With more corporate attention being paid to environmental sustainability, wastewater treatment company Clean TeQ Water (ASX: CNQ) continues to emerge at the forefront of water tech having secured their fifth contract for the year to highlight interest in their tech solutions.
This latest contract has been awarded to Clean TeQ by agriculture company Loris H Hassall for a wastewater treatment system at their agricultural by-product processing facility in New South Wales.
Under terms of the agreement, Clean TeQ will design, procure, and deliver an EVAPX™ system to treat wastewater and recover clean water at the the facility.
The patented EVAPX system is a process where water is evaporated from dirty wastewater, allowing the water to be recovered and re-used in a beneficial way. By employing it, users are able to recover water with much less energy than alternative solutions, thereby reducing their carbon footprint.
The contract is valid around $1.6 million to Clean Teq which will commence on the work immediately with the aim of having it fully operational by June 2022. It is the fifth one signed by Clean TeQ in 2021 and follows on from a $3m contract secured last month for a Water Recovery Plant in the Middle East.
Other industrial sectors where Clean TeQ have deployed the EVAPXsystem include mining, metal processing, and chemicals.
The rise of Clean TeQ as specialists in wastewater treatment led to the Company being de-merged from Sunrise Energy Metals (ASX: SRL) in July 2021 to focus on rapidly growing sales of its innovative proprietary ion exchange water purification systems.
According to Clean TeQ’s demerger documents, the business generated $1.24m of revenue for the 6 months ended 31 December 2021, a 233% increase on the previous corresponding Half Year’s $0.37m.
Alfred Chan is an Analyst at Emerald Financial, specialising in ASX-listed small cap companies.
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