Fluence Corporation’s Shares Surged On ASX Post Agreement With ITEST

Fluence Corporation’s Shares Surged On ASX Post Agreement With ITEST

Fluence Corporation Limited (ASX: FLC) has an objective to be a global leader in providing the packaged water and wastewater treatment solutions. The group provides services for water cycling through optimization of related assets. It provides services like decentralized treatment, wastewater treatment, food and beverages processing, etc. It has its operations in North America, South America, the Middle East and Europe, and the company is trying to extend its presence in China.

The company today, on 28 March 2019, announced that the third contract under its three-year strategic partnership agreement with ITEST has been signed by them. [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]

As per the contract, Aspiral™ Smart Packaged wastewater treatment plants will be supplied by the company, along with the five highway systems in Hubei Province, which is covered under the scope of ITEST’s contract. Additionally, 40 Aspiral™ Smart Packaged wastewater treatment plants (L4 and S1 models) for sites along highways will be supplied by the company most likely by May 2019.

The L4 models will be used at the parking lots and service areas, where 200 cubic meters per day of wastewater will be treated. The S1 models, however, will be deployed at toll stations and will treat up to 75 cubic meters per day. The wastewater will be treated to the required Class 1A wastewater standard.

The Managing Director and CEO of the company, Henry Charrabé said that the partnership with ITEST is in a growing stage, with this third volume contract after previous orders announced in December 2018 for 35 Aspiral™ units to be installed across 13 sites. ITEST is satisfied with the ability of the company to deliver consistent, high-quality wastewater treatment after verifying the performance of both Aspiral™ S1 and L4 models. This is evidence of the confidence of the company’s customers in the MABR technology and the expertise of Fluence in delivering volume orders in a timely and efficient manner.

The company in the recent past has announced that the partnership formed with its Egyptian joint venture, The International Co. for Water Services & Infrastructure and Hassan Allam EPC has been awarded an EPC contract of US$74 million to design and construct a 40,000 cubic meter per day seawater desalination plant, with infrastructure designed and built for a future capacity expansion to 80,000 cubic meters per day.

Fluence will provide the technology in this custom-engineered solution through IWSI. It will supply the pre-treatment, reverse osmosis skids, post-treatment equipment along with designing the process. It will also provide services related to the deployment of the plant. Hassan Allam EPC will provide the local works, including the marine design and execution of the intake and outfall.

On the price-performance front, the stock of Fluence Corporation Limited is trading at $0.505 with a market capitalization of ~$241.82 million (AEST 02:38 PM). The stock has generated a YTD return of 47.54% and generated returns of 5.88%, 52.54% and 21.62% over the past six, three and one-month period. Its 52-week high price stands at $0.575 and a 52-week low price at $0.290, with an average trading volume of 850,932.


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