News blog
Oxonica
- BY: Andrew Hore |
- POSTED: 27/04/2008 |
There are more problems for Oxonica’s fuel borne catalyst business.
A rival, Singapore-based Energenics, has appointed the Italian distributor of Oxonica’s Envirox catalyst, Creuros, to distribute its Enercat fuel borne catalyst. The Energenics chief executive is Ronen Hazarika, who is also involved with Neuftec which is involved in a licence dispute with Oxonica. Ronen Hazarika was involved with the original development of the Envirox technology.
This follows last year’s disappointment when Turkish oil company Petrol Ofisi withdrew from trials.
According to Oxonica, Creuros has been the Italian distributor of Envirox for 14 months and generated less than £5,000 in the period. Creuros says it has been involved with the technology for four years.
Creuros appears to be questioning recently released trial results in Italy, which Oxonica said demonstrated fuel savings of 4.8% after three months and 10.6% after six months. Accroding to Creuros “the data produced was far too variable and inconsistent to draw any conclusions“.
The company says that the results were based on “Envirox Premium Plus, which is believed to be Envirox mixed with a commercially available additive package”. Its chief executive Stefano Livi describes the effort put into developing the market for Envirox “a waste of valuable time and money”. He claims that the company has spent around €300,000 on this. It appears to have more faith in Enercat and will be testing it with the same bus company that tested Envirox..
The shares rose 1.5p to 35p on Friday but this news came after the market closed.
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