(Alliance News) - Directa Plus PLC on Thursday said that Setcar SA, its environmental services subsidiary, has signed a three-year contract with Liberty Galati to process oily mills sludge.
Shares in the London-based graphene product maker were up 20% at 52.25 pence each in London on Thursday morning.
The contract is with Liberty, the largest integrated steel producer in Romania, and will last for three years. It has a total value of EUR5.5 million, with the potential for further expansion up to a total of EUR8.0 million.
Under the terms of the agreement, Setcar will provide solutions for the treatment of oily mills scale produced in the manufacturing of steel.
Directa said the contract would enable Setcar to expand further its waste treatment and disposal services for industrial pollutants and broaden the range of applications for the group's Grafysorber technology.
"We are very proud of this achievement. This is the largest single contract signed by the Group to date equivalent to the 2020 yearly company turnover. Securing a multi-year contract with Liberty Galati is a very exciting win and demonstrates the building momentum for the group's products and solutions. We are targeting a new significant application for Grafysorber with a very large global potential market," said Chief Executive Officer Giulio Cesareo.
"We look forward to working with Liberty Galati and showcasing the compelling advantages of Grafysorber and Setcar's solution for oily mill scale produced in steel making."
By Holly Beveridge, Alliance News reporter
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Directa Plus (DCTA)