With all the talk about "medtech," "fintech," and the like in which modern technology is used to re-shape industries, there doesn’t seem to be as much talk about "cleantech" that was all the rage a few years ago. Make no mistake about it, though, with environmental issues remaining a global concern – with or without U.S. leadership – efficient technologies underscoring cleantech can still command value.
Ottawa-based BluMetric Environmental (TSX-Venture: BLM) offers an array of products and services across its portfolio for its clients to solve complex environmental challenges. The company’s projects span water reclamation, landfill management, industrial hygiene, waterpower and more across North and Central America.
On Tuesday, BluMetric said that it continues to win new contracts, securing sales in Central America through its El Salvador office adding up to over $1 million in aggregate, with all work slated to commence immediately.
One contract was for a wastewater treatment solution for El Salvador food company Productos Alimenticios DIANA. The second contract was with the Dominican Republic-based mechanical engineering firm Compañía Dominicana de Montaje, S.A., or CODEMON for short. Little detail was provided on the CODEMON contract other than it stemmed “from a standard BluMod product-line membrane bioreactor employing the LG flatsheet membrane.”
The volume of sales for BluMetric could be considered a surprise given the company’s $6-million market capitalization. During the quarter ended March 31, 2017 (BLM’s Q2 fiscal 2017), BluMetric reported $7.2 million in unaudited revenue and about $90,000 in profits. Investors of this thinly-traded stock didn’t respond favorably following the Q2 results given sales and net income were down from the year prior quarter.
Following a sizable contract with the Canadian government in April (originally reported ~$4.5 million and then retracted to remain transparent of the fact the value could change over the multi-year term of the contract), the company looks to be deepening its roots in Central America after years of building the foundation. Market participants again are paying little mind to the news, with shares holding flat at 21.5 cents.
