Sulnox, the UK-listed greentech company backed by shipping investors Idan Ofer and Constantine Logothetis, has raised £1million and launched a Reseach & Development (R&D) arm.
Sulnox Innovations follows the success of Sulnox Eco, the Company’s flagship product for reducing fuel costs and cutting emissions, with zero capex or disruptive change. The new, dedicated R&D capability will develop and commercialise next-generation solutions that support all engine fuels towards Net Zero and beyond, including enhanced biofuel performance and oil reclamation efficiency.
Green emulsification, the combustion improvement mechanism behind Sulnox Eco, will remain central to Sulnox’s IP and innovation strategy, supported by a growing patent portfolio, plus insight and R&D capacity from Sulnox’s strategic partners and scientific institutions.
Ben Richardson, CEO of Sulnox, commented: “Sulnox Innovations is moving quickly but thinks long-term. We’re combining scientific rigour with commercial focus – expanding our intellectual property and fast-tracking practical solutions that deliver immediate value to current and future customers, while supporting global sustainability goals. These initiatives reflect the same focus that defines Sulnox: financially viable, scalable solutions that reduce fuel costs and emissions without disruption.”
To support this strategic expansion and increase working capital, Sulnox has raised a total of £1 million from a group of new and existing investors, led by a shipowner whose company has been using Sulnox Eco on multiple vessels for more than one year. The funds will be used to expand Sulnox Innovations, grow global inventory and stock points, and hire additional staff.
The investors are subscribing for 2,000,000 new ordinary shares at a price of 50 pence per share, a discount of 9% to the last closing price of 55 pence.
Each investor will also receive one warrant for every two new shares subscribed, entitling them to additional shares at 60 pence within three years.
Among the subscribers is Nistadgruppen AS (Nistad), a major existing shareholder, which will hold 14.12% of the enlarged share base. Constantine Logothetis remains the largest shareholder with 28.11%.
Radu Florescu, Chairman of Sulnox, said: “We are delighted to again receive significant further support from existing shareholders, including Nistad, and to welcome new investors. We are confident that the buildup of product inventory will provide a smoother sales cycle to our growing pipeline in the near future. This new commitment of funds follows good progress as reported by Sulnox for Q1, as well as continued strong news flow regarding commercial partnerships and our rapidly growing patent portfolio.”
Source: Sulnox