H2O Innovation awarded new water treatment contracts worth $8.9 million and its sales backlog reaches $44.3 million
November 5, 2015 (Source: CNW) — All amounts in Canadian dollars unless otherwise stated.
(TSXV: HEO) – H2O Innovation Inc. (“H2O Innovation” or the “Company”) announces today that it was recently awarded three new contracts in an aggregate amount of $8.9 million for the design of potable water treatment systems. These new contracts bring the sales backlog to a high level of $44.3 million as at November 5, 2015, excluding the sales backlog from its Specialty Products and Services business lines (PWT, Piedmont and H2O Innovation Maple).
H2O Innovation is proud to have been selected by three different water authorities for the design, manufacture and commissioning of ultrafiltration (UF) systems to service municipal clients. These systems, located in Oregon, Texas and Virginia, will each be designed using the FiberFlexTM skid, an open platform technology developed by H2O Innovation allowing interchangeability between different brands of UF membrane modules.
The first contract will allow H2O Innovation to expand its presence in Texas. The City of Sherman selected the Company for the design, manufacture and commissioning of a UF membrane system of five (5) trains to treat water from Lake Texoma and produce 11.3 MGD (42,775 m3/day) of potable water. This system will help the City of Sherman upgrade an aging treatment system and more efficiently treat the city’s water.
A second contract is for the design, manufacture and commissioning of a water treatment system for the City of Lebanon; a first for H2O Innovation in the State of Oregon. “This project represents an important opportunity to introduce, in the State of Oregon, the Company’s membrane filtration knowledge and its unique FiberFlexTM skid”, stated Frédéric Dugré President and Chief Executive Officer of H2O Innovation. Once completed, this system will be treating water from the South Santiam River in order to produce 4.5 MGD (17,034 m3/day) of potable water.
Finally, the Company is proud to have been selected by Loudoun County in the Commonwealth of Virginia to design, manufacture and commission a UF system for the communities of Raspberry Falls and Selma Estates. These new communities will be serviced by a 2-train UF system that will produce 0.45 MGD (1,703 m3/day) of potable water.
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These three important systems build on an already notable UF reference list for H2O Innovation. As demonstrated with these recent awards, the FiberFlexTM skid, an innovative product developed by the Company that capitalizes on the process convergence in the UF market, gives a technical and commercial advantage to the customer through adaptability to multiple UF membrane modules. The FiberFlexTM skid provides freedom of choice to the end-user and ultimately lower lifecycle costs.
H2O Innovation continues to steadily grow, enter new territories and increase its market shares, all while maintaining backlog at a high level.
Certain statements set forth in this press release regarding the operations and the activities of H2O Innovation may constitute forward-looking statements within the meaning of securities legislation. Forward-looking statements concern analysis and other information based on forecast future results, performance and achievements and the estimate of amounts that cannot yet be determined. Those forward-looking statements, based on the current expectations of management, involve a number of risks and uncertainties, known and unknown, which may result in actual and future results, performance and achievements of the Company to be materially different than the said forward-looking statements. Information about the risk factors to which the Company is exposed is provided in the Annual Information Form dated September 22, 2015 available on SEDAR (www.sedar.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, energy and natural resources end-users. Also, directly and through its affiliates, H2O Innovation provides services and products complementary to its membrane filtration and reverse osmosis systems. These products consist of a complete line of specialty chemicals, consumables and couplings. For more information, visit www.h2oinnovation.com.
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Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>