Investing.com -- Shares of Quadrise Plc rose over 3% on Thursday following its participation in the SEASTARS consortium, which recently signed a grant agreement with the European Climate, Infrastructure, and Environment Executive Agency (CINEA).
The funding comes through CINEA's Horizon program, which aims to support projects focused on reducing greenhouse gas emissions and improving energy efficiency in the maritime sector.
As part of the agreement, Quadrise has been awarded up to €63,500 in funding to support its role in the project.
The funding will help the company integrate its technology into the vessel designs and develop decarbonization recommendations for vessel owners and operators once the designs are completed.
SEASTARS is a collaboration of 17 companies, including Quadrise, that combines expertise from research institutes, technology providers, ship operators, and naval architects.
The consortium’s objective is to achieve a 30% reduction in greenhouse gas emissions and a 20% improvement in energy efficiency across the maritime industry.
Quadrise is contributing its "Blend-On-Board" emulsion technology to the project. This technology, which blends renewable fuels, is expected to help reduce emissions from ships.
As per a statement from the company, the technology will be integrated into the design of eight vessel prototypes, with plans to make them market-ready by December 2027.