UK-based SulNOx has announced the signing of an agreement with Eastern Pacific Shipping (EPS) that encompasses both investment into the company and a new product supply contract for its SulNOxEco fuel conditioner.
The agreement follows an eight-month evaluation of SulNOxEco on various EPS-managed vessels including container ships, tankers, bulk and gas carriers, the fuel additives company said today (13 January).
Under the Agreement, EPS will adopt SulNOxEco on a minimum of 30 vessels for a minimum of 18 months’ use per vessel. EPS will also provide information in relation to the results of the evaluation.
‘The Agreement itself will generate significant revenue and secure committed minimum product volumes of 250,000 litres,’ SulNOx said.
Additionally, EPS Ventures (EPSV) will become a strategic shareholder in SulNOx, taking an 8.5% stake in the company, which could also be increased by 3.3% based on successful introductions of large shipping customers to the Company.
‘This partnership with SulNOx is a significant step towards achieving EPS’s long-term sustainability objectives,’ said Cyril Ducau, Chief Executive Officer of EPS. ‘By enhancing our operational efficiency and reinforcing our commitment to meeting global environmental standards, this collaboration further solidifies our position as a proactive leader in sustainable shipping practices.’
Radu Florescu, Chairman of SulNOx, added: ‘Signing the marquee shipping name of EPS after an extensive evaluation period proves the effectiveness of SulNOx products beyond doubt at a time when the industry is crying out for solutions to reduce fuel consumption and associated emissions against a backdrop of increasing regulation. With this partnership, not only have we secured substantial, committed revenues, but there is also significant additional potential revenue from EPS’ introductions to some of the world’s largest fleets. This transaction marks a new and transformative era for the SulNOx Group, and we look forward to a long and mutually beneficial partnership with EPS, delivering the energy transition together.’
As previously reported, last month, SulNOx announced it had raised over £1.8 million from investors, comprising existing shareholders and the addition of a subsidiary of McQuilling Partners, Inc.