Piedmont secures 13 new orders worth $9.3 million
All amounts in Canadian dollars, unless otherwise indicated.
QUEBEC CITY, Feb. 16 2022 (GLOBE NEWSWIRE) — (TSXV: HEO) – H2O Innovation Inc. (“H2O Innovation” or the “Company”) is pleased to announce that its Piedmont business line, a world leader in corrosion-resistant equipment for desalination plants in the industrial and municipal markets, has obtained 13 new fiberglass reinforced (“FRP”) controls cartridge filter housings, stainless steel duplex fittings and PiPerLinkMT permeate connectors, for a total of $9.3 million. Revenue from new sales will be recognized in part during this fiscal year and the remainder during the Company’s next fiscal year.
Over the past two months, Piedmont has achieved record sales for its seawater desalination products. Most of the orders placed included a variety of products from Piedmont’s FRP cartridge filter housings, cartridge elements and flexible coupling product lines. In a few instances, products from the Company’s Specialty Chemicals group were sold to the same customer or to the same desalination project. Current projects span the globe, from Latin America to North Africa, the Middle East and Asia. Piedmont has also concluded its first sales of PiPerLinkMT permeate connector, launched in November 2021.
“We are really pleased to see the large number of projects and the volume of business won thanks to the dedication and hard work of the Piedmont team, especially given the cross-company synergies with our Specialty Chemicals group. Desalination is an important segment for the water industry, and we are optimistic about its growth. Piedmont’s backlog is at an all-time high, driven by our ability to manage costs and leverage our global specialty product distribution network. We continue to develop innovative products to complement our current portfolio, bringing to market unique solutions focused on saving energy and operating costs, living our mission to simplify water,” declared Gregory Madden, Chief Strategy Officer of H2O Innovation.
Certain statements contained in this press release regarding the operations and activities of H2O Innovation and the Company’s other communications to the public more generally describing management’s objectives, projections, estimates, expectations or forecasts may constitute forward-looking statements within the meaning of securities laws. Forward-looking statements relate to analysis and other information based on expected future results, performance and achievements and the estimate of amounts that cannot yet be determined. These forward-looking statements, which are based on management’s current expectations, involve a number of known and unknown risks and uncertainties that could cause the actual and future results, performance and achievements of the Company to be materially different from such forward-looking statements. forward-looking, such as the Company’s ability to execute, complete or deliver these projects, on a timely basis and at no additional cost, given, among other things, supply chain challenges and the global context surrounding the Covid-19 pandemic. 19. Information on the risk factors to which the Company is exposed is provided in the annual information form dated September 27, 2021 available on SEDAR (www.sedar.com).
Piedmont is a world leader in corrosion resistant equipment for desalination plants and meets critical customer demand for a wide range of applications in the industrial and municipal markets. For more information, visit www.piedmontpacific.com.
About H.2O Innovation
Innovation is in our name, and it’s what drives the organization. H2O Innovation is a complete water solutions company focused on providing cutting-edge technologies and services to its customers. The Company’s activities are based on three pillars: i) Water Technologies & Services (WTS) applies membrane technologies and engineering expertise to provide equipment and services to municipal and industrial water, wastewater and water reuse, ii) Specialty Products (SP) is a collection of companies that manufacture and supply a full range of specialty chemicals, consumables and engineered products for the global water treatment industry. and iii) Operation and Maintenance (O&M) provides contracted operations and associated services for water and wastewater treatment systems. Through innovation, we strive to simplify water. For more information, visit www.h2oinnovation.com.
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H2O Innovation Inc.