REG - MyCelx Tech. Corp. MyCelx Tech. Cp-MYXR - Business Update

Mycelx TechnologiesAnnouncement

24/04/2024 07:00

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RNS Number : 7639L  MyCelx Technologies Corporation  24 April 2024

24 April 2024

 

MYCELX TECHNOLOGIES CORPORATION (AIM : MYX)

 

Business Update

 

MYCELX Technologies Corporation ("MYCELX" or the "Company"), the clean water
and clean air technology company transforming the environmental impact of
industry, is pleased to provide and update on its recent business development.

 

Following the successful completion of the sale of its Saudi Arabian business
operations in Q1, the Company has focused its internal resources on
accelerating its marketing and sales plan for its unique technologies in the
Perfluoroalkyl and Polyfluoroalkyl Substances ("PFAS") remediation and
Enhanced Oil Recovery ("EOR") markets. The initial result of this renewed
strategy is starting to materialise and accordingly the Company is pleased to
provide the following update on these two sectors:

 

PFAS Remediation

 

      UNITED STATES

      PILOT TRIALS

·      Successful completion of treatability study paving the way for
inclusion in a multiple technology, four-month pilot trial treating PFAS
contamination at a municipal wastewater treatment facility. The trial is
expected to commence in Q1 2025, and the final outcome of the trial is
expected to determine the award of a lucrative contract by the municipality in
2025.

·      Successfully running a short-term, emergency PFAS remediation
project treating Aqueous Film Forming Foam ("AFFF") contaminated water at a
refinery. Contracted by a global engineering company, MYCELX intends to
leverage this success to win more AFFF clean-up projects from the engineering
consultant and become their "go-to" solution for AFFF remediation worldwide.

·      Ongoing pre-treatment system identification process for a
landfill leachate project started in 2024. Currently in discussions with
technology partner for pre-treatment equipment to prevent fouling of the
MYCELX PFAS system and media.

·      Ramped up Rapid Small Scale Column Tests at the Company's Texas
facility to perform PFAS water characterisation and removal tests, with the
aim of shortening pilot approval and sales cycles.

 

       COMMERCIAL and STRATEGIC

·      Expect to finalise an agreement with an established Point of
Entry/Point of Use commercial and residential water system supplier in the US
to integrate the Company's PFAS media into their product line. The recent US
Geological Survey report states at least 45% of the nation's tap water is
impacted by PFAS contamination.

·      Ongoing discussions with several large, potential partners in
each of our PFAS target markets where the parties believe strategically
integrating MYCELX's technology creates value for both companies.

 

        CORPORATE

·      Hired a technical expert with nine years of PFAS experience
within a global water treatment and equipment company.

 

       AUSTRALIA

·      MYCELX is reporting a material uptick in media sales for PFAS
systems leased or sold by its Australian distribution partner.

·      MYCELX's distribution partner has had recent success in sales of
systems.

o  for PFAS remediation at a liquid waste facility; and

o  through working with a global engineering firm, sales to three companies
to remediate PFAS contaminated water.

 

 

REGEN for EOR and Beneficial Reuse

 

       PILOT TRIALS

            Middle East

·      Currently running a pilot with a global energy technology company
to showcase REGEN media's superior capabilities over nutshell media to other
EOR producers. We expect to get more traction in the region with EOR producers
with whom we have several active proposals.

 

            Canada

·      REGEN pilot trial commencing in May with Canadian EOR producer,
which, if successful, could potentially result in c.a. $2 million project
award.

 

COMMERCIAL and STRATEGIC

·      Delivered first REGEN retrofit package contracted in 2023, which
will enable our EOR customer in the Middle East to change from traditional
nutshell media to REGEN media. We expect more projects with this producer as
they retrofit and upgrade equipment and expand production.

·      Received notification from a global product supplier to the EOR
market that their testing concluded REGEN was the best technology for
treatment of EOR produced water and they intend to bid their projects to
include REGEN going forward with one bid already submitted.

 

       CORPORATE

·      Hired an experienced engineer to further strengthen the REGEN
team with project start-up and commissioning experience, project proposal
production and technical laboratory testing.

 

 

 

Connie Mixon, CEO, commented:

 

"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. 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. We are engaged with multiple
producers who require 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."

 

For further information, please contact:

 

 MYCELX Technologies Corporation

 Connie Mixon, CEO                                  Tel: +1 888 306 6843

 Kim Slayton, CFO

 Canaccord Genuity Limited (Nomad and Sole Broker)

 Henry Fitzgerald-O'Connor                          Tel: +44 20 7523 8000

 Ana Ercegovic

 Bellicourt Communications (Financial PR)

 Mark Anselme                                       Tel: +44 20 7770 6424

 Jimmy Lea

 Charlie Denley-Myerson

 

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