Mycelx secures 'significant new contract', extension to existing Saudi Arabian contract
MyCelx Technologies Corporation (DI)
36.00p
16:55 14/11/24
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.
Oil Equipment, Services & Distribution
4,928.34
16:30 25/09/24
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.