Company Announcement: PET secures major new remediation contract with Rotterdam City

Phoslock Environmental Technologies Limited (ASX:PET) today announced that it has secured a new contract to remediate a recreational lake in the city of Rotterdam, The Netherlands. The contract, with an approximate value of $4 million, will be the largest project undertaken by PET in Europe and is expected to significantly elevate the profile of the Phoslock treatment process in that region.

The project will be undertaken at Kralingse Plas, a 100-hectare lake in the north west region of Rotterdam. The lake is one of Rotterdam’s most popular recreational areas but has been regularly closed to recreational use due to blue green algal blooms caused by high levels of phosphate in the sediments. The remediation works are scheduled to commence in November.

PET CEO, Lachlan McKinnon, said the execution of the contract with City of Rotterdam follows a period of comprehensive testing and sediment phosphorous characterization undertaken over the past two years.

“The trial work indicates that Phoslock will be an effective treatment in terms of both stripping phosphorus from the water column and preventing the sediment phosphorus release that has been the underlying cause of the lake’s problems.

“Kralingse Plas is an important recreational area of Rotterdam which is enjoyed by many of the city’s residents and contributes to the economy of the city. PET’s ability to offer an effective and environmentally sound solution will ensure that the lake continues to play an important role as a high-value recreational venue for all city residents.”

The Rotterdam contract was anticipated to be secured within the current financial year and is included in the company’s guidance assumptions.

This announcement has been approved by the Chairman and Managing Director.