Modern Water PLC (AIM: MWG) said its proving plant in Gibraltar, the first of its kind in the world to use the company's Manipulated Osmosis Desalination technology, is performing ahead of expectations.
Shares in the desalination specialist were lifted by the news and were trading up more than 8 percent by late morning.
The plant began supplying water directly into Gibraltar's potable water distribution system in early May. The water being produced has been thoroughly quality tested by the client and verified by a third party expert for approval to supply the public.
The Gibraltar proving plant allows Modern Water to showcase for the first time the benefits of its Manipulated Osmosis Desalination technology in a commercial environment. The technology reduces the energy consumption involved in desalination, and the costs associated with the process.
It provides a more environmentally friendly alternative to traditional desalination methods by significantly reducing energy, chemical consumption and salt brine discharge. There are also a range of additional benefits including significantly lower levels of boron, the company said.
Last year, Modern Water agreed to locate a second proving plant for the technology in Oman, in the company's key Middle East market.
Executive chairman Neil McDougall said: “We are delighted with the progress we have made to date, and we continue to maintain an ongoing programme of improvements on the plant which we anticipate will deliver further successes. I look forward to reporting back on the progress of our second proving plant in Oman soon.”www.proactiveinvestors.co.uk
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