MWG Wins 20 yr Contract
Published on by Water Network Research, Official research team of The Water Network in Business
Modern Water Plc, a U.K. Developer of New Water Technologies, and Northumbrian Services Ltd. Won a 20-year Ccontract from Gibraltar's Government to Design, Build and Operate a Wastewater Plant at Europa Point
The Guildford, England-based supplier of desalination and water-monitoring systems said the award for the joint venture to treat urban wastewater for all of Gibraltar was worth 22 million pounds ($35.2 million). Modern Water shares trading on London's AIM market are currently valued at 22.1 million pounds.
Northumbrian Water said the project will treat wastewater from Gibraltar's 30,000 residents and another 30,000 workers and visitors who cross the Spanish border. The works will utilize existing underground tunnels in "the Rock" for a smaller footprint with lower energy use, it said in a statement.
Modern Water has worked in Gibraltar, a British overseas territory near the southern tip ofSpain, for five years. It's attempting to attract more companies to its membrane-based forward-osmosis technology, which uses less energy for contaminated waters than reverse-osmosis purifiers in regions including theMiddle Eastand Asia.
Led by Executive Chairman Neil McDougall and Chief Executive Officer Simon Humphrey, Modern Water last month reported first-half revenue of 1.51 million pounds, almost unchanged from a year earlier.
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