Constantine Logothetis has once again led further investment in UK-listed fuel additives group SulNOx, with second largest investor, Nistadgruppen AS (Nistad), also increasing its holding and a wider group of investors following to back the company’s successful strategy to date.
£1.8m of new funds will be used for more R&D, new key hires and meeting global demand for Sulnox products.
Logothetis has purchased 2.6 million new shares, taking his holding to 23.5%. He first took a stake in SulNox in June this year, increasing his holding in September. Norwegian investor Nistad, which came on board in October, has also backed the new round, taking another 1.3 million shares to give it 14.5% of the company.
SulNOx’s fuel additives, made from natural, biodegradable ingredients, reduce emissions while achieving significant cost savings for fleet operators in shipping and road transport. The products emulsify water, increase lubricity and oxygen availability to fuel, making it burn cleanly and more efficiently.
The company has made very significant progress in shipping trials during 2023. In July it announced that Teekay Corporation had agreed to pilot SulNOxECo fuel conditioner in Gibrtaltar and Singapore. In October, Greek group Spring Marine said it was adopting SulNOx products in its fleet to reduce fuel consumption and cut emssions. Marfin Management has expanded its trial after intial tests cut bunker consumption by more than 6%.
SulNOx chairman Radu Florescu said:
“We are delighted to receive significant further support from our two largest shareholders, Mr Logothetis and Nistadgruppen AS, after both made earlier investments in recent months. This investor group includes new individual and institutional investors that bring additional welcome diversity to our capital base and strengthens the company’s firepower.
“Most importantly, this new commitment of funds is testament to the encouraging progress SulNOx is making in expanding the global footprint of its key products to generate revenue, including from blue chip customers. It is a very significant vote of confidence in our strategy and materially aides SulNOx in achieving its goals.
“Funds will be used to establish product stock points in strategic locations worldwide to meet rising product demand, hire additional key personnel, further R&D for biofuels and general working capital. We look forward to reporting further progress in due course.”
Source: SulNOx