- Parkway Corporate (PWN) extends its global strategic cooperation agreement with Worley Services, a subsidiary of Worley (WOR)
- In May 2020, Parkway announced it had signed a three-year agreement with Worley to commercialise its brine treatment technology
- The new agreement now also covers Parkway’s brine causticisation technology and has been extended a further two years to a total of five years
- Shares in Parkway up 15.8 per cent at 1.1 cents
Parkway Corporate (PWN) has extended its global strategic cooperation agreement with Worley Services, a subsidiary of Worley (WOR).
In May 2020, Parkway announced it had signed a three-year agreement to commercialise its Activated Mineral Extraction System (aMES), an innovative process technology that can treat concentrated brine solutions to recover a range of valuable minerals, reagents and fresh water.
The amended agreement now covers Parkway’s iBC brine causticisation technology in addition to its aMES technology.
Additionally, the agreement has been extended for an additional two years, increasing the term to five years.
“In parallel with our ongoing efforts to commercialise our highly innovative aMES technology, we have been actively pursuing a number of substantial projects potentially suitable for the application of our iBC technology,” CEO and Managing Director Bahay Ozcakmak said.
“In support of these various business development initiatives, throughout 2021, we performed extensive iBC related piloting activities. These piloting activities have been highly successful, confirming the iBC technology is capable of producing valuable products from otherwise problematic wastewaters, including concentrated brines.”
He said the findings showed wastewater streams could potentially be processed through to a highly desirable zero liquid discharge level of treatment and a client could avoid substantial wastewater treatment and disposal costs, while also generating a material revenue stream from their wastewater.
“Given our existing relationship with Worley and opportunities to incorporate multiple Parkway technologies into a single project, the parties agreed that expanding the Global Strategic Cooperation Agreement to also encompass the iBC technology was a logical next step,” Mr Ozcakmak said.
Shares in Parkway were up 15.8 per cent at 1.1 cents at 11:29 am AEDT.