Key Highlights

  • SulNOx Group (LSE:SNOX), the greentech fuel conditioning company traded on the Aquis Growth Market and the OTCQX market, is issuing 366,664 new shares to EPS Ventures, with admission expected on or around 6 November 2026.
  • The share issue forms part of an enlarged four-year Supply agreement with Eastern Pacific Shipping, one of the world’s largest privately owned shipping companies.
  • Revenue for the quarter to 30 September 2026 rose 44.9% to a record £984,200, and first-half Revenue increased 48% to £1.81m.
  • Cash fell to £747,300 at 30 September from £1.53m at 30 June, reflecting Investment in inventory for new long-term contracts.
  • A second four-year supply and investment agreement was signed with Spring Marine in September 2026.

Why SulNOx Group Is in Focus Today

SulNOx Group (LSE:SNOX), the company behind the Sulnox Eco fuel conditioner, is attracting attention from growth-focused small-cap investors on Thursday, 5 November 2026. The company is about to see 366,664 new shares admitted to trading on the Aquis Growth Market on or around 6 November, issued to EPS Ventures, an associate of Eastern Pacific Shipping, under the terms of the companies’ enlarged four-year supply agreement.

The issue is small in size, priced at 2p per share for a total of £7,333 under the agreed terms, but its significance lies in what it represents. A major international shipowner taking an Equity stake alongside a long-term supply contract signals deep commercial commitment. Combined with a record quarter of revenue reported in mid-October, it has kept SulNOx Group (LSE:SNOX) firmly on investor watchlists.

A Record Quarter for Revenue

In its trading update for the second quarter of the financial year, covering July to September 2026, SulNOx Group (LSE:SNOX) reported revenue of £984,200, up 44.9% from £679,300 a year earlier and its best quarter to date. Revenue for the first six months of the financial year reached £1.81m, up 48% from £1.20m in the comparable period.

That followed a first quarter in which revenue rose 54% to £804,600. For the full year to 31 March 2026, revenue more than doubled as adoption of Sulnox Eco expanded across international markets.

The Product and the Pitch

Sulnox Eco is a fuel conditioner added to diesel, heavy fuel oil and biofuel blends. The company says it lowers fuel consumption and harmful emissions without requiring any Capital spending on engines or equipment, which makes it simple for ship operators and industrial users to adopt. With shipping under pressure from emissions rules and carbon costs, that pitch has clear appeal.

The growing use of biofuel blends is widening the opportunity. SulNOx Group (LSE:SNOX) highlighted that biofuel blend sales at the port of Rotterdam rose about 45% year on year in the April to June quarter of 2026. Independent testing earlier in the year demonstrated benefits when Sulnox Eco was used with biofuels, which can be more difficult to store and burn than traditional fuels.

Long-Term Shipping Contracts

The commercial breakthrough of 2026 has been long-term contracts with shipowners. On 22 June, SulNOx Group (LSE:SNOX) signed an increased four-year supply agreement with Eastern Pacific Shipping and its associate EPS Ventures, updating original agreements first announced in January 2025. The company described it as its largest agreement to date. In September, it signed further supply and investment agreements with Spring Marine Management, another customer that had already been using the product.

In April 2026, the company raised £2m from investors led by a shipowner whose company had been using Sulnox Eco on multiple vessels for more than two years. Customers becoming shareholders is a recurring, validating theme.

Distribution and Patent Expansion

Alongside shipping contracts, the company has built a wide distribution network. In 2026 it signed agreements with C-Quip for the UK leisure marine market, DLBC in France, Aditya in India, PPS covering India and Sri Lanka, and Skyzone Technologies in Pakistan. A Chilean sub-distribution partner received a special mention in the DecarbMine 2026 Challenge, and the product was recognised in the UK superyacht awards.

Intellectual property protection has also grown. SulNOx Group (LSE:SNOX) was granted a European patent covering 39 countries for its fuel oil reclamation technology, together with patents in Vietnam, South Korea, Chile, Peru, Israel and Algeria.

Cash and Execution Risks

The second-quarter update also showed cash falling to £747,300 at 30 September 2026, from £1.53m at 30 June. Management said this reflected higher investment in inventory to fulfil the new four-year contracts with Eastern Pacific Shipping and Spring Marine, together with continued commercial development. While the build-up of stock supports future sales, investors will watch closely to see that Working Capital converts into cash, and whether further funding is needed. As a small company with a limited trading record, SulNOx Group (LSE:SNOX) also carries execution risk around scaling production, managing distributors and converting trials into contracts.

What Investors Are Watching Next

The immediate event is admission of the new EPS Ventures shares on or around 6 November. After that, investors will look for the third-quarter trading update covering October to December, expected in the new year, to confirm whether quarterly revenue can keep growing above £1m. Delivery volumes under the Eastern Pacific Shipping and Spring Marine contracts, new fleet adoptions, further distribution deals, cash levels and any fundraising plans are the key areas of focus. Biofuel growth and tighter emissions rules support the long-term case for SulNOx Group (LSE:SNOX).