Shares in MYCELX Technologies leapt after the clean water and air technology company announced upbeat contract news in the Middle East and forecast full-year results in line with expectations.
In a statement, MYCELX said it has secured its second REGEN sale to another national oil company in the Middle East for water treatment during Enhanced Oil Recovery (EOR) production.
In addition, an emergency response project in Saudi Arabia is being converted into a longer-term deployment, while the company has also won a contract for a new project to treat some of the most contaminated industrial wastewater in the country.
The projects are expected to contribute US$2.3mln in revenue this year, underpinning the 2023 revenue forecast, and the company said it remains on track to meet its current financial guidance for 2023, with cash flows anticipated to remain stable throughout the year.
"We are very pleased to be announcing today's operating update, which demonstrates the continued commercial advancements we are making as a business,” commented CEO Connie Mixon.
“Our pipeline of opportunities has returned to pre pandemic levels with higher quality and more diversity across our three operating segments.”
Shares surged 18.87% higher to 31.50p in early trade on Monday.