H2O Innovation: Piedmont Secures Three Large FRP & Coupling Orders and Signs Two New Distribution Agreements
(TSXV: HEO) – H2O Innovation Inc. (“H2O Innovation” or the “Corporation”) is proud to announce its business line Piedmont, a global leader in corrosion resistant equipment for desalination plants in the industrial and municipal markets, secured three large orders for fiber reinforced polyester (“FRP”) cartridge filter housings and duplex stainless couplings, totalling $3.3 M. The team also signed two new distribution agreements in new geographies.
Over the last few months, Piedmont has received several new contracts for the supply of FRP cartridge filter housings, cartridge filtration elements as well as flexible couplings of small to medium sizes. Today, the contracted scope is for three new large-scale seawater reverse osmosis (“RO”) desalination plants. Two of these desalination plants are in the Middle East and will each have a capacity of 159 MGD (600,000 m3/d). The third one is in Asia and will treat 36 MGD (135,000 m3/day) of seawater. Piedmont´s scope for this last project will include all three product lines (FRP cartridge filter housings, couplings and self-cleaning strainers), which reinforces its position as a multi-product supplier for desalination projects. “The strong brand recognition Piedmont is currently enjoying within the desalination industry has allowed us to introduce new products and increase the scope value within the same desalination project. More and more, we see that customers entrust Piedmont several of the supply packages as well as capturing synergies within sourcing and project management. With new products in the pipeline, we anticipate that our future contracted scope value within the same project will continue to increase”, stated Ties Venema, Commercial Director of Piedmont.
During that same period, Piedmont signed two new distributors to strengthen its global distribution network. “Israel and Algeria were two markets we did not have a local presence yet and had therefore difficulties to penetrate by identifying and seizing the available opportunities. I am excited to see the synergies that we are generating with our colleagues in Genesys, as Algeria marks the first geography where we share a distributor. Our expectations are particularly high for this country in regard to the aftermarket opportunities for several of our product lines”, added Mr. Venema.
Piedmont is a global leader in corrosion resistant equipment for desalination plants and meets critical customer demand for a wide range of applications in the industrial and municipal markets. For more information, visit www.piedmontpacific.com.
About H2O Innovation
H2O Innovation designs and provides state-of-the-art, custom-built and integrated water treatment solutions based on membrane filtration technology for municipal, industrial, energy and natural resources end-users. The Corporation’s activities rely on three pillars which are i) water technologies and services; ii) specialty products, including a complete line of specialty chemicals, consumables and specialized products for the water treatment industry; and iii) operation and maintenance services for water and wastewater treatment systems. For more information, visit www.h2oinnovation.com.
This press release contains forward-looking information under applicable securities law. All information that addresses operations and activities that H2O Innovation expects to occur in the future is forward-looking information. Forward-looking statements use such words as “believe”, “continue”, “estimate”, “expect”, “intend”, “should” or “will” and other similar terms as well as those usually used in the future and the conditional. Forward-looking statements concern analysis and other information based on forecast future results and the estimate of amounts that cannot yet be determined and are based on the estimates and opinions of management on the date the statements are made. In this press release, such forward-looking statements include, but are not limited to, statements regarding the Corporation’s ability to grow its business. Those forward-looking statements involve several risks and uncertainties. Those risks and uncertainties include, but are not limited to, the Corporation’s ability to generate profits with this announcement new contracts and to generate sales from its new distributors. Other risk factors are discussed in the Corporation’s Annual Information Form dated September 23, 2020 available on SEDAR (www.sedar.com).
Should one or more of these risks or uncertainties materialize, or should the assumptions underlying those forward-looking statements prove incorrect, actual results may vary materially from those described herein. Unless required to do so pursuant to applicable securities legislation, H2O Innovation assumes no obligation to update or revise forward-looking statements contained in this press release or in other communications as a result of new information, future events, and other changes.
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