MyCelx reports decent progress across business

(Sharecast News) - Clean water and air technology specialist MyCelx Technologies said in an update on Wednesday that, following the successful sale of its Saudi Arabian business operations in the first quarter, it had redirected internal resources towards advancing its marketing and sales plan for its technologies in the PFAS remediation and enhanced oil recovery (EOR) markets. The AIM-traded firm said that in the United States, it had successfully completed a treatability study, paving the way for participation in a four-month pilot trial treating PFAS contamination at a municipal wastewater treatment facility, expected to start in the first quarter of 2025.

Additionally, it said it was conducting a short-term emergency PFAS remediation project at a refinery, aiming to expand Aqueous Film Forming Foam (AFFF) clean-up projects globally.

Moreover, MyCelx said it was engaged in pre-treatment system identification for a landfill leachate project and ramping up rapid small scale column tests for PFAS water characterisation and removal.

On the commercial and strategic front, MyCelx said it anticipated finalising an agreement with a US-based water system supplier to integrate its PFAS media into their product line.#

It said it was also pursuing discussions with potential partners in PFAS target markets and recently hired a technical expert with nine years of PFAS experience.

In Australia, MyCelx reported increased sales of PFAS systems by its Australian distribution partner, with recent successes in liquid waste facility and engineering firm projects.

In the realm of REGEN for EOR and beneficial reuse, MyCelx said it was running a pilot with a global energy technology company in the Middle East to showcase REGEN media's capabilities.

Additionally, the company said it was commencing a REGEN pilot trial in Canada with an EOR producer.

On the commercial and strategic front for REGEN, MyCelx said it delivered the first REGEN retrofit package to a Middle Eastern EOR customer and received notification from a global product supplier favouring REGEN technology for EOR produced water treatment.

The company also strengthened the REGEN team with the addition of an experienced engineer.

"We continue to be upbeat about the progress we have made in 2024 and the outlined developments mentioned reinforce the significant advancements we are making as a business," said chief executive officer Connie Mixon.

"We intend to capitalise on positive recent developments in the US, following the publishing of the EPA PFAS Drinking Water regulations, and we continue to aggressively pursue partnerships, pilots, data collection and projects in our core markets.

"There is tremendous opportunity in the EOR market for our REGEN product."

Mixon said the company was engaged with multiple producers who required better performance and a reliable solution to water management during production for EOR and beneficial reuse.

"Both our PFAS and REGEN offerings are designed to be best in class in their applications and we expect to see a continued uptick in demand for sales and/or pilot projects from globally recognisable firms over the rest of 2024."

At 0850 BST, shares in MyCelx Technologies Corporation were up 4.44% at 57.44p.

Reporting by Josh White for Sharecast.com.