SulNOx gains new patent in Singapore, reports ‘record’ first quarter

Maritime green tech firm SulNOx on Wednesday (31 July) said it has gained a valuable new patent in Singapore and posted record first quarter product sales.

The UK-listed company, which helps industry reduce emissions, lower fuel costs and meet sustainability targets, adds the patent to others granted for the US, Europe, Eurasia, Georgia, South Africa, Indonesia, Hong Kong and China. 

They cover a range of versions of SulNOx conditioners which emulsify water, while increasing lubricity and oxygen availability to fuel, making it burn cleanly and more efficiently.

“Singapore is a key market for SulNOx. It extends access to global customers in several sectors including marine, oil & gas and offshore companies,” the firm said in a statement. 

Product sales volumes rose 32% in the first quarter to June, compared with Q4. 

Revenues of £192,0000 were up 134% on the corresponding period in 2023, but down on Q4, owing to product promotions relating to High Sulphur Fuel Oil (HSFO) and biofuels. These promotions succeeded in securing SulNOx’s first sales in those areas.

HSFO represents c.25% of world bunker demand and biofuels are becoming increasingly important as shipping regulations become more stringent and emissions focused.

SulNOX has typically achieved fuel savings of 5% to 10% with operators piloting SulNOxEco conditioner. At present, 35 shipping companies with a combined fleet of approximately 4,500 vessels are evaluating SulNOx products or expanding their use. 

Marfin Management expanded its trial after initial tests cut bunker consumption by more than 6% and its CEO has since joined the board of SulNOx. Greece’s Seanergy and Spring Marine are both looking to adopt SulNOx products in their fleets to reduce fuel consumption and cut emissions. 

Radu Florescu, Chairman of SulNOx Group, commented: “Whilst Q1 has delivered encouraging revenues and record sales volumes, most significant is SulNOx demonstrating that it can provide a fuel and emissions reduction solution for users of HSFO and biofuels – opening up significant new marine opportunities.”

“Q2 already shows considerable further potential in Africa, and further revenues expected from some very promising R&D results and strategic partnerships. SulNOx is also making several new hires to grow sales in line with ambitions.”

Photo credit: Swapnil Bapat on Unsplash
Published: 1 August 2024