SulNOx announced the signing of an agreement with Eastern Pacific Shipping (EPS) encompassing both investment into SulNOx and a new product supply contract for its SulNOxEco fuel conditioner (SulNOxEco).
Under the Agreement, EPS will adopt SulNOxEco on a minimum of 30 vessels for a minimum of 18 months use per vessel. EPS will also provide information in relation to the results of the evaluation, which the SulNOx will be able to use in its marketing activities, along with the ongoing support of EPS.
In addition, EPS will also collaborate with and act as an introducer for SulNOxEco, to some of the world’s largest shipping companies. The agreement itself will generate significant revenue and secure committed minimum product volumes of 250,000 litres.
This partnership with SulNOx is a significant step towards achieving EPS’s long-term sustainability objectives. By enhancing our operational efficiency and reinforcing our commitment to meeting global environmental standards, this collaboration further solidifies our position as a proactive leader in sustainable shipping practices.
…said Cyril Ducau, Chief Executive Officer, EPS.
Moreover, EPS Ventures (EPSV) will become a strategic shareholder in SulNOx. EPSV will subscribe for a total of up to 11,692,025 new ordinary 2 pence shares (ordinary shares) at a price of 2 pence per ordinary share in tranches to be issued on the payment for purchase of SulNOxEco by EPS during the initial 18 months of the agreement.
The proceeds will be used for general working capital purposes. Once fully issued, the shares would equate to a maximum of 8.5% of the enlarged issued ordinary shares.