THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
13 April 2022
SulNOx Group Plc (the "Company" or "SulNOx")
Lloyd's Register Certifies that various marine fuels containing the recommended doses of SulNOxEcoTM Fuel Conditioner continue to meet ISO 8217 standards
(Aquis Stock Exchange: SNOX)
The board of the directors of the Company (the "Board") is pleased to confirm that Lloyd's Register Fuel Oil Bunker Analysis and Advisory Service ("FOBAS") has carried out an impact assessment of distillate and residual fuels before and after SulNOxEco™ Fuel Conditioner and certified that the impact of the SulNOxEco™ Fuel Conditioner on ISO 8217 test parameters is minimal and do not change the fuel characteristics when added to the marine fuel at prescribed dosage rate.
New certification for widely used marine fuels and potential solution for imminent regulation:
Six separate fuel samples were tested. Three light, distillate marine (DM) fuels and three heavier, more viscous residual marine (RM) fuels, akin to Very Low or Ultra Low Sulphur Fuel Oil ("VLSFO/ULSFO"), previously not independently certified with SulNOxEco™ Fuel Conditioner.
Nicholas Fairfax, Non-Executive Director and Marine lead at SulNOx, commented, "Lloyd's Register is a highly respected and trusted international classification society and these results provide another significant landmark for SulNOx marine.
Fossil-based distillate and residual fuels currently make up more than 98% of shipping fuel requirements. Very little is expected to change with 97% fossil-based usage anticipated by 2030 and two-thirds by 2050. Having this certification immediately opens up long-term sales opportunities practically across the entire shipping sector and adds significant credibility to the ability of SulNOx products to play a vital role in decarbonisation."
Ben Richardson, CEO, added, "Due to the massive fuel consumption and need to reduce emissions at pace, shipping represents one of our biggest markets. The Carbon Intensity Indicator (CII) regulation is coming into force in January next year, with the industry expecting as much as 70% of the global shipping fleet not being compliant and now urgently seeking solutions to reduce emissions and fuel consumption. Many ship owners are talking of having to reduce vessel speeds to become compliant, which obviously comes at great commercial cost. However, with the proven improvements in fuel efficiency, power and torque from using SulNOx in fuels, we offer immediate, green solutions and are already seeing increased client interest. The Lloyd's Register results, once again, confirm that there are no technical barriers to widespread SulNOx adoption in shipping."
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For further information please contact:
SulNOx Group plc
Tel: 07624 491821
Allenby Capital Limited
(AQSE Corporate Adviser)
Nick Harriss / John Depasquale
Tel: 020 3328 5656