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H2O Innovation Inc. (“H2O Innovation” or the “Company”), a complete water treatment solutions company providing custom designed high performance systems for the municipal, industrial, and natural resources markets, announces today that it has been awarded a major $9.4 million contract by Fort Hills Energy L.P. (“Fort Hills Energy”) for the Fort Hills Oil Sands Project (“Fort Hills Project”) operated by Suncor Energy Operations Inc. (“Suncor”). This contract will see H2O Innovation design, build, install, and commission a water treatment package that will provide potable water for the workers of Fort Hills Project currently in development 90 kilometers north of Fort McMurray, Alberta. This contact brings H2O Innovation’s sales backlog to a record high level of $29.2 million as of June 8, 2011.
“This significant contract will see us deliver a flagship project to Suncor, a highly regarded, industry leading energy company. Its awarding is another evidence of the strong sales growth momentum we are experiencing, particularly from the Canadian municipal, mining and energy markets as well as from the U.S. industrial and energy markets,” stated Frédéric Dugré, President and CEO of H2O Innovation Inc. “Coupled with the greatly improved financial results presented lately for the third quarter of the current fiscal year, our record high backlog and sales growth momentum put us in strong position as we are about to embark on the start of our 2012 fiscal year in July.”
The contract will see H2O Innovation design, build, install, and commission on site a water treatment package consisting of two membrane filtration trains including pre-treatment and post-treatment, complete with all associated equipment including clarifier, pumps, potable water storage tank and laboratory, amongst other major components. The water treatment package will be completed in two phases over a period of slightly more than 24 months. The design production capacity of the water treatment package will be sufficient to provide potable water for as much as 5,000 people during Fort Hills Project’s construction and operating phases.
About H2O Innovation
Building on 11 years of experience, H2O Innovation designs, manufactures, and integrates state-of-the-art custom-built water treatment systems for the production of drinking water and industrial process water, the reclamation and reuse of water, and the treatment of wastewater in the municipal, commercial, institutional, industrial, oil & gas, mining, and energy markets. The Company also offers operating and maintenance solutions for membrane filtration and reverse osmosis systems. H2O Innovation has approximately 100 employees, seven offices including three manufacturing plants in Canada and the United States and is a founding partner of H2O Innovation India, a joint venture based in Mumbai, India. Shares of H2O Innovation are listed on the TSX Venture Exchange (HEO) and on the NYSE Euronext Alternext Exchange (MNEMO: ALHEO). For more, visit www.h2oinnovation.com.
Read the full news release here. Image from H2O Innovations.
