McQuilling is investing in SulNOx’s latest funding round, which is led by the company’s largest shareholder, Constantine Logothetis, and Norway’s Nistad Group, following a five-fold increase in SulNOx's share price over the past 18 months.
The funding round, priced at 46.6p per share to raise £1.875m ($2.37m), is backed by a diverse group of shipping, oil, and commodities investors, including Greenbull Shipping, where former Vitol senior executive Nick Mahoney serves as a founding director. Logothetis, who made an initial investment at 9.5p per share in June 2023, has seen the share price rise steadily to over 56p, bringing his stake's value to £18.5m ($24m).
SulNOx’s innovative natural fuel conditioners help reduce emissions, lower fuel costs, and meet sustainability targets by emulsifying water and enhancing fuel efficiency. Recent trials demonstrated a 15% reduction in fuel consumption and a decrease in emissions.
Ben Richardson, CEO of SulNOx, highlighted the growing industry interest in their products, which are being deployed in various power generation sectors to achieve immediate, cost-effective environmental benefits. John M. Schmidt, CEO of McQuilling, expressed excitement about extending their partnership with SulNOx to deliver these significant advantages across the industry.