THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310
8 November 2021
SulNOx Group Plc (the "Company" or "SulNOx")
(Aquis Stock Exchange: SNOX)
SulNOx, the hydrocarbon fuel emulsification specialist, announces a trading update ahead of attending a series of conferences and potential investor meetings including "Mello Monday" tonight.
Progress is very encouraging. At the start of the tenure of the current SulNOx board in December 2020, there were only a handful of opportunities. When we raised further capital in July, we had c.250 potential customers with 58 trials either proposed or underway. Today, SulNOx has c.600 potential customers and c.130 trials proposed or underway, including some extremely large, household names across the globe.
Marine trials are gathering momentum. Emerging data from an ongoing, large scale shipping trial confirms increased power and torque production, reduced exhaust temperatures and other positive data which indicates a more efficient engine with reduced emissions. With an estimated 90% of the world's goods still transported by ship, the revenue opportunity afforded by this data is potentially game changing for SulNOx. In addition, shipping consumes in excess of 350 million tons of Heavy Fuel Oil ("HFO") every year and produces "Ships Slops" waste material. All of this waste needs to be disposed of. SulNOx's new and unique oil reclamation process using another of SulNOx's products, Berol 6446, can turn valueless, waste oil mixed with water into an enhanced, low water, recycled oil for resale. This is therefore a product with very significant revenue potential, as a solution is required by every port globally. This product would further diversify revenue and we have already received a letter of intent and a strong pipeline of potential clients. With the European Sea Ports Organisation placing both port and ship waste fifth and sixth amongst its top ten environmental concerns, this SulNOx product can also have a significant impact on the carbon footprint of the shipping industry globally, solving the problem of the build-up of "Ships Slops" in ports.
Trials in cars, vans, trucks, buses and heavy machinery also continues to provide further proof of the effectiveness of the SulNOxEco fuel conditioners at reducing fuel consumption by c.10% and sales are now beginning to gain momentum. SulNOx has demonstrated fuel savings of c.9% with Scottish bus company EM Horsburgh and we now supply their fleet of 100 buses, consolidating other examples including a haulage firm showing 8% savings across a fleet including 27 new
Since the AGM updates at the start of September, and particularly with the ongoing
Overall, client momentum is building significantly, and we have recently placed a large order for product with our chemicals manufacturer, Nouryon. SulNOx is now fully patented in 72 countries and c.20 independent sales organisations or introducer agreements are in place to sell and distribute the product - many of these firms are also hiring due to increased activity in respect to potential orders. Whilst we have recently been pushing our entrance into
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For further information please contact:
SulNOx Group plc
Tel: 07968 451854
Allenby Capital Limited
(AQSE Corporate Adviser)
Nick Harriss / John Depasquale
Tel: 020 3328 5656