Scorpio Tankers Inc. 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 Scorpio Tankers, 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.
About Scorpio Tankers Inc.
Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns, lease finances or bareboat charters-in 111 product tankers (39 LR2 tankers, 58 MR tankers and 14 Handymax tankers) with an average age of 8.0 years. The Company has entered into an agreement to sell one of its MR tankers within the first quarter of 2024. Additional information about the Company is available at the Company’s website www.scorpiotankers.com, which is not a part of this press release.
About Fowe Eco Solutions Ltd.
FOWE’s mission is help consumers of conventional fossil fuels increase their efficiency and reduce their emissions by providing a stable, permanent, chemical free and homogeneous emulsion. FOWE’s Cavitech™ technology provides an efficient and simple solution to refiners and other consumers of various grades of fuel. Headquartered in Monaco, FOWE also has offices in Mumbai and Dubai. Scorpio Holdings Limited, a related party to the Company, owns a minority interest in Fowe Eco Solutions Ltd. To learn more about FOWE and its Cavitech™ technology, visit the website at www.fowesolutions.net.
Source Scorpio Tankers