Supply & Investment Agreements with Spring Marine
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 September 2026
Sulnox Group Plc
(the “Company” or “Sulnox”)
Four-year supply agreement and investment with Spring Marine
(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 four-year supply agreement with Spring Marine Management S.A. (“Spring Marine”), a leading Greek ship management company and long-standing customer of Sulnox (the “Agreement”).
The Agreement covers the supply of Sulnox Eco™ for use across at least 34 vessels and approximately 600,000 litres of product over the contract term - an increase of approximately 70,000 litres of Sulnox per annum from current levels reflecting planned fleet expansion and larger vessels consuming more fuel.
In addition, Spring Marine will make a strategic investment of up to £1,100,000 in Sulnox through the subscription for up to 2,750,000 new ordinary shares of 2 pence each (“Ordinary Shares”) at a price of 40 pence per Ordinary Share (the “Subscription Agreement”), details of which are set out below.
Spring Marine’s decision to invest in Sulnox alongside its supply commitment is a clear endorsement of the Sulnox Eco product and the growth prospects of the Company.
Spring Marine operates a fleet of tankers and bulk carriers and first introduced Sulnox Eco on a number of its vessels in 2023. Extensive operation using Coriolis mass flow meters, torque meters and engine performance monitoring systems has demonstrated consistent fuel savings averaging approximately 5%, together with reductions in specific fuel oil consumption (SFOC) and improved engine efficiency.
Spring Marine has also reported operational and maintenance benefits from the use of Sulnox Eco, including cleaner combustion components and injectors, reduced carbon build-up, minimal sludge generation and consistently cleaner exhaust emissions with no visible black smoke.
The Agreement provides Sulnox with long-term contracted demand from an established customer and further validates the sustained benefits of Sulnox Eco in real-world maritime operations. The Board expects the Agreement to generate significant incremental revenue for Sulnox and further strengthens the Company’s presence within the important Greek shipping market.
Commenting on this very significant development, Captain George Chondronikolas, General Manager of Spring Marine, said:
“We have now been using Sulnox Eco for three years and have seen consistent and measurable benefits across our operations. The fuel savings are important, but we have also seen meaningful improvements in engine cleanliness, efficiency and emissions performance.
Our decision to enter into a four-year supply agreement reflects our confidence in the product and the results it continues to deliver. By also committing to invest in Sulnox, we are pleased to strengthen our relationship further and participate in the Company’s growth as adoption of its technology expands across global industry.”
Ben Richardson, CEO of Sulnox, commented:
“Spring Marine is another marquee customer embracing shipping’s inevitable decarbonisation agenda and using sophisticated vessel telemetry to demonstrate the effectiveness of Sulnox Eco. The results achieved across its fleet provide compelling real-world evidence of the fuel savings, emissions reductions and cleaner engine performance our technology can deliver.
Deciding to become a Sulnox shareholder as well as a long-term customer represents a powerful further endorsement of our product and strategy. We are delighted to deepen our relationship with one of Greece’s most respected ship managers as it continues to grow and develop its fleet.”
Subscription Agreement
Concurrent with the Agreement, the Company and Spring Marine will enter into the Subscription Agreement, under which Spring Marine will subscribe for up to 2,750,000 new Ordinary Shares at a subscription price of 40 pence per Ordinary Share, representing a maximum aggregate investment of up to £1,100,000 (the “Subscription Shares”).
The Subscription Shares will be issued in quarterly tranches linked to purchases of Sulnox Eco made by Spring Marine under the Agreement. The first quarterly issue of Subscription Shares will be made in January 2027, with a further announcement to be made at the time. The proceeds from the Subscription Shares will be used to support Sulnox’s continued growth and global expansion. Once fully issued, the Subscription Shares would equate to a maximum of 1.78% of the enlarged issued Ordinary Shares (assuming no other issues of Ordinary Shares).
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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