Israeli Billionaire Idan Ofer Backs UK Green Fueltech Specialist SulNOx
Israeli billionaire Idan Ofer has recently thrown his support behind UK-based green fueltech specialist SulNOx, marking a significant milestone for the company.
Ofer, who controls Eastern Pacific Shipping (EPS) based in Singapore, has made a substantial commitment to SulNOx. EPS has agreed to incorporate SulNOx fuel conditioner on at least 30 of its vessels for a minimum of 18 months. Additionally, Ofer’s EPS Ventures will acquire up to an 8.5% stake in SulNOx, with the possibility of increasing it by an additional 3.3% based on successful introductions to shipping customers.
Following an extensive eight-month evaluation of SulNOxEco conditioner on EPS-managed ships, including containerships, tankers, bulkers, and gas carriers, significant fuel savings of up to 5% were observed with heavy sulphur fuel oil (HSFO) and B30 biofuel.
CEO of EPS, Cyril Ducau, expressed his enthusiasm for the partnership, stating, “This collaboration with SulNOx is a pivotal step towards achieving EPS’s long-term sustainability goals. By improving our operational efficiency and reinforcing our commitment to global environmental standards, we are further establishing ourselves as leaders in sustainable shipping practices.”
SulNOx’s market capitalization has surged to £117m ($142m) in recent months, thanks to support from various shipping-related investors like Constantine Logothetis, Nistad of Norway, McQilling from the United States, and Greenbull, co-founded by former Vitol senior executive Nick Mahoney.
The company’s organic fuel additive has gained traction in multiple heavy industries striving to reduce emissions and comply with regulatory requirements, particularly in the shipping sector. Early adopters of SulNOx products include Teekay, Spring Marine, and Marfin.
Chairman of SulNOx, Radu Florescu, commented on the partnership with EPS, saying, “Securing EPS as a partner after a rigorous evaluation period validates the effectiveness of SulNOx products in addressing the industry’s urgent need to cut fuel consumption and emissions amidst tightening regulations. This collaboration not only guarantees substantial revenues but also opens up significant opportunities through EPS’s connections to some of the largest shipping fleets globally.”