$FWTC Expecting To Hear Decisions From Lithium Companies Under NDA For It’s Water Tech To 10x Lithium Concentration
The global water and wastewater treatment market is expected to grow significantly due to increasing water scarcity and demand for water resources. Forward Water Technologies (FWTC) is a company that has developed a proprietary forward osmosis technology, which allows industrial users to reduce water consumption by up to 90% and provides benefits such as saving water from being permanently destroyed and realizing large reductions in operating expenses. FWTC’s technology is focused on large-scale implementation in multiple sectors, including lithium extraction, industrial wastewater, oil and gas, mining, agriculture, and municipal water supply and re-use. FWTC has signed over 14 non-disclosure agreements with major lithium extraction companies and has an engagement contract with Cornish Lithium. The company’s low energy forward osmosis process can concentrate valuable materials from brines with much greater efficiency and lower cost than traditional methods, and the clean water extracted can be re-used or discharged for agricultural purposes. Recent laboratory results have shown that FWTC’s forward osmosis process can achieve highly effective concentration in the lithium sector. FWTC is expecting commercial decisions from some lithium NDA partners over the next 6-8 weeks and has announced an early development contract with a prominent Western Canadian lithium company. FWTC has recognized $30,389 in revenue for the quarter, the first significant commercial revenue, and is close to commercialization.