SulNOx Group PLC Nistadgruppen AS investment & Shipping Evaluation (9412K)
December 23 2022 - 6:45AM
UK Regulatory
TIDMSNOX
RNS Number : 9412K
SulNOx Group PLC
23 December 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310
23 December 2022
SulNOx Group Plc
(the "Company" or "SulNOx")
Nistadgruppen AS investment and Shipping Evaluation with
Myklebusthaug Management Norway
(Aquis Stock Exchange: SNOX)
The board of the directors of the Company (the "Board") is
excited to announce an additional investment by its already largest
shareholder Nistad AS ("Nistad") into SulNOx of GBP80,000 as part
of the fund raise, announced yesterday, taking their total holding
in the company to 13,195,652 ordinary shares of 2 pence each
("Ordinary Shares"), equivalent to and 13.08% of the Ordinary
Shares to be in issue. Nistad has also agreed to become an
introducer of the SulNOx products to the Scandinavian shipping
market, already organising a significant shipping evaluation with 2
vessels from the Myklebusthaug Management AS ("Myklebusthaug")
fleet including "Andrea", a container ship managed on behalf of
Nistad.
Myklebusthaug is a traditional manager of self-discharging,
container and offshore support vessels primarily owned by companies
within the Myklebusthaug Group. At present, Myklebusthaug
Management AS operates 6 Container feeder vessels, 5
self-discharging general cargo vessels, and 7 offshore support
vessels. The total number of employees is about 350.
Myklebusthaug has proposed evaluations on the two container
ships with a view to demonstrating reductions in fuel consumption
and emissions. Emissions monitoring will be on both Greenhouse
Gases and Particulate Matter and will specifically focus on
nitrogen oxides ("NOx") decreases due to the Norwegian NOx tax.
This tax is payable by vessels within Norwegian territorial waters
and domestic shipping. The tax is calculated based on fuel
consumption and engine performance data, with a full rate of NOK
23.79 / c. GBP2 per kg NOx in Norway and on the continental
shelf.
Depending on the type of vessel, the fleet is consuming c.5-15
tonnes of fuel per day and provides another significant milestone
opportunity for SulNOx in the shipping space. Upon adoption, this
evaluation would equate to significant revenues per annum and a
well-known name in the region from which to expand the SulNOx
presence.
Ben Richardson, CEO of SulNOx said "This is a very meaningful
evaluation and the start of a realisation by the shipping industry
that they need to embrace the SulNOx green emulsification
technologies of today to reduce fuel consumption and emissions.
With the advent of the Carbon Intensity Indicator (CII) Regulation
from January next year and the NOx Tax, it is clear that our
innovative solutions will help provide the necessary tools as part
of the energy transition, without capex or "dry-dock" expense."
Lord Nicholas Fairfax, Non-Executive Director and Head of Marine
at SulNOx added, "Scandinavia is a very significant market for
SulNOx given the size of the maritime industry associated with the
oil activity in the region. The reduction in Particulate Matter,
the black carbon emitted from poor combustion is also especially
important in these high latitudes. We are now also starting to see
ports across the globe looking to SulNOx as a solution to reduce
air-pollution - once again demonstrated by the NOx tax in
Norway."
Espen Samsonsen and Birgit Nistad, Directors at Nistad, and
Roald Myklebusthaug, Director of Myklebusthaug collectively added,
"We are extremely keen to see how emissions are reduced, especially
NOx given the tax costs and the impact on air quality for the port
of Bergen where we live. We can see the SulNOx products becoming
very popular, very quickly with the Norwegian market and wider
across Scandinavia. We have therefore decided to become a sales
agent for SulNOx across the region in addition to looking to adopt
SulNOx across the Myklebusthaug fleet and demonstrating to our
clients that we are looking for green, innovative solutions."
- Ends -
For further information please contact:
SulNOx Group plc steven.cowin@sulnoxgroup.com
Steven Cowin, Director
Allenby Capital Limited Tel: 020 3328 5656
(AQSE Corporate Adviser)
Nick Harriss / John Depasquale
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