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H2O Innovation has completed a significant plant retrofit for an ethanol client in Iowa, marking one of the first projects of its kind in North America. The retrofit involved replacing existing microfiltration systems with advanced modules in collaboration with Toray Membrane USA. This solution not only improved the capacity by 20% but also reduced costs without the need for major capital investment. Additionally, the company is enhancing its Water Technologies & Services segment through workforce expansion, aiming to boost recurring revenues and strengthen customer relationships.
H2O Innovation has secured three new capital equipment contracts worth a total of $4.1 million in its Water Technologies & Services sector. This brings its backlog to $44.2 million. The projects include:
- A water reuse contract in Atlanta utilizing flexMBR technology.
- A membrane thickening project in California reducing waste volume by approximately 67%.
- A seawater desalination project in Anguilla, increasing capacity by 100,000 gpd.
Despite these advancements, there are potential risks related to project execution and global supply chain challenges.
H2O Innovation has announced the successful exercise of 9,933,211 warrants, generating approximately $14.0 million at a price of $1.40 per share. This exercise occurred following the expiry of the warrants, with only 558,099 remaining unexercised by the November 15, 2021 deadline. The funds will be utilized for general working capital, enhancing the company's cash flow and significantly reducing its long-term debt. This financial boost positions H2O Innovation for potential new projects and opportunities amid ongoing challenges from the Covid-19 pandemic.
H2O Innovation reported a 9.7% revenue growth to $38.4 million for Q1-FY2022, up from $35.0 million in Q1-FY2021. Adjusted EBITDA reached $4.0 million or 10.5% of revenues, compared to $3.5 million or 9.9% last year. However, net earnings fell to $0.6 million or $0.007 per share from $1.0 million or $0.013 per share year-over-year. The consolidated backlog stood at $122.8 million with a strong financial position reflected in a net debt of $3.4 million.
H2O Innovation Inc. has launched the PiPerLinkTM permeate connector at the Aquatech Amsterdam International Tradeshow. This innovative product simplifies the installation process by replacing complex multi-component assemblies and is compatible with all reverse osmosis and ultrafiltration vessels. According to Managing Director Ties Venema, the PiPerLinkTM connector enhances process efficiency and reduces leakage risks, offering cost savings in design and manufacturing. This product exemplifies the company's commitment to delivering market innovations.
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H2O Innovation Inc. has appointed Louis G. Véronneau to its Board of Directors, succeeding Robert Comeau, who stepped down after four years. Véronneau, currently the Executive Vice-President and Chief Transformation Officer at SNC-Lavalin, brings 25 years of experience in various leadership roles across industries. Additionally, the company has amended its stock option plan to increase the number of available shares from 4 million to 8 million, subject to TSX Venture Exchange approval. This move aims to enhance governance and strengthen the Board's expertise.
H2O Innovation Inc. (TSXV: HEO) will release its financial results for Q1 FY2022 on November 10, 2021, at 8:00 a.m. (EST). A conference call for analysts and investors will follow at 10:00 a.m. (EST) to discuss the results, featuring a management presentation and Q&A session.
The company also reminds warrant holders that common share purchase warrants, issued on November 14, 2019, at an exercise price of $1.40, will expire on November 15, 2021, and will be delisted on November 16, 2021.
H2O Innovation has secured multiple contracts totaling $9.9 million, enhancing its Water Technologies & Services backlog to $41.2 million. Key projects include a water reuse system in California and two projects with First Nations in Canada. The California project involves ultrafiltration and reverse osmosis systems, aimed at providing high purity recycled water for agriculture. The company emphasizes its commitment to addressing water issues in Indigenous communities and is well-positioned for future growth in water recycling.
H2O Innovation Inc. (HEOFF) has postponed its conference call scheduled for September 28, 2021, at 11:00 a.m. EDT due to technical issues with the hosting platform. This call was intended to discuss the fourth quarter and full fiscal year results for 2021, including a management presentation and Q&A session. H2O Innovation specializes in water solutions across three primary sectors: Water Technologies & Services, Specialty Products, and Operation & Maintenance, focusing on delivering advanced equipment and services for water treatment.