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MYCLEX Secures Water Treatment Contracts For Oil & Gas Projects | |
| Sumita Pawar |
Clean water and clean air technology company MYCELX Technologies Corporation, which is changing the way industry affects the environment, gave an update on its operations, including the awarding and extending of contracts in the Middle East.
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According to the report, MYCELX has secured its second REGEN sale to another national oil company in the Middle East for water treatment during enhanced oil recovery ("EOR") production.
REGEN projects put MYCELX at the forefront of produced water treatment for EOR water, and they are the result of extensive technology evaluations in which MYCELX outperformed other available alternative technologies.
As oil companies seek sustainable solutions for their ageing production, REGEN allows producers to overcome the significant challenge that EOR-produced water presents, as mentioned in the report.
It added that, in addition to the sale mentioned above, the company continues to generate momentum in Saudi Arabia with the conversion of an emergency response project into a longer-term deployment and a new project win to treat some of the most contaminated industrial wastewater in the country.
These most recent project wins stand out because they have shorter cash-to-cash cycles and longer project lengths.
This will ensure cash flows to support Mycelex’s working capital requirements, according to the report.
These projects are expected to, in aggregate, contribute $2.3 million in revenue this year, underpinning the 2023 revenue forecast. The company remains on track to meet its current financial guidance for 2023, with cash flows anticipated to remain stable throughout the year.