{australien_flagge} Emerging Australian industrial wastewater treatment technology company Parkway Corporate (ASX: PWN; FRA: 4IP) is systematically expanding its capabilities and proving its reliability through successful installations at customer sites. According to its just-released quarterly report, the company designed, manufactured, installed and commissioned an integrated membrane-based water treatment plant for a major mining company to treat mine water in 2Q2022, among other projects. Since its inception in July 2021, the Parkway Process Solutions (PPS) Group Division has very quickly built a substantial customer base that includes major mining and energy companies, a variety of industrial companies, and engineering services, government, and municipal customers. Looking ahead, the report notes Parkway has a strong order book that is highly likely to generate revenue in the near future.
The group’s Q2 revenue increased to A$1.2 million, with cash receipts of A$0.9 million. The balance sheet shows cash reserves of A$4.1 million as of June 30, 2022. This cash balance takes into account grants that are not yet foreseeable as well as R&D tax refunds for FY22.
Another highlight of the past quarter was the increase in ownership of the Karinga Lakes Potash Project (KLPP-JV) to 40%, having satisfied all the earn-in obligations.
Parkway Process Solutions Division Success
The success of the Parkway Process Solutions division supports the ongoing commercialization of the Parkway Process Technologies (PPT) division’s technology portfolio. Parkway continues to receive unsolicited inquiries from a number of potential customers particularly in the area of processing hypersaline brines, including but not limited to potash and lithium containing brines.
In this regard, Parkway reconfirms that it is working with a Middle Eastern EPC (engineering, procurement, construction) company to assess the feasibility of expanding the operations of a major saline project, potentially to include an integrated downstream chemical complex. The EPC company and the customer were said to be particularly interested in Parkway’s proprietary technologies, especially aMES®, to achieve production of a broader and higher value product mix from the brine resource.
Progress on feasibility study for Shell
The feasibility study commissioned by Shell to treat waste brine from coal bed methane extraction in Queensland was in the third of five process stages at the end of the reporting period. The next milestone involves process experiments and the treatment of larger volumes of brine in the company’s own pilot plant. In parallel, the evaluation of Shell’s proposed preferred project site is underway. This is an existing industrial QGC site with extensive infrastructure located near the two wastewater treatment plants that generate the wastewater brine that is the subject of the iBC®-based feasibility study.
Parkway pursues potential IP infringement
The Company recently identified a potential intellectual property (IP) infringement related to confidential information that the Company previously shared with a major international resource company as part of a series of collaborative discussions focused on the potential application of aMES® technology to beneficially treat wastewater brine. The confidential information was shared by the company with the resource company under a non-disclosure agreement (NDA). Parkway had recently notified the resource company of the potential breach of the NDA. It said it will continue to take appropriate measures to protect the company’s intellectual property.
Figure 1: The new iBC pilot plant was installed at the Institute for Sustainable Industries & Livable Cities at the University of Victoria.
Conclusion: The number of companies with the promise of breakthrough technologies is large, but only a few manage to free themselves from the corner of pure “concept companies”. Parkway has deliberately chosen a different path: The company manages the balancing act between day-to-day business and visionary technology in an almost exemplary manner and is rapidly developing new capabilities. The more the Parkway Process Solutions division earns a reputation as a reliable partner to its customers, the more the chances grow that these customers will seriously consider innovative solutions including iBC® and/or the membrane-based aMES® technology. Shell is already beyond this stage and is exploring options with Parkway to convert its methane gas production in Queensland to “zero liquid disposal”. The feasibility study commissioned by Shell is progressing well. In addition, there are concrete site considerations and initial discussions about off-take. A downer in the quarterly results is the potential IP infringement by a major resource company. It is good that Parkway is reacting offensively here and clarifying things.
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Gemäß §34b WpHG und gemäß Paragraph 48f Absatz 5 BörseG (Österreich) möchten wir darauf hinweisen, dass Auftraggeber, Partner, Autoren und Mitarbeiter der GOLDINVEST Consulting GmbH Aktien der Parkway Minerals halten oder halten können und somit ein möglicher Interessenskonflikt besteht. Wir können nicht ausschließen, dass andere Börsenbriefe, Medien oder Research-Firmen die von uns empfohlenen Werte im gleichen Zeitraum besprechen. Daher dürfte es in diesem Zeitraum zur symmetrischen Informations- und Meinungsgenerierung kommen. Ferner besteht zwischen Parkway Minerals und der GOLDINVEST Consulting GmbH ein Beratungs- oder sonstiger Dienstleistungsvertrag, womit ein Interessenkonflikt gegeben ist, da dieser Vertrag beinhaltet, dass Parkway Minerals die GOLDINVEST Consulting GmbH für die Erstellung von Berichten zu Parkway Minerals entgeltlich entlohnt.
