- Eden Innovations (EDE) trades green after announcing plans to kick off an April highway repair signed with the Georgia Department of Transport (GDOT)
- The US$535,000 (A$735,000) project is partly funded by the United States Federal Highway Administration
- Under the deal, Eden’s carbon-strengthened concrete mixture will be used to repair damaged sections along the I-675 highway in Georgia
- The deal was initially struck in April but faced delays amid cement shortages and other issues
- Shares in Eden Innovations are up 4.5 per cent and trading at 2.3 cents each at 11:30 am AEST
Eden Innovations (EDE) is trading green after announcing plans to kick off a highway repair project first signed with the Georgia Department of Transport (GDOT) in April.
The US$535,000 (A$735,000) project is partly funded by the United States Federal Highway Administration (FHWA) and will require some 81,000 litres of Eden’s carbon-strengthened concrete mixture, EdenCrete.
All-up, the product will be incorporated into roughly 8181 metres of concrete to repair damaged sections along the I-675 highway in Georgia.
Eden said it expected the project to take around one year to complete.
Eden was initially awarded the I-675 contract back in April, but cement shortages and other issues saw the deal beset with delays. In July, Eden told investors the contract had been picked back up and was proceeding once more.
Now, the contract is set to officially commence on Thursday, September 23.
Eden said the deal takes its projected revenue for the 2022 financial year to above US$1 million (A$1.37 million,) though the company stopped short of giving a more specific figure.
For reference, Eden Innovations tabled US$758,000 (A$1.04 million) in sales revenue from the GDOT over the 2021 financial year.
Eden has been a partner of Georgia’s transport department for around four years, with the EdenCrete product used in several highway repair projects since 2017.
In fact, the department mandated in January 2017 that all future sole-GDOT-funded highway concrete slab replacements be completed using EdenCrete.
The I-675 contract is the third contract signed by Eden which is jointly funded by the FHWA and a GDOT. The company said while the joint-funded projects don’t mandate EdenCrete, the product has still been chosen for each such project based on its ability to meet strict performance standards.
Looking ahead, Eden said a 2019 trial of EdenCrete for bridge applications will “soon” be completed and assessed. If the result is positive, the GDOT will begin using EdenCrete in bridge projects as well as highway projects.
“This could well generate a significant increase in the number, size and value of GDOT projects that would include EdenCrete,” Eden said this morning.
Shares in Eden Innovations were up 4.5 per cent and trading at 2.3 cents each at 11:30 am AEST. The company has a $55 million market cap.