Cleantek Industries Inc. Announces Successful Field Trial of EcoSteam Technology
Rhea-AI Summary
Cleantek Industries (TSXV: CTEK) announces successful field trial of its EcoSteam technology, a mobile evaporation platform using natural gas for wastewater volume reduction. The company plans to convert its fleet of diesel-powered CleanSteam units to EcoSteam, targeting 25 units by Spring 2025. The trial exceeded customer expectations in water evaporation rates, with the first customer requesting a second unit. Five additional units are being re-manufactured at the Crossfield facility. The initiative allows redeployment of idle assets with minimal conversion costs, promising high return on investment and quick payback.
Positive
- Successful field trial exceeded customer requirements, leading to extended usage and demand for additional units
- Low capital requirements for fleet conversion with quick payback period
- Plan to deploy 25 EcoSteam units by Spring 2025
- Efficient utilization of idle, fully depreciated assets through conversion
- Strong customer demand for the technology
Negative
- Converted assets cannot be recognized at full value on balance sheet
News Market Reaction – GLKFF
On the day this news was published, GLKFF gained 109.09%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Calgary, Alberta--(Newsfile Corp. - December 3, 2024) - Cleantek Industries Inc. (TSXV: CTEK) ("Cleantek" or the "Company"), a leader in innovative clean technology solutions, is proud to announce the successful field trial of its EcoSteam technology. The EcoSteam is a mobile evaporation platform that utilizes natural gas to power a proprietary thermal separation process significantly reducing wastewater volumes. This achievement marks a significant milestone in the growth of Cleantek's low-emission water evaporation product line.
The successful field trial of the first EcoSteam unit marks the initial phase of Cleantek's fleet refurbishment and redeployment initiative. Converting the Company's large fleet of legacy and underutilized, diesel-powered CleanSteam units presents a significant growth opportunity for Cleantek. With low capital requirements for refurbishment and a quick turnaround, this initiative offers a unique opportunity to expand the Company's product portfolio and drive revenue growth, at minimal cost.
Five additional EcoSteam units are being re-manufactured in the Company's Crossfield facility with a target of twenty-five units to market by early Spring 2025. Strong customer demand for evaporation technologies and the shared interest in lower-emitting technologies align seamlessly with Cleantek's suite of products. The EcoSteam serves as a compliment to the Company's highly successful DZeroE suite of waste heat evaporators, further enhancing our product offerings.
Key Highlights from the recent EcoSteam Trial:
- Output: Exceeded customer requirements for water evaporation rates and the customer plans to keep the unit for the duration of winter and has asked for a second unit.
- Emission Reductions: Utilizing natural gas (including waste gas) to evaporate wastewater on-site provides a low-emissions method of recycling water to the atmosphere. This approach minimizes disposal volumes and significantly reduces truck transport.
- Operational Flexibility: Demonstrated seamless integration into existing infrastructure, with minimal operational disruption.
- Redeployment of Idle Assets: Utilizing the fleet of legacy diesel-powered CleanSteam units for the EcoSteam conversion allows the Company to redeploy assets that were idle and fully depreciated at a minimal cost of conversion. While the conversion does not allow the Company to recognize the full value of these redeployed assets on the balance sheet the new revenue stream will result in a high return on investment and a very quick payback.
"We are very pleased with the results of the EcoSteam trial and would like to extend our gratitude to our customers for sponsoring the application," said Cleantek CEO, Riley Taggart. "The EcoSteam initiative is among the first steps of Cleantek's strategy to reimagine the possibilities of our idle assets. We are committed to further expanding into the water evaporation market and, with strong customer demand for EcoSteam units, we aim to continue their conversion through 2025."
About Cleantek Industries Inc.:
Cleantek is an environmental technology-based company that provides specialized and fully integrated wastewater treatment and disposal equipment along with turnkey sustainable lighting rental solutions. Cleantek leverages its patented technology and industry expertise to provide equipment to service a diverse clientele. Cleantek prioritizes people and the environment through our high-performance safety-focused culture and our experienced technical professionals are committed to providing environmentally friendly cost-effective solutions to our clients.
Cleantek provides technology-based solutions for an increasingly demanding water treatment and disposal sector along with location lighting to provide safe working conditions for 24-hour operations. Cleantek provides its technology and services in some of the most active areas in Canada and the United States. Our environmental, safety and operational performance have enabled us to establish and maintain a blue-chip client base, including many exploration and production companies in North America.
For Further Information:
Riley Taggart, President & CEO
Email: rtaggart@cleantekinc.com
Website: cleantekinc.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232247
FAQ
What are the key features of Cleantek's EcoSteam technology?
How many EcoSteam units does Cleantek (TSXV: CTEK) plan to deploy by Spring 2025?
What were the results of Cleantek's EcoSteam field trial?
How is Cleantek converting its existing fleet to EcoSteam units?
