The Clean TeQ holdings share price is flat this morning despite a second major contract announcement. We look at the details.
The post What’s with the Clean TeQ (ASX:CLQ) share price today? appeared first on The Motley Fool Australia. –
The Clean TeQ Holdings Ltd (ASX: CLQ) share price is flat in morning trade despite the company reporting its second major contract in as many days.
Shares in the technology-oriented ASX pollution control company are trading at 27 cents per share at the time of writing.
Let’s take a closer look at what’s happening with the Clean TeQ share price today.
What new contract award did Clean TeQ announce?
In today’s release, the company announced a new contract to design and install a Clean TeQ BIONEX water treatment plant in a Chinese coal mine. The contract has been awarded to Clean TeQ’s 100% owned Beijing-based subsidiary.
Clean TeQ said the water treatment facility, to be built at the mine site in Inner Mongolia, can treat and remove “nitrate from 12,000 m3 /day of coal mine in pit groundwater to below 1 ppm”. This level is in line with local regulations for mine water disposal.
Worth approximately $2 million, the contract was awarded by a subsidiary of Beijing Enterprises Water Group (HKG: 0371), which has a market cap of more than $5.2 billion.
Clean TeQ reports that the company, among the largest water treatment companies in Asia, has “expressed an interest in ongoing cooperation once this first BIONEX plant is successfully commissioned”.
Words from the management
Commenting on the new contract, Clean TeQ managing director Sam Riggall said:
We have persisted for a long time to make inroads into the very large Chinese water treatment market.
As we move towards the proposed demerger of our water business later this year, it is pleasing to see that we have achieved some initial success in that important market as we continue to make good progress on our goal of growing revenues.
Today’s announcement follows yesterday’s ASX release, in which Clean TeQ reported a new contract award for a water treatment plant upgrade in Oman. That contract is valued at more than $1 million.
Clean TeQ share price snapshot
The past 12 months have been good to Clean TeQ shareholders, with shares up 108%. Over that same time, the All Ordinaries Index (ASX: XAO) is up 39%.
Year-to-date, the Clean TeQ share price is up 4%.
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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.