25 February 2025

SulNOx Group Plc

(the "Company" or "SulNOx")

Exclusive agency agreement in Greece and Cyprus

(Aquis Stock Exchange: SNOX)

SulNOx, the greentech innovation company helping industry lower fuel costs, reduce emissions, and meet sustainability targets, is very pleased to announce an exclusive agency agreement for Greece and Cyprus with Technava S.A., one of the leading suppliers and contractors of shipbuilding and industrial equipment in those markets, which has operated at a unique crossroads of commercial and technical management for close to 60 years.

SulNOx was first introduced to the Greek market in May 2024 with the support of Piraeus-based Shipping Spares Repairs and Supplies Ltd (SSRS). SSRS has strong relationships with shipowners, contractors and shipyards, and a longstanding interest in decarbonisation technologies. It will continue to work alongside Technava to service a number of key clients.

The new initiative extends SulNOx's reach in the globally important and highly influential Greek maritime sector, in which it has existing partnerships with major operators. Greece has the world's largest shipping fleet by size, controlling 17.8% of the world's shipping capacity (Source: Virtuemarine, 2024).  Based on existing commitments and discussions, SulNOx expects the Greek maritime business to form a significant part of its portfolio going forward.

Technava has verified results showing fuel savings of 4-7% and significant mechanical benefits. Given the proven efficiency savings and mechanical benefits, Technava is the ideal partner to provide SulNOx driven solutions to the Greek maritime ecosystem. 

Technava was founded in 1968 to supply marine equipment and technical support to the Greek shipping industry. Today, it is one of the leading companies in the supply, installation and service of equipment on board all types of ships. Technava's scope also includes services and equipment for the industrial sector and in particular for power plants, city municipalities and the oilfield industry. The long-term partnership agreement with SulNOx provides further representation in those very substantial non-maritime markets.

In addition, Technava works with a wide network of 'principals', or key manufacturers and product suppliers that it promotes, which are engaged in major markets China, Korea, Turkey, Italy and Germany. These are all countries specifically targeted by SulNOx for further expansion.

Commenting on the agreement, Ben Richardson, CEO of SulNOx, said:

"Technava has a huge, well-respected presence in Greece and Cyprus, which represents a very sizeable and multi-faceted opportunity for SulNOx. We look forward to expanding our relationship with the excellent Technava teams and principals to accelerate our revenue development in this important region."

Styliani Tomazos, Managing Director of Technava S.A., added:

"Our customers across all industry sectors are under significant pressure to meet regulatory expectations for emissions reduction, while seeking also to achieve cost savings from lower fuel consumption. By offering SulNOx as a zero-capex energy transition solution that yields significant and rapid results, we are reinforcing our commitment to helping customers save money and minimise the environmental impact of their businesses. We look forward to promoting SulNOx as a unique greentech proposition for industry, with very compelling benefits." 

Dominic Jolliffe, Director of SSRS Ltd, said:

"We look forward to building on Sulnox's initial success in the Greek market and continue to believe that Sulnox offers an attractive solution for shipowners in their efforts to comply with stringent environmental regulations."

ENDS

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