Modern Water PLC First Modern Water wastewater AMBC order for India (6958M)

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RNS Number : 6958M

Modern Water PLC

13 May 2020

AIM share code: MWG

13 May 2020

Modern Water PLC

("Modern Water" or "Company")

First Modern Water patented AMBC wastewater plant order from Ion Exchange (India)

Modern Water is pleased to announce that, following the collaboration agreement with Ion Exchange (India) Ltd (RNS: 23 December 2019 [i] ), an order for stage one of a two stage project with a total value of c. GBP900,000 project has been received. The estimated net value to Modern Water for stage one is approximately GBP50,000 and for both stages is between c. GBP235,000 and c. GBP270,000.

The project consists of an initial pilot plant for the zero-liquid-discharge system of the Company's All-Membrane Brine Concentration ("AMBC") plant and is expected to reduce the operational costs of wastewater treatment for the specialty chemical production facility of our collaboration partner. On completion of stage one, it is intended that a larger plant is to be installed with the smaller pilot AMBC plant to be used for demonstration with our collaboration partner's clients in projects across India, Oman, the United Arab Emirates and Saudi Arabia .

Simon Humphrey, CEO of Modern Water, commented:

"Even with travel restrictions imposed by COVID19, demand for the Company's patented AMBC technology as a critical component of our end-to-end wastewater monitoring and recovery solution is growing. This first order from our Indian collaborators builds on, and is complementary to, the recent transformation of the Company's business model that has helped improve sales in our global monitoring division, with its 30 year global footprint of the Microtox range of products and services."

Ajay Popat, President of Ion Exchange (India), added:

"As we said on signing of our collaboration agreement, Modern Water's technology, both brine concentration and forward osmosis, are innovative and the right strategic fit to further improve competitiveness and attractiveness of our Zero Liquid Discharge solutions and brine recovery processes to our customers. We are now ready to move to the first installation as we deepen our working relationship with Modern Water."

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 
 Modern Water plc            Simon Humphrey, CEO     [phone] 
                             Sandy Jamieson 
 Cairn Financial Advisers     Liam Murray 
  LLP (Nominated Adviser)     Ludovico Lazzaretti    [phone] 
                            ----------------------  -------------------- 
 Turner Pope Investments     Andy Thacker / Zoe 
  (TPI) Limited (Broker)      Alexander              [phone] 
                            ----------------------  -------------------- 
 

About Modern Water

Modern Water was established in 2006 to develop and commercialise water recovery technologies to counter water crisis problems arising from climate change and a growing global population. Having invested GBP20m over the last 14 years, the results comprise of a robust patent portfolio of cutting edge technology, focused on monitoring of contaminated water and decontamination of wastewater, making recycling of water more efficient. Six countries across the world have legislated that Modern Water monitoring test systems are written into their environmental protection legislation.

About Ion Exchange (India) Ltd

Ion Exchange (India) Ltd, is a large international specialist in water and environment management with expertise, experience and a sales, marketing and distribution channel complementary to Modern Water's desire to expand in to India and provides access for Modern Water's proprietary brine concentration technology and forward osmosis technology into its own production projects and their clients across India, Oman, the United Arab Emirates and Saudi Arabia.

[i] https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/MWG/14361021.html

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May 13, 2020 02:00 ET (06:00 GMT)