11th Dec 2008 07:00
11 December 2008
Modern Water plc
("Modern Water" or "the company")
MODERN WATER INVESTS IN WATER TREATMENT COMPANY
Modern Water plc (LSE: MWG), an advanced water technologies company, announces today that it has made an investment in AguaCure Limited ("AguaCure"), a UK-based company specialising in proven electrochemical water treatment technologies.
The AguaCure technology offers major environmental and economic benefits through removing dissolved and suspended contaminants from water whilst eliminating bacteria and viruses. Its versatility allows the process to be used in a variety of applications including membrane pre-treatment, mine wastewater, metal finishing, and treating phosphate-contaminated water. A large scale system is currently operating successfully in the car manufacturing industry, and is expected to generate growing revenues from a modest base.
This investment of £400,000 in new equity, which gives Modern Water a 45% share in AguaCure, further expands Modern Water's portfolio of technologies, complementing the range of ground-breaking water treatment applications that the company owns.
The environmental benefits of the technology developed by AguaCure, and based at Bangor University, were a key attraction of this investment for Modern Water, which aims to commercialise energy-efficient water and wastewater treatment methods offering significant capital and operating cost savings.
Modern Water Executive Chairman Neil McDougall said:
"AguaCure fits well with our existing portfolio. The technology has been proven and directly addresses an area for which there is strong demand. Following the announcements regarding the commercial roll-out of our patented desalination technology in Gibraltar and Oman, our partnership with AguaCure further enhances our position as a leading company in the provision of fresh water and the treatment of waste water within our key target markets."
John Bostock, Founder and Chief Executive Officer of AguaCure, commented:
"We are delighted to link up with Modern Water and we are sure that working with their team and existing infrastructure, together with their market knowledge, will enable us to roll out our technology much more quickly and effectively both in the UK and internationally. In addition, the investment gives us the time and opportunity to develop our other ideas to reclaim value from the waste streams that we are already treating, thus enhancing the environmental and commercial benefits."
For further information:
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Modern Water plc |
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Neil McDougall, Executive Chairman |
07740 930303 |
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www.modernwater.co.uk |
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HeadLand Consultancy |
020 7367 5228 |
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Dudley White or Tom Gough |
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KBC Peel Hunt Ltd |
020 7418 8900 |
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Jonathan Marren or Oliver Stratton |
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AguaCure |
07798 876874 |
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John Bostock or Duarte Tito |
07771 643795 |
Related Shares:
MWG.L