US-based shipbroker and consulting group McQuilling Partners, Inc. has joined the growing list of international marine industry heavy hitters backing SulNOx, the UK-listed green decarbonisation pioneer, after a five-fold share price hike in 18 months.
McQuilling, headquartered in New York with nine further offices globally, is investing in a new funding round led by SulNOx’s largest shareholder, Constantine Logothetis, and Norway’s shipowning Nistad Group.
The round, priced at 46.6p a share to raise £1.875 million, is supported by a wider group of shipping, oil and commodities investors understood to include Greenbull Shipping, where ex-Vitol senior executive Nick Mahoney is a founding director.
Mr Logothetis made the first direct subscription into the company in June 2023 at 9.5p per share. They have since risen steadily to more than 56p,valuing his stake at US$24m (£18.5m).
Alex Albertini, CEO of Marfin Management, the Monaco based Dry-Bulk ship manager, joined the board a Non-Executive Director in early 2024, becoming the third major shipping industry name to lend his support.
SulNOx works across all major industries to help reduce emissions, lower fuel costs and meet sustainability targets. Its all-natural conditioners emulsify water, while increasing lubricity and oxygen availability to fuel, making it burn cleanly and more efficiently.
The company has made very significant progress in numerous shipping evaluations and growing revenues, signing major pilots in Asia and Europe with operators including Teekay Corporation, Spring Marine, Marfin and Peninsula Yacht Services.
Inland, a key generator trial recently showed fuel consumption lowered by 15%, while emissions were slashed.
McQuilling’s strategic investment will mark a step change in SulNOx’s U.S. reach as it targets not only the marine sector, but all major industries under pressure to reach Net Zero. Recent events such as COP29 have cited additional investment by corporates as a brake on progress. By contrast, SulNOx’s decarbonisation solutions require no capex.
SulNOx CEO Ben Richardson said:
“Our business is attracting a great deal of interest as several industries wake up to how easily our products are deployed in different forms of power generation to achieve immediate cost effective benefits. We’re delighted to have new investors on board who recognise SulNOx’s potential from their expertise in our key markets.”
McQuilling CEO John M. Schmidt said:
“We are excited to have concluded this investment in SulNOx and to actively engage in growing the business particularly in the U.S. market. SulNOx has developed an impressive product that reduces liquid hydrocarbon fuel consumption, associated greenhouse gases and harmful particulate matter emissions. We look forward to extending our partnership and offering these very compelling benefits to industry.”
Source: SulNOx