Eden Innovations rises after updating shareholders on its US expansion efforts
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Shares in high-strength concrete maker Eden Innovations (ASX:EDE) rose this morning, after the company updated shareholders on its efforts in the US market.
Eden’s carbon nanotube tech – EdenCrete – mixes quintillions of flexible, super-strong carbon nano-structures throughout concrete to make it denser, stronger, tougher and more durable. EdenCrete is used in several applications including high-rise building construction, roads and bridges.
It told shareholders its products were approved for use in 21 State Departments of Transport (DoTs) with another 6 DoTs currently reviewing the product.
The company’s most prominent state has been Georgia, where its product has been used in several large projects worth over US$500,000 each since 2017.
Colorado is another market where activity has picked up, with Eden products contributing to the Central 70 project in Denver and a handful of projects at Denver International Airport.
Eden Innovations also lauded the recent passage of the Biden administration’s Infrastructure Bill. It was passed by the Senate late last month, and the House of Representatives will vote on it by September’s end.
The bill includes US$110 billion for funding towards roads and bridges, US$42 billion for airports, ports and waterways and US$66 billion for passenger and freight railway infrastructure.
“EdenCrete products are extremely well placed to be extensively used in the coming years in a wide range of large infrastructure projects in the anticipated forthcoming surge in repairs, expansion and replacement across many sectors of the huge US infrastructure market, driven by the increased funding from the forthcoming Federal US$1 trillion bipartisan Infrastructure Bill,” it said.
Shares in Eden rose up to 18% this morning.