SulNOx Group PLC Trading Statement (5640R)
08 November 2021 - 8:00AM
UK Regulatory
TIDMSNOX
RNS Number : 5640R
SulNOx Group PLC
08 November 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310
8 November 2021
SulNOx Group Plc (the "Company" or "SulNOx")
Trading Update
(Aquis Stock Exchange: SNOX)
SulNOx, the hydrocarbon fuel emulsification specialist,
announces a trading update ahead of attending a series of
conferences and potential investor meetings including "Mello
Monday" tonight.
Progress is very encouraging. At the start of the tenure of the
current SulNOx board in December 2020, there were only a handful of
opportunities. When we raised further capital in July, we had c.250
potential customers with 58 trials either proposed or underway.
Today, SulNOx has c.600 potential customers and c.130 trials
proposed or underway, including some extremely large, household
names across the globe.
Marine trials are gathering momentum. Emerging data from an
ongoing, large scale shipping trial confirms increased power and
torque production, reduced exhaust temperatures and other positive
data which indicates a more efficient engine with reduced
emissions. With an estimated 90% of the world's goods still
transported by ship, the revenue opportunity afforded by this data
is potentially game changing for SulNOx. In addition, shipping
consumes in excess of 350 million tons of Heavy Fuel Oil ("HFO")
every year and produces "Ships Slops" waste material. All of this
waste needs to be disposed of. SulNOx's new and unique oil
reclamation process using another of SulNOx's products, Berol 6446,
can turn valueless, waste oil mixed with water into an enhanced,
low water, recycled oil for resale. This is therefore a product
with very significant revenue potential, as a solution is required
by every port globally. This product would further diversify
revenue and we have already received a letter of intent and a
strong pipeline of potential clients. With the European Sea Ports
Organisation placing both port and ship waste fifth and sixth
amongst its top ten environmental concerns, this SulNOx product can
also have a significant impact on the carbon footprint of the
shipping industry globally, solving the problem of the build-up of
"Ships Slops" in ports.
Trials in cars, vans, trucks, buses and heavy machinery also
continues to provide further proof of the effectiveness of the
SulNOxEco fuel conditioners at reducing fuel consumption by c.10%
and sales are now beginning to gain momentum. SulNOx has
demonstrated fuel savings of c.9% with Scottish bus company EM
Horsburgh and we now supply their fleet of 100 buses, consolidating
other examples including a haulage firm showing 8% savings across a
fleet including 27 new Euro 6 trucks, operated over 12 months and
covering 1.2 million miles. This shows that even with the most
modern engine and exhaust technologies available, SulNOx can
significantly increase efficiencies by improving the burn profile
of fuels, enabling more complete combustion. In a further ongoing
and now expanded 4-month trial, data confirms fuel consumption
reduction in a Caterpillar CAT 12-cylinder engine in a heavy-duty
land vehicle running biodiesel B20 fuel of up to c.10%. This result
is also key as The International Energy Agency has stated that
biofuels could account for 27% of global transportation fuels by
2050.
Since the AGM updates at the start of September, and
particularly with the ongoing COP26 summit, the Company has also
started to make headlines with various articles in the National
press as to how SulNOx products immediately and dramatically reduce
Greenhouse gas and other emissions associated with climate change
and poor air quality. As SulNOx also has a solution to many of the
issues in respect to the new E10 fuel, retail sales continue to
expand with >500 bottles now sold directly in addition to sales
from distributors. Notably, Shrewsbury based ElimiNOX has sold many
hundreds of bottles to caravan and canal boat customers, including
many repeat orders. The short sales cycle and high margins
associated with retail sales remains an attractive strategy. The
progress towards making SulNOxEco fuel conditioners available on
Amazon continues with listing expected before the end of November
in the UK. SulNOx has engaged a specialist sales agency to maximise
impact and assist in the wider rollout of the SulNOxEco diesel and
petrol conditioners to other countries.
Overall, client momentum is building significantly, and we have
recently placed a large order for product with our chemicals
manufacturer, Nouryon. SulNOx is now fully patented in 72 countries
and c.20 independent sales organisations or introducer agreements
are in place to sell and distribute the product - many of these
firms are also hiring due to increased activity in respect to
potential orders. Whilst we have recently been pushing our entrance
into North America (also receiving ASTM approvals for diesel and
petrol) the product has been sent for significant trials in
Germany, Algeria and Ghana as well as to super yachts in Monaco. We
have recently joined the Quoted Companies Alliance, our corporate
literature is now additionally available in French, Russian and
Romanian and the website will soon offer the ability to buy our
products directly. The ongoing discussions and outcomes from COP26
will only strengthen the need for SulNOx's immediate ability to
deliver emissions reductions and cost savings as oil prices
continue to rise.
- Ends -
For further information please contact:
SulNOx Group plc Tel: 07968 451854
Anthony Granger, Director
Allenby Capital Limited Tel: 020 3328 5656
(AQSE Corporate Adviser)
Nick Harriss / John Depasquale
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