- Water treatment company Fluence Corporation (FLC) has received the second “milestone” payment for its Ivory Coast Water Treatment Plant in West Africa
- The payment was worth €31.4 million (roughly A$50.53 million) and confirmed the completion of the preliminary engineering design phase for the plant
- Importantly, the company said the payment also pushed the Ivory Coast plant project into a cashflow positive position
- The project is designed to treat surface water from Lagune Aghien to help supply the freshwater needs of the Côte d’Ivoire’s largest city, Abidjan
- Fluence advises that the construction and commissioning of the surfacewater treatment plant should be completed in early 2023
- Shares in FLC are trading at 25 cents each, up 2.08 per cent
Fluence Corporation (FLC) has announced it has received the second “milestone” payment for its Ivory Coast Water Treatment Plant, located in West Africa.
It’s significant news for the water treatment company, as it pushes the Ivory Coast plant project into a cashflow positive position going forward.
Plant design
The plant itself is designed to treat surface water from Lagune Aghien to help supply the freshwater needs of the Côte d’Ivoire’s largest city, Abidjan.
Lagune Aghien is one of the largest freshwater reserve’s in the country, however, it is considered dense with algae and other contaminants.
The company first received the green light to proceed with the Ivory Coast plant project, worth €165 million (around A$265.5 million), back in October this year.
Fluence is aiming to have the construction and commissioning of the surfacewater treatment plant completed by early 2023.
Payment
The €31.4 million payment (roughly A$50.53 million) recently received by Fluence confirmed the completion of the preliminary engineering design phase of the plant.
Commenting on the payment, Fluence Chairman and CEO Richard Irving said it was a “milestone” moment.
“Our team has done an excellent job in completing the preliminary
engineering design for this important project,” he said.
“Once commissioned, the project will provide sufficient capacity to
meet the freshwater needs of over one million people,” Richard added.
“With the receipt of the milestone payment, Fluence anticipates the project being cash flow positive from this point forward,” he concluded.
Shares in Fluence Corporation are trading at 25 cents each, up 2.08 per cent at 12:29 am AEDT.