Logothetis-Nistad backed SulNOx doubles nine-month revenues
UK-listed fuel additives group SulNOx, in which industry investors Constantine Logothetis and Nistadgruppen AS (Nistad) have built holdings totalling 38%, doubled revenues to £240,000 in the nine months to December 2023.
The fast growing, early-stage company says Q4 has started positively with a strong revenue pipeline, amid encouraging evaluation results across the shipping, mining and logistics sectors, and in new geographies including Africa.
SulNOx has 11 shipping companies trialling its product, with a combined fleet size of more than 800 vessels. A further three users with approximately a further 600 ships having agreed to paid trials. Around 30 other shipping companies, including many majors, are discussing trials, representing a further 4,000 ships.
SulNOx’s fuel additives, made from natural, biodegradable ingredients, reduce emissions while achieving significant cost savings for fleet operators in shipping and road transport. The products emulsify water, increase lubricity and oxygen availability to fuel, making it burn cleanly and more efficiently.
Teekay Corporation has already agreed to pilot SulNOxECo fuel conditioner in Gibraltar and Singapore. Greek group Spring Marine is adopting SulNOx products in its fleet to reduce fuel consumption and cut emssions, while Marfin Management has expanded its trial after intial tests cut bunker consumption by more than 6%.
Radu Florescu, Chairman of SulNOx Group commented:
“Q3 was a remarkable quarter in many ways. SulNOx has demonstrated our significant fuel saving capabilities with several large-scale shipping companies facing new costly regulations focussed on reducing emissions from fossil fuel consumption. Q3 also marked our products taking off in Africa and, with an exciting pipeline of large-scale global opportunities, significant funding secured from new and long-term investors for new research and further expansion plans, 2024 points to SulNOx having a transformational year.”
Source: SulNOx
