Eden Innovation Ltd (ASX: EDE) today unveiled the sales figure for the quarter ended 31 December 2018. During the quarter, Eden’s EdenCrete® sales increased to $604,000, significantly up from the previous corresponding period’ sales of $315,000. For OptiBlend®, sales worth $410,892 were reportedly invoiced during the quarter, including sales in India for five units to Bosch worth a total of A$169,000. It reflects a Y-o-Y improvement of 167% compared to $154,000 sales reported in the quarter ended 31 December 2017.
On Geographic front, Eden announced Georgia’s first federally funded GDOT highway project in which EdenCrete® is used. It resulted in an extension of the scope of the project with the expanded project now estimated to require in total approximately US$660,000 worth of EdenCrete®. Moreover, the first three GDOT State funded repair projects for 2018-2019 advertised for tender needing approximately US$185,000 worth of EdenCrete® in aggregate. So far, the company has delivered an aggregate of 25,355 US gallons of EdenCrete® tanker loads to Georgia, USA. It anticipates that further partial tanker load will be required for the completion of the project, which is expected to occur in late January or early February 2019.
The company further witnessed an increased number of commercial sales of EdenCrete® occurred in Colorado for use in a range of commercial and residential applications during the December quarter. Moreover, following approval by the Colorado Department of Transportation (CDOT) for EdenCrete® to be used in a shotcrete concrete mix, EdenCrete® was used for the first time on the CDOT Central 70 project in Denver.
Eden’s OptiBlend® dual fuel system experienced an increasing demand in India for back-up power supplies supplied by large diesel powered generator sets. As a result, it significant fueled up OptiBlend® sales while witnessing a combination of both attractive economics as well as a national effort to reduce air pollution.
The company further reported the commencement of new truck trials during the quarter with two New York-based ready-mix suppliers, testing the benefits that EdenCrete® Pz could deliver two new commercial pozzolanic concrete mixes. The results of the trial are expected to be released during the first quarter of 2019.
According to the report, recent interest in Eden’s hydrogen technologies continues to grow, with Eden now in discussion with two international companies. Further, the company had lodged a second patent application for the ARC-funded research project with the University of Queensland, EdenPlastTM. It reportedly continues focusing on moving the production of masterbatches of CNT enriched plastics towards commercialization.
Going forward the company intends to market the potential use of EdenCrete® in shotcrete applications in South Korea and Australia. During the quarter Eden continued working with Parchem Construction Supplies Pty Ltd with EdenCrete® testing and training to commence in early 2019, and product rollout scheduled to begin in late first quarter of 2019 across both Australia and New Zealand. As at 31 December 2018, EdenCrete® had approximately a further A$205,000 orders in hand.
At the time of writing, 11 January 2019 (1:50 PM AEST), EDE stock price is up 2.817% to trade at $0.073. Over the past 12 months, the stock price has fallen 55.63%.
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