ItN Nanovation AG (ISIN DE000A0JL461), a portfolio company of Nanostart AG (OTCQX: NASRY), has been awarded a major follow-on contract in Saudi Arabia for its CFM Systems® nanoceramic flat filter membrane system.
The same customer who placed an initial order for this breakthrough water filtration technology in May of this year has now signed a follow-up contract approximately twice the size of the first order. It is expected that the new order, which totals almost USD 1.1 million (approx. EUR 0.8 million), will be reflected in the company’s financial results for the first quarter of 2011. Furthermore, following the demonstrated success of the first project, ItN Nanovation was able to reach agreement on higher pricing.
The follow-on order is strong testimony to the superior technical performance and operating economics of CFM Systems®. Even with this major second order, less than half of the water treatment plant will be outfitted with CFM Systems® flat filter membranes, and thus the company sees excellent prospects for additional major orders from the customer in the coming quarters, which are already under discussion. Within this arid region are a number of similar water treatment plants which would likewise be highly suitable for CFM Systems®.