SulNOx approved in Nigeria & New Distributor
29/11/2024 07:00
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RNS Number : 0810O SulNOx Group PLC 29 November 2024
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 SulNOxEco(TM) 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 SulNOxEco(TM) 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:
SulNOx Group plc steven.cowin@sulnoxgroup.com (mailto:steven.cowin@sulnoxgroup.com)
Steven Cowin, CFO
Allenby Capital Limited Tel: 020 3328 5656
(AQSE Corporate Adviser)
Nick Harriss / John Depasquale
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