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(Sharecast News) - Clean water and air technology company MyCelx has been awarded a short-term rental contract for a mobile PFAS treatment system to treat groundwater contamination at a site in North Dakota for the US Department of Defense.
MyCelx said on Tuesday that the original contract for PFAS treatment was for three months, but said it believes volumes will increase and that it anticipates the rental potentially extending beyond the original term.
As part of the project, MyCelx will conduct in-house treatability analysis to assess groundwater characteristics and predict system performance, enabling it to optimise PFAS removal efficiency on site.
The AIM-listed group stated the contract was included in its revenue forecasts for FY25 and reflects "the continued validation" of its "innovative solutions" by major clients with numerous sites. According to the US Government Accountability Office, remediation costs will continue to increase as the DoD learns more about the extent of PFAS releases.
Chief executive Connie Mixon said: "Working with the Department of Defense on this PFAS remediation project as a very positive step forward for MYCELX. We have focused significant time and resources on developing our offering in the PFAS remediation market and being selected for contracts with the DoD demonstrates that our systems are cost effective, high performing, and reliable. We will shortly be involved in two highly anticipated PFAS trials, which, if successful, have the potential to convert into further commercial sales contracts in due course."
As of 1140 BST, MyCelx shares were down 2.78% at 22.36p.
Reporting by Iain Gilbert at Sharecast.com
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