The Environmental Group Ltd (ASX: EGL) share price is rocketing today, up 38% at time of writing.
Below, we take a look at the results from the facility service and environmental solutions company’s commercial water treatment trial that looks to be driving ASX investor interest.
What commercial water trial results were announced?
The Environmental Group share price is surging after the company reported positive results from its commercial PFAS water trial with Reclaim Waste.
PFAS, according to the release, stands for per- and poly-fluoroalkyl substances. The manmade chemicals “are very persistent in the environment and in the human body meaning they don’t break down and can accumulate over time”.
The trial, using the Environmental Group’s foam fractionation technology, was conducted across a number of commercial waste streams and liquid waste types polluted with PFAS at different concentrations.
The company reported it had successfully separated and removed the PFAS to “below detection levels” in every high-volume, low concentrate trial. Additionally, it was able to separate and remove 99.4% of PFAS from its first processing run on the highest concentration trials.
Commenting on the trial results, the Environmental Group’s CEO, Jason Dixon, said:
By running various waste streams at different concentrations it has given us great confidence that the technology has the ability to separate PFAS for destruction across a wide range of liquid waste types covering the majority of the market for PFAS removal.
The trial plant can treat some 50,000 litres per day. It’s operating at Reclaim Waste’s site in Victoria.
In other news that could be providing a tailwind for the Environmental Group share price today, the company announced it has received firm commitments to raise $4.75 million (before costs) through a share placement.
The Group expects to issue some 27.1 million shares at 17.5 cents per share “to advance commercialisation and support other business development opportunities”.
Environmental Group share price snapshot
The Environmental Group share price has been a stellar performer this year, up 700% since 4 January. By comparison, the All Ordinaries Index (ASX: XAO) has gained 11% year-to-date.
Over the past month, shares in the Environmental Group have gained 41%.
The post Up 700% this year, what’s sending the Environmental Group (ASX:EGL) share price 38% higher today? appeared first on The Motley Fool Australia.
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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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.
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