Clean TeQ Water Quarterly Report Released: Continued Strong Growth and Excellent Outlook Driven by Major Contract Wins
Clean TeQ Water is pleased to provide an update on its activities for the June 2022 quarter, with a 60% increase in quarterly cash receipts, and a 40% reduction in cash burn. The Company also recently won two municipal projects whose combined size exceeds the Company's last year revenues creating strong momentum into the new financial year. Significant progress was made also on the path towards commercializing NematiQ's ground-breaking Graphene Membrane by preparing pilot ready elements and skids.
MELBOURNE, Australia, August 1, 2022 (Newswire.com) - Clean TeQ Water (ASX:CNQ) (OTCQX: CNQQF) has released its June 2022 Quarterly Report, showing quarterly cash receipts of AUD 2.5M up by 60% from the previous quarter (AUD 1.6M). The quarter included an AUD 5M contract signed with Power Water Corporation in the Northern Territory, Australia, to remove uranium from a remote community's groundwater. The treatment plant is the first to be delivered as part of the Northern Territory Government's AUD 28M program to improve water quality and supply infrastructure to prioritized areas of critical need.
The Company has also received a AUD 10M order from its civil construction partner for delivery of a 15 megaliter per day Recycled Water Treatment Facility at the Cleveland Bay Purification Plant for Townsville City Council in Queensland, Australia. The Company will be responsible for the process design, delivery, installation, and commissioning of the equipment, which will allow treatment of the water to Class A standard for reuse in industry and irrigation. The current design includes certain provisions for a second phase of the project to make the effluent suitable for a wider range of industrial uses. The project forms a central part of the local government's long term strategy to enhance water security.
Clean TeQ Water's recent growth is driven by its portfolio of unique technology solutions that the Company is implementing throughout the world. This includes the BIONEX™ project in Ordos (China) which is now continuously operating and removing nitrate to ultra-low levels (below 1 part per million) required to protect the yellow river basin. The company's industrial water treatment project in the Middle East and in New South Wales (Australia) have entered the construction phase, while a drinking water project in Queensland (Australia) has entered the commissioning phase.
Clean TeQ Water's 100% owned subsidiary, NematiQ, has progressed towards field piloting by converting recently produced membrane sheets into membrane elements and skids. NematiQ's Graphene Membranes have been used in laboratory demonstration equipment to confirm the treatment efficiency in applications such as the treatment of surface water to remove dissolved organic compounds (DOC), removal of chemical oxygen demand (COD) from treated effluent, and the concentration of black liquor in the pulp and paper industry. Graphene Membranes have the potential to cut energy use in half compared to conventional polymeric nanofiltration membranes and reduce or eliminate the production of waste brines.
The Company has significant activities planned for the current quarter including:
- Start of the first field demonstrations utilizing its NematiQ Graphene Membrane technology
- Appointment of David Menzies as NematiQ CEO, to accelerate commercialization of the Graphene membranes
- Implementation of the Cleveland Bay Purification Plant project in Townsville and start construction of the Northern Territory Uranium Removal project.
- Final commissioning and full hand-over of the company's Ordos BIONEX™, and Koumala projects
- Finalize construction of the company's HIROX® project with NESR in the middle east and its EVAPX® project in New South Wales
- Continuation of commercial discussions to expand the company's footprint into new geographies and sectors.
Read the full quarterly report here.
Source: Clean TeQ Water