Quadrise, a low emissions fuels and biofuel developer, recently announced an amendment to the Joint Development Agreement (JDA) with Australian-based Licella Holdings (Licella). Licella is a global technology pioneer delivering scalable, low-cost and high-value fossil replacement solutions. Its proprietary Cat-HTR hydrothermal liquefaction (HTL” technology efficiently converts abundant biomass residues and biowastes, including wood and agricultural waste, into high-quality, sustainable bio-oil that can be blended or refined into low-carbon liquid fuels. “HTL is globally recognised as one of the most promising pathways for producing sustainable fuels for hard-to-abate sectors such as shipping, with organisations highlighting its potential to deliver low-carbon bio-oils at the scale the maritime sector requires,” Quadrise said. Under the JDA entered into on 26 March 2025, Quadrise and Licella have been collaborating and seeking, inter alia, to progress the use of Licella’s bio-oil produced by HTL technology as a potential cost-effective feedstock for the Company’s bioMSAR and bioMSAR Zero fuels. Under the JDA, pursuant to which lab testing has been undertaken in Australia and the UK, the parties have jointly developed a deeper understanding of the technological advancements needed to supply sustainable HTL-derived bio-oils to the maritime sector. As a result, and prior to diesel engine testing, the Amended JDA now sets out a non-binding but more specific development focus, with an updated time schedule for the joint testing of the parties’ respective fuel technologies, with Licella providing the scalable HTL bio-oil production expertise and Quadrise providing maritime market access and fuel experience. Upon successful completion of final lab tests on refined Licella HTL bio-oils in H2 2026, initial marine fuel diesel engine pilot tests are planned by the parties, after which Quadrise and Licella will seek to undertake the larger scale, third-pa