Insights

Why the Clean TeQ (ASX:CLQ) share price is pushing higher today

The Clean TeQ (ASX: CLQ) share price is up 3.85% today after the company announced a new contract. We take a closer look.
The post Why the Clean TeQ (ASX:CLQ) share price is pushing higher today appeared first on The Motley Fool Australia. –

Water tap with dollar sign

The Clean TeQ Holdings Limited (ASX: CLQ) share price is climbing today after the company announced a new water treatment contract. Shares in the small-cap company are up 3.85% at the time of writing, trading at 27 cents.

The Clean TeQ share price has been on an astounding run over the last year, gaining 107.69%. In doing so, the company has outpaced the All Ordinaries Index (ASX: XAO) return of 37.5% in the same period.

What happened

The Clean Teq share price lifted this morning after the company advised that it had been awarded a new contract for a water treatment plant upgrade in Oman.

The company will upgrade the existing ‘DESALX’ technology plant that is used for the purification of water.

Clean TeQ said by treating the waste, the plant operator would be able to recycle a significant proportion of water for re-use in the processing plant rather than disposing of it.

So what

As announced in early January, the company was awarded a contract to undertake the design to upgrade the water treatment plant in Oman. However, changes in salt and arsenic loads have resulted in the need for further upgrades.

The upgrade will focus on neutralising the waste components mentioned above and precipitating contaminants for easier recovery. This will enable the plant to decrease its water usage and generate lower brine levels for disposal.

With the initial contract near its completion, the company has now been awarded a further agreement in excess of $1 million to upgrade the project again. It is proposed that Clean TeQ also supply construction oversight and commissioning support, but this has not been included in the current scope and costing.

Management comments

Commenting on the contract, Clean TeQ managing director Sam Riggall said:

We have demonstrated our capability in designing, constructing and commissioning our highly effective proprietary water purification systems in a range of different applications.

As we move towards the proposed demerger of our water business later this year, it is pleasing to see that we are making good progress on our goal of growing revenues.

At the current Clean TeQ share price, the company has a market capitalisation of $230.3 million.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

Motley Fool contributor Daniel Ewing 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.

The post Why the Clean TeQ (ASX:CLQ) share price is pushing higher today appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!