LONDON (Alliance News) - Modern Water PLC said on Thursday it had signed a joint commercialisation agreement with Bilfinger Deutsche Babcock Middle East to develop its Forward Osmosis technology.
The fresh water production and water monitoring technologies company said it was working with Deutsche Babcock to develop the product for deployment at desalination plants. It added the deal would secure the company a foothold in the Middle East and North Africa markets.
No financial details were disclosed.
"Our new strategy is to focus on industrial applications of our cutting-edge proprietary technologies, and this agreement with Bilfinger Deutsche Babcock Middle East is a significant endorsement of this new focus," said Simon Humphrey, Modern Water's chief executive.
Modern Water shares were up 5.3% at 7.90 pence on Thursday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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