Constantine Logothetis has once again increased his stake in UK-listed fuel decarbonisation group SulNOx, valuing his investment at £11m.
Market share purchases have taken his holding to 25.1% of the company, including shares held by Tergeo Limited, a company in which Mr Logothetis has a majority interest.
The investor first took a stake in SulNox in June last year, increasing his holding in September and again in January. Norwegian group Nistad also accumulated 14.5% of the company.
SulNOx’s fuel additives, made from natural, biodegradable ingredients, reduce emissions while achieving significant cost savings for fleet operators in shipping and road transport. The products emulsify water, increase lubricity and oxygen availability to fuel, making it burn cleanly and more efficiently.
The company has made very significant progress in shipping trials 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 usage lowered by 15%, while emissions were slashed.
SulNOx shares have risen 800% to 36.5p in 18 months.
SulNOx Chairman, Radu Florescu, commented:
“The Board appreciates Mr. Logothetis’ continued confidence in the Company’s progress.”
Source: SulNOX
