4yr supply agreement with Eastern Pacific Shipping
Summary by AI BETAClose X
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310
22 June 2026
Sulnox Group Plc
(the "Company" or "Sulnox")
Four-year major supply agreement with Eastern Pacific Shipping
(Aquis Stock Exchange: SNOX, OTCQX: SNOXF)
Sulnox, the greentech company delivering lower fuel costs and emissions with zero capex, is pleased to announce the signing of a new four-year supply agreement with Eastern Pacific Shipping Pte Ltd ("EPS"), representing the largest commercial agreement in Sulnox's history.
The agreement significantly expands deployment of Sulnox Eco™ across the EPS fleet, increasing usage from approximately 30 vessels to more than 50 vessels. The agreement covers the supply of approximately 1.2 million litres of Sulnox Eco over the contract term and is accompanied by an increase in EPS's affiliate, EPS Ventures' ("EPSV") strategic investment in Sulnox.
With a history spanning more than 60 years, EPS manages a fleet of more than 350 vessels across container, tanker, dry bulk, gas and pure-car-truck-carrier segments and has a global workforce of approximately 8,000. The company is widely recognised for its commitment to operational excellence, innovation and decarbonisation.
The agreement follows more than two years of operational deployment and validation across a range of vessel types, including containerships, bulk carriers, tankers and pure-car-truck-carriers. During this period, EPS reported fuel savings of between 3% and 5%, alongside reductions in visible black smoke emissions, cleaner engine conditions, lower sludge generation and improved fuel performance.
Since commencing its partnership with Sulnox, EPS has steadily expanded deployment of Sulnox Eco across its fleet and supported a range of technical validation initiatives. EPS has also introduced Sulnox to a number of major shipowners, operators and fleet managers worldwide, helping to support the Company's growing commercial pipeline and broader market adoption.
Among the technical initiatives undertaken was independent testing commissioned by EPS, which demonstrated lubricity improvements of between 20% and 23% in Low Sulphur Marine Gas Oil (LSMGO). The results provided additional evidence of Sulnox Eco's ability to address lubricity challenges associated with lower-sulphur fuels while supporting engine protection and operational reliability.
As biofuel adoption continues to accelerate across the industry, EPS has also reported positive results from the use of Sulnox Eco alongside biofuel blends. Operational experience and independent testing have indicated benefits relating to fuel stability, lubricity and engine cleanliness, helping support reliable vessel operations while optimising fuel performance.
The wider fleet deployment will include newbuild vessels entering the EPS fleet, reflecting confidence in Sulnox Eco's ability to deliver operational benefits across both existing and newly delivered vessels.
The agreement also strengthens the strategic collaboration between the two companies. EPS will continue to support Sulnox's research, development and validation programmes through operational testing and real-world deployment. Areas of collaboration are expected to include fuel efficiency optimisation, emissions reduction, biofuel performance and other technologies designed to support the maritime industry's decarbonisation efforts.
The Board expects the agreement to generate significant revenue for Sulnox, further accelerating the Company's continued commercial growth.
In addition, EPSV will increase its strategic investment in Sulnox through the subscription of up to 5,500,000 new ordinary shares of 2 pence each ("Ordinary Shares") over the term of the agreement at a price of 2p per Ordinary Share. The new Ordinary Shares will be issued in tranches linked to purchases of Sulnox Eco under the agreement.
Further, 7,058,200 Ordinary Shares will be issued to EPSV following successful completion of the existing contract ("EPSV Shares") of which 4,719,795 are related to introductions ("Introducer Shares") as announced on 13 January 2025.
Subject to completion and the satisfaction of applicable conditions, EPSV's shareholding is expected to increase from approximately 6.47% to 10.83% on admission of the EPSV Shares and to approximately 14% over the lifetime of the new agreement (calculated on the issue of no other new Ordinary Shares than those set out above). The proceeds from the subscriptions will be used to support Sulnox's continued growth and global expansion.
Ben Richardson, CEO of Sulnox, commented:
"EPS has already proven to be much more than a customer. Its operational validation, technical expertise and industry introductions have helped accelerate our commercial development and strengthen our position within the global shipping sector. Moving from a successful evaluation programme and initial deployment to a major long-term agreement and increased shareholding endorses the value Sulnox Eco continues to deliver in real-world operations. We look forward to continuing to work closely with EPS as we expand adoption across the maritime sector and develop the next generation of efficiency and decarbonisation technologies."
Sachin Saharawat, Technical Director of EPS, said:
"Improving efficiency and reducing emissions remain key priorities for EPS. Over the past two years, Sulnox Eco has demonstrated measurable benefits across multiple vessel types, fuel applications and operating environments. Across different vessel segments and fuel types, we have observed consistent improvements in fuel performance, engine cleanliness and operational efficiency.
The technology has been straightforward to deploy, and the results have remained consistent throughout our evaluation and operational use. Those outcomes, combined with ease of deployment, have supported our decision to expand use across the fleet on a long-term basis. The expanded deployment reflects our confidence in the results achieved to date and our belief that practical, scalable technologies such as Sulnox Eco can play an important role in helping the shipping industry improve efficiency and support its decarbonisation ambitions."
Total Voting Rights and Admission
An application will be made for the 7,058,200 new Ordinary Shares to be issued to EPSV to be admitted to trading on the Aquis Growth Market, which is anticipated to occur on or around 30 June 2026. The EPSV Shares are being issued on the terms set out in the announcement of 13 January 2025, at 2 pence per share for a total of £141,164. The Introducer Shares will be issued under authorities in place at the time and not from present authorities, with the remaining ESPV Shares being issued under the Company's existing share authorities.
On Admission, the Company will have 151,608,359 Ordinary Shares in issue, each with one voting right. The Company does not hold any shares in treasury and therefore the total number of voting rights in the Company is 151,608,359. This figure should be used by shareholders from Admission as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.
ENDS
For further information please contact:
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Sulnox Group plc Alex Judd, Head of Marketing & Communications |
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Allenby Capital Limited (Aquis Corporate Adviser) Nick Harriss / John Depasquale (Corporate Finance) Amrit Nahal (Equity Sales) |
Tel: 020 3328 5656 |
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