Ivory Coast Reaches Key Milestone, Project Now Cash Positive
Melbourne, New York -- Fluence Corporation Limited (ASX: FLC) is pleased to announce receipt of the second milestone payment of €31.4 million (approx. US$38 million) confirming completion of the preliminary engineering design phase of the Ivory Coast water treatment plant (the “Project”).
Fluence Chairman and CEO Richard Irving said: “Our team has done an excellent job in completing the preliminary engineering design for this important Project. Once commissioned, the Project will provide sufficient capacity to meet the fresh water needs of over one million people. With receipt of the milestone payment, Fluence anticipates the Project being cash flow positive from this point forward.”
With a value of €165 million, the Project is designed to treat surface water from Lagune Aghien to help supply the fresh water needs of the country’s largest city, Abidjan. Lagune Aghien is Ivory Coast’s largest freshwater reserve near Abidjan and is dense with algae and other contaminants. Local construction and commissioning of the 150,000 m3/day surfacewater treatment plant is anticipated to be completed in early 2023.