{"id":8031,"date":"2024-04-06T06:30:19","date_gmt":"2024-04-06T06:30:19","guid":{"rendered":"https:\/\/economicherald.net\/?p=8031"},"modified":"2024-04-06T06:30:19","modified_gmt":"2024-04-06T06:30:19","slug":"criterion-two-asx-pfas-success-stories-must-be-something-in-the-water","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=8031","title":{"rendered":"CRITERION: Two ASX PFAS success stories? Must be something in the water\u2026"},"content":{"rendered":"

There\u2019s something nasty in our water and soil that hangs around forever and can make us very ill. The better news is that two ASX-listed companies are up to the vast remediation task.<\/p>\n

Dubbed the \u2018new asbestos\u2019, PFAS is the collective name for a group of man-made chemicals \u2013 Per- and poly-fluoroalkyl substances \u2013 used in industrial and applications, notably fire-fighting foam.<\/p>\n

They are also used in consumer products such as Teflon pans and carpets.<\/p>\n

\u201cOnce PFAS enters the environment it can spread very rapidly,\u201d says Sean Halpin, CEO of the water treatment junior Scidev (ASX:SDV)<\/a>.<\/p>\n

\u201cIt bioaccumulates and doesn\u2019t break down naturally in the environment.\u201d<\/p>\n

PFAS has been linked with maladies including cancer, organ damage and infertility.<\/p>\n

\u201cThe product is being phased out with global bans, but as with asbestos, that doesn\u2019t address the legacy issues,\u201d Halpin says. <\/p>\n

Highlighting the growing clean-up costs, US firefighting foam provider 3M Company has agreed to a settlement of between $US10.5bn and $US12.5bn to remove PFAS from thousands of water sites.<\/p>\n

The viability of the $US50 billion market cap company now is said to be in doubt.<\/p>\n

Last year, Delaware-based chemical giant DuPont de Nemours Inc reached a $US1.8 billion deal to compensate 300 drinking water providers.<\/p>\n

The Australian government reportedly is considering having a swing at 3M, in relation to the defence force\u2019s use of the toxic foam which allegedly has affected more than 30,000 residents across 11 towns.<\/p>\n

Current PFAS treatments are complex and expensive, but Halpin says Australia is a leader in developing better methods.<\/p>\n

Known as Intec, Scidev listed in early 2000 as a mining tech business, aimed at minimising on-site water waste and pollution.<\/p>\n

In 2021 the company acquired the private Haldon \u2013 co-founded by Halpin \u2013 and a PFAS treatment called Fluorifix.<\/p>\n

The ion-exchange filtration method rids water (and soil) of PFAS and other contaminants, condensing the PFAS into a small volume for incineration at high temperature.<\/p>\n

Currently, 60-70 per cent of Scidev\u2019s revenue derives from the US, where the omnibus Inflation Reduction Act funds water remediation measures.<\/p>\n

\u201cThe US has a widespread environmental issue that has direct human health impacts,\u201d Halpin says. \u201cThere will be funding available in one way shape or form no matter who is in office in the US [after November\u2019s presidential election].\u201d<\/p>\n

Listed since 1977, Environmental Group (ASX:EGL)<\/a> has focused on mitigating air pollution, reducing carbon emissions and waste-to-energy production.<\/p>\n

With Victoria University, the company\u2019s fledgling EGL Water arm has been developing an \u201cenhanced patented technology\u201d for treating PFAS. <\/p>\n

Unlike rival processes the nasties don\u2019t require incineration but are converted into a non-toxic chemical. This has resulted in a \u201cground breaking\u201d 87 per cent reduction in PFAS-contaminated water. <\/p>\n

In June the company won its first order for one of its PFAS plants, pitched at airports, water authorities, petrochemical companies and local government.<\/p>\n

EGL generated December half-year revenue of $46.9 million, up 14 per cent, with core earnings (EBITDA) of $4.5m (up 48 per cent) and a $2.1m net profit (up 47 per cent).<\/p>\n

Scidev turned over a record $50.3 million in the first half, up one per cent, with EBITDA of $3.2m and a slender $100,000 net profit.<\/p>\n

The revenue derived mainly from Scidev\u2019s mainstay business of providing purification chemicals to mining and construction clients. <\/p>\n

But Scidev estimates the global PFAS treatment market at $US1.8 billion ($2.76bn) and expects it to grow at a compound annual rate of 5.2 per cent to reach $US2.9bn by 2031.<\/p>\n

\u201cIt\u2019s a great story of Aussie tech being able to take on a global environmental problem,\u201d Halpin says.<\/p>\n

While both EGL and Scidev are similar revenue-wise, EGL\u2019s $100 million market cap is more than double that of Scidev\u2019s.
\n\u00a0
\nThe views, information, or opinions expressed in the interviews in this article are solely those of the interviewees and do not represent the views of Stockhead. Stockhead does not provide, endorse or otherwise assume responsibility for any financial product advice contained in this article.<\/em>
\nThis story does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n

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The post CRITERION: Two ASX PFAS success stories? Must be something in the water\u2026<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

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