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US-based shipbroker and consulting group McQuilling Partners has joined the growing list of marine industry heavy hitters backing the UK-listed green decarbonisation pioneer SulNOx.
McQuilling is investing in a new funding round led by SulNOx’s largest shareholder Constantine Logothetis and Norway’s shipowner Nistad Group after the UK firm’s five-fold share price hike in 18 months.
The round, priced at 46.6p a share to raise £1.875m ($2.37m), is supported by a wider group of shipping, oil, and commodities investors understood to include Greenbull Shipping, where ex-Vitol senior executive Nick Mahoney is a founding director.
Logothetis made the first direct subscription into the company in June 2023 at 9.5p per share. They have since risen steadily to more than 56p, valuing his stake at £18.5m ($24m).
Alex Albertini, CEO of Marfin Management, the Monaco-based dry bulk ship manager, joined the board as a non-executive director in early 2024, becoming the third major shipping industry name to lend his support.
SulNOx works across all major industries to help reduce emissions, lower fuel costs, and meet sustainability targets. Its all-natural conditioners emulsify water, while increasing lubricity and oxygen availability to fuel, making it burn cleanly and more efficiently.
The company has made very significant progress in numerous shipping evaluations and growing revenues, signing major pilots in Asia and Europe with Teekay Corporation, Spring Marine, Marfin, and Peninsula Yacht Services. A key generator trial recently showed fuel consumption lowered by 15%, while emissions were also decreased.
“Our business is attracting a great deal of interest as several industries wake up to how easily our products are deployed in different forms of power generation to achieve immediate cost-effective benefits,” said Ben Richardson, SulNOx CEO.
“SulNOx has developed an impressive product that reduces liquid hydrocarbon fuel consumption, associated greenhouse gases and harmful particulate matter emissions. We look forward to extending our partnership and offering these very compelling benefits to the industry,” added John M. Schmidt, McQuilling CEO.
The post Shipping heavyweights invest in UK decarbonisation firm appeared first on Energy News Beat.
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