All amounts are in Canadian dollars unless otherwise stated.
QUEBEC CITY, Dec. 05, 2022 (GLOBE NEWSWIRE) — (TSX: HEO) – H2O Innovation Inc. (“H2O Innovation” or the “Corporation”) is pleased to announce that its Water Technologies & Services (WTS) business line has recently been awarded two new water treatment projects. These projects both include the supply of ultrafiltration (UF) technology and diversify our order backlog for the current fiscal year. These new contracts, with a total value of $12.1 M, bring the WTS backlog to $55.1 M.
The largest of the two projects consists of a seven-train UF system for the City of Grants Pass, in Oregon. This system is designed for a capacity of 22.5 MGD (85,200 m3/day) to provide drinking water for the community. H2O Innovation submitted a proposal with a higher initial capital cost but with a significantly greater long-term value to the City’s ratepayers and was therefore recommended as the successful bidder over two other proposers. The project will start with an engineering phase, and the fabrication of equipment is expected to be completed in 2024.
The second project involves a UF-RO system expansion for the City of Sherman, Texas, in order to bring the total capacity of the system to 14.0 MGD (53,000 m3/day). The scope for this project is to add two additional UF trains to the existing five trains that H2O Innovation provided in 2018, as well as an additional RO train to expand the two trains provided in 2019. This expansion is a fast-tracked upgrade that is expected to be completed within the next 12 months.
“We can see that the market is still rich in opportunities for water treatment systems, both for the municipal and industrial sectors. H2O Innovation stands out once again as the partner of choice to provide long-term value for the clients. Our new fiscal year is off to a promising start, and this allows us to look forward to the next few years with confidence,” stated Frédéric Dugré, President and Chief Executive Officer of H2O Innovation.
Certain statements set forth in this press release regarding the operations and the activities of H2O Innovation as well as other communications by the Corporation to the public that describe more generally management objectives, projections, estimates, expectations or forecasts 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 Corporation to be materially different than the said forward-looking statements, such as the Corporation’s ability to execute, complete or deliver these projects, in a timely manner and without additional costs, mostly due to the challenges resulting from the global supply chain. Information about the risk factors to which the Corporation is exposed is provided in the Annual Information Form dated September 27, 2022 available on SEDAR (www.sedar.com).
About H2O Innovation
Innovation is in our name, and it is what drives the organization. H2O Innovation is a complete water solutions company focused on providing best-in-class technologies and services to its customers. The Corporation’s activities rely on three pillars: i) Water Technologies & Services (WTS) applies membrane technologies and engineering expertise to deliver equipment and services to municipal and industrial water, wastewater, and water reuse customers, ii) Specialty Products (SP) is a set of businesses that manufacture and supply a complete line of specialty chemicals, consumables and engineered products for the global water treatment industry, and iii) Operation & Maintenance (O&M) provides contract operations and associated services for water and wastewater treatment systems. Through innovation, we strive to simplify water. For more information, visit www.h2oinnovation.com.
H2O Innovation Inc.