Mycelx secures 'significant new contract', extension to existing Saudi Arabian contract

Clean air and water technology group Mycelx Technologies has secured "a significant new contract" and a twelve-month extension to an existing contract, both in Saudi Arabia.

Mycelx said on Wednesday that the two contracts had a combined value of $2.1m, with the new contract being for an initial term of one year and the extension being to a project where the firm's proprietary technology had already been installed for ten years.

The AIM-listed company added that it continued to pursue other opportunities which, if successful, had the potential to generate further incremental revenues in 2021.

Chief executive Connie Mixon said: "These two contracts are a validation of the recovery taking place within our energy sector market.

"We are fortunate to have a highly differentiated product offering, underpinned by a reputation for value accretive service to our clients, and helping them achieve their sustainability goals."

As of 0830 BST, Mycelx shares had shot up 17.43% to 44.62p.