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Deepverge (LSE:DVRG)
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Wednesday 17 February 2021
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RNS Number : 2989P
Deepverge PLC
17 February 2021
17 February 2021
DeepVerge PLC
("DeepVerge" or "the Company")
DeepVerge production orders worth $5m (GBP3.6m) for Modern Water equipment in Q1
8 Modern Water units being retrofitted with MicrotoxPD SARS-CoV-2 wastewater detection systems
Manufacturing being implemented to increase our production capacity in China in Q2
DeepVerge (LSE:DVRG.L), the environmental and life science AI company, announces that since the offer for the acquisition of Modern Water plc was completed on November 17, 2020, contractual obligations have been signed for the production of water contamination equipment worth $5 million USD (GBP3.6m) to meet its obligations with distributors and customers. Notably, 80% of the equipment being produced is earmarked for the Chinese market, where further assembly and localization will be carried out. These orders are expected to be delivered during the current financial year ending 31 December 2021.
-- Instruments from across the range of Microtox and Microtrace are being manufactured with upgrades to the software allowing optimised collection and organisation of data for real time surveillance.
-- Screens have been upgraded with Chinese interfaces across the range of Modern Water's ("MW") bench top lab equipment.
-- This month over 100 of the 2019 Award Winning [i] Microtox bench top and mobile instruments are completing production for immediate delivery.
-- 40 Handheld trace metal detector PDVs [ii] have been manufactured to meet immediate obligations and a significant upgrade design is underway on a further 100 units to be produced.
-- Big ticket (c$50,000 USD) online monitors from the Microtox CTM [iii] toxicity range and the Microtrace metal OVA [iv] range are being produced across two sites with 40 units scheduled for final assembly at our Shanghai, China, facilities in March.
-- 8 MW, Microtrace OVA, units are being retrofitted with the MicrotoxPD [v] real-time optofluidic COVID detection system for wastewater.
-- Upgrade to the MW reagent production line, in York, UK, being completed with the installation of a HS-2 Freeze Drying Lyophilizer from Frozen in Time [vi] . This streamlines downstream processing, automates quality control, improving volume output of the recurring revenue consumables used by most of the MW range of equipment.
-- Microsaic's in-line bio-processing monitoring unit [vii] , announced in the RNS [viii] of the 15th of February, will fully automate the upstream quality control system removing all manual testing requirements.
Phase two of our manufacturing plan is being implemented to increase manufacturing capacity in China in Quarter 2, 2021 to double current capacity by year end.
Gerard Brandon, CEO of DeepVerge plc, commented: