Australian Water Technology Company Shows Rapid Growth in First Quarter as a Public Company
Clean TeQ Water Ltd (ASX:CNQ) was recently demerged from parent company Sunrise Energy Metals to focus on further commercialization and growth of its broad portfolio of new water treatment technologies. The company's results from its first official quarter were solid, with cash receipts of A$1.6 million, a 38% improvement compared to the previous quarter as a subsidiary.
MELBOURNE, Australia, November 10, 2021 (Newswire.com) - Clean TeQ Water recently released its first quarterly report since publicly listing on the Australian Securities Exchange. It currently has five projects under construction with a contract value of A$13 million. In the last quarter alone, Clean TeQ Water added A$5 million in new contracts including a bore water recycling solution with NASDAQ listed National Energy Services Reunited Corp for an Oil and Gas multinational, and a brine treatment contract with a leading agricultural by-product processing facility.
Each of the five projects under implementation rely on Clean TeQ Water's unique portfolio of innovations specifically developed to address existing water treatment challenges. A major existing problem in the water sector is that water filtration typically leads to secondary pollution in the form of highly concentrated saline brine. Those brines are often too polluted for release to the environment, while evaporation ponds are often ineffective or prohibited, and further treatment can be complex and costly. A second major global challenge is the effective removal of traces of micro-pollutants, including nutrients and persistent organics (the so-called 'forever chemicals'). A third major general challenge for the water sector is the high energy cost and resulting carbon footprint of existing membranes and evaporation processes.
Clean TeQ Water's ability to address the above challenges has resulted in substantial interest from potential customers from across the world. Clean TeQ Water is actively working on the establishment of demonstration sites and partnerships in core sectors and geographies to drive future growth and allow Clean TeQ Water to capture a share of this multibillion-dollar market.
The contracts signed in the past quarter show how Clean TeQ Water's solutions can help customers improve the efficiency of water treatment as each project will substantially reduce the carbon footprint per square meter of water produced, while reducing secondary waste through the recycling of the saline by-product.
Clean TeQ Water is currently also working on a new graphene membrane technology that promises to remove micropollutants at substantially reduced energy cost and with less brine production.
Clean TeQ Water's position as a leading innovator was recently confirmed by winning the prestigious top prize at the IChemE Global Awards, Outstanding Achievement in Chemical and Process Engineering, for its BIONEX™ nitrate polishing and destruction solution.
Contact: Will McLean
Source: Clean TeQ Water