Modern Water PLC Modern Water announces contracts on UK-China visit (4441U)
December 02 2013 - 7:41AM
UK Regulatory
TIDMMWG
RNS Number : 4441U
Modern Water PLC
02 December 2013
2 December 2013
Modern Water plc
("Modern Water" or "the Group")
Modern Water announces three strategic contracts on UK-China
visit
Modern Water (AIM:MWG), the owner of world-leading technologies
for the production of fresh water and monitoring of water quality,
is pleased to announce three key contracts during a UK Government
trade mission to China, led by the UK Prime Minister, David
Cameron. Signing ceremonies for all three contracts took place in
Beijing as part of the UK mission and was attended by Lord
Livingston of Parkhead, UK Minister of State for Trade and
Investment Designate.
The contracts represent milestones for Modern Water's work in
China, which has spanned the last five years, targeting water
shortage, energy efficiency and environmental protection, three
items at the top of China's policy agenda.
The contract highlights include:
-- A three way outline contract with Ottomen Estate Resources
and Hangzhou Water to work together towards a contract for a
desalination plant on Xugong Island, which would be the first in
China to use Modern Water's world-leading Forward Osmosis (FO)
technology.
-- A contract with Hangzhou Water, China's largest desalination
equipment and construction company, for Modern Water to act as its
sole distributor in the Middle East and its non-exclusive
distributor in the rest of the world except China for its
containerised seawater reverse osmosis desalination plants.
-- A contract with Beijing Green Science and Technology Company
to act as Modern Water's exclusive distributor in China to supply
Modern Water's world-leading water monitoring products as
previously announced in October.
The Xugong Island contract outlines the way in which the parties
will cooperate on the development of a 500m(3) per day desalination
facility on Xugong Island and is expected to see Modern Water
deploy its world-leading FO technology in China for the first time.
Modern Water's process provides both large energy reductions of up
to 30% and a reduced environmental impact compared with other
technologies.
The contract follows China's latest Five Year Plan, which
identified the need for a large increase in desalination capacity
to help better control water shortages and improve environmental
protection. Subject to agreement of a final contract, successful
implementation of the project would give Modern Water a strong
position from which to compete for further projects.
Modern Water's Executive Chairman, Neil McDougall, said: "These
contracts confirm Modern Water's position as a world leader in
forward osmosis technology. Delivering our technology in China for
the first time is truly groundbreaking for the company and we are
very excited about what the future holds for Modern Water in the
country."
UK Prime Minister, David Cameron, said: "Modern Water is an
excellent example of a small British business taking world-leading
technology to China and securing significant deals - all part of
Britain succeeding in the global race."
Modern Water's agreement with Hangzhou Water to act as its
exclusive distributor in the Middle East marks a further step in
the growth of the partnership between the two companies, which
began last December when a framework agreement was signed to
jointly identify and develop projects in China.
The distribution agreement with Beijing Green Science and
Technology Company represents an expansion of Modern Water's water
monitoring equipment business, which supplies advanced water
monitoring and systems for water treatment and industrial users, in
China.
These agreements, in addition to Modern Water's recent office
opening in Shanghai, confirm the Group's growing presence in China,
which is one of its main markets, along with the Middle East and
North America.
Neil McDougall added: "China continues to be a key market for
Modern Water. We have established a strong presence in the country
over the past five years and these agreements highlight the role
played by our world-leading technology as we aim to address water
shortage, energy efficiency and environmental protection in the
country."
All contracts were announced during the UK-China summit, where
UK Prime Minister, David Cameron is leading a delegation of
ministers and senior business people to grow commercial business
relationships between China and the UK.
- Ends -
For further information
Modern Water plc
Hazel Arnold Tel: +44 (0)1483 696000
Group Marketing Manager hazel.arnold@modernwater.co.uk
Or
Headland Consultancy
Tom Gough or Tom James Tel: +44 (0)20 7367 5228
Notes to editors
Modern Water owns, installs and operates world-leading membrane
technology and develops and supplies advanced systems for water
monitoring. Its shares trade on the Alternative Investment Market
of the London Stock Exchange.
Modern Water's patented forward osmosis (FO) technology can be
used across a number of applications and its benefits include lower
energy consumption and a reduced environmental impact. Modern Water
designed and installed the world's first commercial FO desalination
plant in Oman in 2012. With a sales presence in almost 60
countries, the Group's Monitoring Division includes a leading
real-time continuous toxicity monitor and trace metal analysers for
monitoring the quality of drinking water.
www.modernwater.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCBDBDDIXGBGXD
Modern Water (LSE:MWG)
Historical Stock Chart
From May 2024 to Jun 2024
Modern Water (LSE:MWG)
Historical Stock Chart
From Jun 2023 to Jun 2024