SulNOx, the London-listed fueltech group publicly listed in London working with shipping majors on cutting emissions, has tripled revenues in the year to March.
CEO Ben Richardson says the business posted £555,290 for the year, up from £203,061, helped by expanding marine sales and associated third party emission monitoring equipment, as well as new and repeat sales in Asia.
The year has started positively with a strong revenue pipeline as repeat orders are placed for Ghana and marine evaluations continue to grow in both number and wider usage across fleets: 45 additional shipping companies are in discussions in discussion to begin evaluations, potentially adding a further 5,600 ships.
The group is working on trials with shipping groups including Seanergy, Spring Marine. Teekay and Marfin.
SulNOxEco Fuel Conditioner is made from natural, biodegradable ingredients and provides an immediate solution to the shipping sector to reduce fuel consumption, emissions and pollution from widely used hydrocarbon liquid fuels.
The patented products emulsify water, increase lubricity and oxygen availability to fuel, making it burn cleanly and more efficiently.
New Singapore distributor, Worldoils Pte Ltd, which specialises in broking of rigs, vessels and high-end assets for the Oil, Gas, Maritime and Offshore sectors, has started promoting SulNOx to the Maritime, Oil & Gas and Offshore companies in Singapore, India, the Far East and the Middle East.
It has already placed a first order of SulNOxEco drums for shipping company evaluations and multiple smaller units for the offshore, mining and the road transport sectors.
The Company has been granted a patent in Hong Kong to add to the US, European, Eurasian, Chinese, South African, Ukrainian and Georgian patents already secured.
In Africa, distributor NTL’s order of 3,700 litres of SulNOx in December has been followed up with new, larger order in March of 5,600 litres on the back of committed and expanding sales in fuel distribution, transportation, retail outlets and mining companies. SulNOx has now also engaged distributors in Nigeria, and representatives in Senegal, Guinea, Sierra Leone, Mali and Mauritania.
Radu Florescu, Chairman of SulNOx Group commented, “Q1 already shows significant potential with further marine revenues materialising after their typical long sales cycles, being effectively hedged by significant short-cycle sales and expansion in Africa, both geographically and into the mining sector. We expect revenue improvement to continue throughout 2024.”
