Scorpio Tankers Inc. Announces MOU Licensing FOWE Fuel-Saving Devices For Entire Fleet; Expected To Result In An Overall Reduction Of At Least 3% In Fuel Costs And 100,000 Tons Of Carbon Emissions Annually

Author: Happy Mohamed | February 22, 2024 06:06pm

 Scorpio Tankers Inc. (NYSE:STNG) ("Scorpio Tankers," or the "Company") announced that the Company has signed a non-binding Memorandum of Understanding to install the Fowe Eco Solutions Ltd. ("FOWE") fuel emulsion systems across its entire fleet. The terms of the licensing agreement will require no material upfront costs for the Company and is expected to result in an overall reduction of at least 3% in fuel costs and 100,000 tons of carbon emissions annually.
 

Mr. Emanuele Lauro, Chairman and CEO of the Company, commented, "In terms of financial and environmental benefits, the FOWE system stands out for its clear and immediate advantages.   Requiring little in the way of initial investment and eliminating the need for installation downtime, the FOWE solution presents an ideal pathway to reducing operating expenses and curbing greenhouse gas emissions."

Mr. Dean Mihalic, CEO of FOWE added, "Recent tests conducted at the Alfa Laval Test and Training Centre in Aalborg, Denmark, indicate potential fuel savings of up to 6.3% for boilers and 8.7% for marine four-stroke engines.   Our technology produces a permanent emulsion with no additives, resulting in cleaner and more complete combustion and significantly lower greenhouse gas emissions.   We are pleased to have reached this stage with Scorpio Tankers, our anchor customer and trusted partner throughout the testing and development process."

The final licensing agreement is subject to customary documentation and closing conditions, and it is expected to be signed within the first quarter of 2024.

Posted In: STNG