Fluence is getting into the resorts game with Bahamas desalination deal
Water purifier Fluence Corp is headed to the Bahamas, announcing a recurring revenue deal to install its Nirobox desalination units for use by resorts and homes in the North Bimini region.
Fluence (ASX:FLC) makes low-energy water treatment systems, including systems that treat freshwater and wastewater, as well as products to desalinate seawater.
Its Nirobox desalination units prepare seawater for drinking, irrigation and home use — and the units fit inside 40 foot shipping containers.
Fluence confirmed to investors on Monday morning it had secured its first recurring revenue from the installation of Nirbox units. Three units will be supplied to the Resorts World property, owned to Rav Bahamas Limited.
The deal means Fluence’s tech will treat 3 million litres of seawater each day and prepare this for use by a range of stakeholders on the property, including a Hilton Hotel and a homeowner’s association which includes 300 homes in the district.
Fluence chief executive Henry Charrabé told investors in a statement this morning the deal was strategically important as it looks to do more deals with the hotels and resorts sector.
Fluence says its “ability to provide financing” made the project more enticing for Rav Bahamas.
The company has announced a number of wastewater treatment projects over the past two months, including having supplied a number of Aspiral wastewater units across China through partner Jinzi.
In the March quarter, the company generating $US15.9 million from customer receipts and burned $13 million, with $17 million spent on production and manufacturing of its tech.
At March 31 the business still had plenty of cash on hand, with $US58 million in the kitty.
However, the share price has been on a downward trajectory over the past 12 months, losing 54 per cent since July 2017.