MyCelx secures another contract extension

Clean water technology company MyCelx Technologies Corporation has secured a further contract extension for its successful waste water solution at a SABIC affiliate, it announced on Friday.

The AIM-traded firm said that, as a result of the extension and the higher-than-expected revenue generated by its other Saudi Arabian installations, it had increased its revenue forecast for 2018 to between $19m and $20m.

It said it was continuing to pursue additional advanced opportunities, and would update the market as those further expanded its installation base in Saudi Arabia.

“The extension of one of our waste water solutions is testament to its reliably superior performance,” said CEO Connie Mixon.

“Since the start of the year, MyCelx has successfully treated almost 10 million cubic metres of challenging waste water in Saudi Arabia and ensured that it consistently met Royal Commission Environmental Regulatory standards.

“We are delighted to be able to improve our revenue forecast for the year to $19-$20m, and continue to seek to secure further opportunities this year in Saudi Arabia, North America and Europe.”