SulNOx approved in Nigeria & New Distributor
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310
29 November 2024
SulNOx Group Plc
(the "Company" or "SulNOx")
SulNOx approved in Nigeria & New Distributor Signed
(Aquis Stock Exchange: SNOX)
SulNOx Group PLC ("SulNOx"), the greentech innovation company helping industry reduce emissions, lower fuel costs and meet sustainability targets, is pleased to announce a successful strategic initiative to introduce SulNOxEcoTM fuel conditioners to the Nigerian market.
SulNOx has appointed Fuelonomics Hydrocarbons Innovations Limited ("FHIL") as a distributor. FHIL is a subsidiary of DEER Nigeria Limited, comprising experienced fuel and mining experts, and will demonstrate the SulNOx benefits across core industries in Africa's fourth largest economy, for which GDP is expected to reach $252bn in 2024 (Source: IMF).
The collaboration follows a successful strategic visit to Nigeria by SulNOx senior management which established a foundation for sales across multiple sectors including the ubiquitous generators (hospitality, residential, infrastructure, etc.), fuel refineries, petrol stations, transport and logistics companies.
Since the visit, NIPCO (Nigerian Independent Petroleum Company) has successfully proven c.10% fuel savings in their fuel tankers and now plan a phased roll-out of SulNOx across their fleet and to sell SulNOx at their 205 petrol stations in Nigeria. FHIL has since placed an order for c.4,000 litres of SulNOxEcoTM fuel conditioner.
Commenting on the Nigeria partnership and initiative, SulNOx CEO Ben Richardson said:
"Nigeria, for decades a major global player in the energy sector, represents a huge opportunity for SulNOx and a further significant achievement for SulNOx in Africa. Fuel costs have risen >5x in the last 18 months, and much of the population continues to be reliant on the c. 22 million generators for power. We are excited to see significant progress and sales materialising and look forward to collaborating with FHIL's highly capable and ambitious team in deploying our products to help Nigeria grow by lowering fuel costs whilst simultaneously reducing emissions."
Abdulmajeed Amussah, Founder/CEO of DEER Nigeria and FHIL's major shareholder, added:
"FHIL is committed to driving sustainability and economic growth through cutting-edge products and services. FHIL will leverage the increasing governmental and corporate focus on sustainability to position SulNOx as a unique solution for fuel efficiency and environmental responsibility in industry. We have allocated significant financial resources to grow the team and have set ambitious targets given the considerable need to reduce fuel costs in Nigeria."
ENDS
For further information please contact:
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SulNOx Group plc Steven Cowin, CFO |
|
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Allenby Capital Limited (AQSE Corporate Adviser) Nick Harriss / John Depasquale |
Tel: 020 3328 5656 |
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