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MYCELX wins renewal of Quenchwater system contract
Clean water technology company MYCELX Technologies Corporation announced on Tuesday that its successful Quenchwater system has been renewed by SABIC, the diversified chemicals company.
The AIM-traded firm said the contract was on the same commercial terms for a further two years, and valued at $5m.
It said the renewal was due to the consistent, successful performance of the unit since its installation in 2013.
In addition, the company announced that a new purchase order had been secured from SABIC for a rapid response water treatment system, that will start operations in February.
"The renewal of our showcase Quenchwater system together with the continued momentum that our Saudi team is generating with new purchase orders has resulted in a strong start to 2018," said CEO Connie Mixon.
"The new purchase order is a testament to the strength of MYCELX's offering and follows the superior performance achieved by the projects secured at the end of FY2017."