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The Environmental Group (ASX:EGL) shares popped nearly +7% in the first hour of trades after it won EPA approval to process PFAS at a filtering facility. (Albeit, on low volumes.)
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The licence has effectively gone to an entity called Reclaim Waste with whom EGL co-operates a PFAS separation plant. That plant was in part the result of a “new technology” EGL brought to market last year.
‘Foam fractionation’ is the principle describer for the technology that allows EGL and Reclaim to separate PFAS from water, a tech co-developed alongside Victoria University.
EGL won a patent for its tech in November last year.
While the smallcap stock is on the more obscure end of the Industrials sector, it’s dealing with the kind of value proposition that could point towards further government contracts. The removal of PFAS (also called “forever chemicals”) from waterways is a Federal-level priority.
Environmental Group advertises the claim on its website it can remove 99% of PFAS from water and even soils. Reclaim Waste, for its part, is a leading private player in the Victorian liquid waste sector.
With Reclaim now holding an EPA licence to process PFAS, the jointly-managed Laverton facility now effectively holds a licence to operate.
“We are pleased that Reclaim Waste has received EPA approval and that our PFAS treatment plant will enable them to process and treat PFAS-contaminated waste streams.
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The company continued: “Further to the liquid waste treatment, we have also performed trials on soils and biosolids which have provided extremely promising results,” EGL CEO Jason Dixon said.
EGL last traded at 24cps.
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