinGD Flex 2-stroke engine so as to obtain Letter Of No Objection ("LONO") approvals from the respective engine manufacturers. Phase 1 testing may also incorporate testing of QFI's new bioMSARTM biofuel. In the event that the Trial(s) and LONO approval(s) are successful under Phase 1, and subject to further commercial agreements to be agreed between the parties, the parties would seek to rollout MSAR® fuel, and potentially bioMSARTM, for the MSC global fleet. The JDA will capitalise on QFI's skills in emulsion fuel application and use in large diesel engines. MSC will contribute its vast shipping industry experience and provide technical expertise relating to naval architecture, machinery systems, fuels, exhaust gas cleaning systems, emissions and technical ship management. MSC is at the forefront of exploring and trialling fuels and technologies to help decarbonise the international shipping industry.