15 Sep 2008 09:45
15 September 2008
Modern Water plc
("Modern Water" or "the company")
AGREEMENT TO DEVELOP NEW DESALINATION PLANT IN OMAN;
GIBRALTAR PLANT PRODUCES FIRST FRESH WATER
Modern Water plc (LSE: MWG), the owner of leading water technologies, is delighted to announce that it has agreed to install a new Manipulated Osmosis Desalination proving plant in Oman, at the heart of the company's target market of the Middle East.
The Al Khaluf proving plant will be installed alongside an existing desalination plant, allowing Modern Water to demonstrate its enhanced, cost-saving technology next to traditional methods.
Modern Water's Manipulated Osmosis process is targeted at the fast-growing global desalination industry, where capital expenditure worldwide is expected to total $56.4 billion by the end of 2015, according to Global Water Intelligence. The Manipulated Osmosis process is expected to produce fresh water in challenging conditions, whilst reducing power, chemical and other operating costs. The technology provides a more environmentally friendly alternative to traditional desalination methods by significantly reducing energy consumption and salt brine discharge.
In addition, Modern Water is also pleased to announce that it has produced the first fresh water from its desalination proving plant in Gibraltar. The plant, which is the first of its kind in the world, is located next to an existing desalination plant and also uses the Manipulated Osmosis process.
Commenting on the announcement, Modern Water Executive Chairman Neil McDougall said:
"We are delighted to have agreed a project within the heart of our key market, the Middle East, which is well-known for both its water scarcity issues and its appetite for new technology. We believe that this contract, as well as the opening of our new office in Oman, have positioned Modern Water well to take advantage of additional opportunities in the growing Gulf region.
"The Oman agreement, together with the start-up of the Gibraltar proving plant, are also evidence of the continuing successful roll-out and commercialisation of our technologies. We continue to receive strong interest in our portfolio of water technologies from global markets and with our strong balance sheet and experienced team we look forward to the future with confidence."
For further information:
| Modern Water plc Neil McDougall, Executive Chairman www.modernwater.co.uk | 07740 930303 |
| HeadLand Consultancy Dudley White or Tom Gough | 020 7367 5222 |
| KBC Peel Hunt Ltd Jonathan Marren or Oliver Stratton | 020 7418 8900 |