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Clean TeQ Water (ASX: $CNQ) achieves practical completion of HIROX® water recovery plant in Middle East

Clean TeQ Water's achievement of practical completion of HIROX® plant


Clean TeQ Water Limited (ASX: $CNQ) has successfully achieved practical completion of the HIROX® (High Recovery Reverse Osmosis) plant in the Middle East. The completion of this $4.3M contract, including supplementary charges for spares, installation, and supervision, has triggered an immediate milestone payment of $371,000, with the final payment of $742,000 due in 60 days. This marks the first commercial completion of HIROX® technology in the Middle East, laying the groundwork for future revenue generation through the Distribution Agreement with NESR under its Build, Own, and Operate model.

Executive commentary on HIROX® technology and completion of the plant


The global challenge of freshwater scarcity is prompting a substantial transformation in the water treatment industry, as it strives to develop sustainable approaches for optimizing water production. New technologies such as HIROX® aim to enhance the recovery of larger volumes of purified water, and HIROX® has produced extraordinary water recovery in this project without the use of bulk imported chemicals. Clean TeQ always strives to use its technology to deliver outcomes which are both economical and environmentally beneficial to our customers. We also thank our partner in the project, NESR, for recognizing the benefits the HIROX® technology could deliver and for working alongside us over the journey.

Summary of Clean TeQ Water's achievement and outlook


Clean TeQ Water (ASX: $CNQ) has achieved practical completion of the HIROX® water recovery plant in the Middle East, marking a significant milestone in the company's efforts to address critical issues related to freshwater scarcity. The completion of the plant not only signifies the successful implementation of HIROX® technology in the Middle East but also paves the way for future revenue generation through the Distribution Agreement with NESR. The HIROX® technology's ability to provide high water recovery and minimize waste brine volume demonstrates its potential to contribute to the sustainable and efficient use of groundwater, particularly in industries such as oil and gas, agriculture, and drinking water supply. Clean TeQ Water's CEO, Peter Voigt, emphasized the company's commitment to delivering economically and environmentally beneficial outcomes through its technology. The completion of the plant is expected to serve as an important reference site, enabling NESR to engage potential customers interested in adopting the technology for their sites. Clean TeQ Water's strategic shift towards projects that generate annuity income or equity through technology license agreements reflects its long-term business model, positioning the company to address environmental challenges and promote responsible resource management.

Sourcehttps://announcements.asx.com.au/asxpdf/20231206/pdf/05y8j6m0yxrny8.pdf

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