SulNOx inks largest-ever commercial deal with Eastern Pacific Shipping
SulNOx Group PLC on Monday reported a four-year supply agreement with Eastern Pacific Shipping Pte Ltd, marking its largest ever commercial agreement.
The London-based green fuel technology developer said the deal ‘significantly expands’ the deployment of Sulnox Eco across the Eastern Pacific Shipping fleet, with usage increasing to over 50 vessels from around 30.
SulNOx said the agreement covers the supply of around 1.2 million litres of Sulnox Eco across the contract term, and is accompanied by an investment in EPS from its affiliate, EPS Ventures.
EPSV will subscribe for up to 5.5 million new shares at 2 pence per share, noted SulNOx, with a further 7.1 million shares to be issued to EPSV after completion of the existing contract.
‘The board expects the agreement to generate significant revenue for Sulnox, further accelerating the Company’s continued commercial growth,’ said SulNOx.
Shares in the company were up 9.5% higher at 57.50 pence on Monday morning on London’s Aquis Exchange.
‘EPS has already proven to be much more than a customer. Its operational validation, technical expertise and industry introductions have helped accelerate our commercial development and strengthen our position within the global shipping sector,’ said SulNOx Chief Executive Ben Richardson.
‘Moving from a successful evaluation programme and initial deployment to a major long-term agreement and increased shareholding endorses the value Sulnox Eco continues to deliver in real-world operations. We look forward to continuing to work closely with EPS as we expand adoption across the maritime sector and develop the next generation of efficiency and decarbonisation technologies.’
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