MyCelx set to end year 'fully in line' with forecasts

Water and air technology developer MyCelx said in an update on Thursday that it was set to end the year trading “fully in line” with market expectations.

The AIM-traded company said that, while the year was “a challenge” due to project award timelines, it was poised to continue its progress into next year with its focus on ‘REGEN’, ‘PFAS’ and the Middle East.

It also announced that it successfully completed a paid trial in the United States with an unnamed “global integrated energy company” deploying REGEN and polishing systems as part of a solution to treat oilfield-produced water to the specifications required for beneficial reuse.

“This is a significant step forward in repurposing produced water for agricultural use given the enormous need in water sensitive regions,” the board said in its statement.

“REGEN is also currently in service in the Middle East where it is saving water and increasing performance compared to conventional technologies across the petrochemical and upstream oil and gas sectors, in particular at enhanced oil recovery production.”

MyCelx said use of its technology placed REGEN “at the forefront” of innovation that was solving “the toughest water problems” such as beneficial reuse and preservation.

“Within Saudi Arabia, the company has commenced a rapid response project which is the fifth ammonia removal installation that we have undertaken with SABIC Agri-Nutrients, a global leader in the fertiliser industry.

“We are also happy to report that the company has received a project extension with our newest customer due to our consistent superior results which we hope will help strengthen our relationship with this leading independent petrochemical company.

“These projects underpin our forecast for this year and into 2023.”

At 1554 GMT, shares in MyCelx Technologies Corporation were up 20.51% at 23.5p.

Reporting by Josh White for Sharecast.com.