The company of water filtration systems H20 Innovation seduces the giant Tesla and Investissement Québec proceeds to the cash by selling $ 12 million of shares.
“H2O Innovation is pleased to announce that it has won the engineering part for the largest manufacturer of electric vehicles in the United States,” management revealed in a statement released on Jan. 18.
Without revealing the name of this client, she indicated that this engineering contract, which should lead to “a jump in orders for the construction and delivery of the equipment”, is for a plant located in Texas.
The big boss of Tesla, Elon Musk, has already publicly announced the development of new facilities of more than US $ 1 billion in Texas, which will be used, among other things, for the construction of his Cybertruck.
According to our sources in the field, it is indeed with Tesla that the management of the company H2O Innovation signed a first agreement.
Joined by The newspaper, President and CEO, Frédéric Dugré, said he was happy with this agreement, the amount of which has not been disclosed.
The businessman concedes that this contract could serve as a springboard for his organization and snowball. However, due to confidentiality clauses, he could not confirm the identity of this new partner.
“They call on our services to design tailor-made equipment to treat the water that will be used in particular in the process for mixing paints,” explained Mr. Dugré.
In the past, H20 Innovation has worked with several major clients, including the “largest merchant of products on the Web”. Again, management is not allowed to reveal its name, but one can think of Amazon.
“We provided them with water treatment systems for the cooling towers in the server rooms,” noted Mr. Dugré.
In autumn, The newspaper wrote that solutions from the Quebec company would also be found on the largest seawater desalination plant in the world. Currently under construction, this property is located in an area north of Abu Dhabi.
IQ sells for $ 12 million
On Tuesday, Investissement Québec (IQ) sold 4 million shares of H2O Innovation for an amount of just over CAN $ 12 million. The financial arm of the state still holds 10.15% of the outstanding shares.
It must be said that since April 3, 2020, the company’s stock has gone from a value of $ 0.60 to around $ 3. This is his best performance in ten years. IQ has been a partner since 2013.
“As part of the ongoing management of its activities, Investissement Québec has deemed the time to reduce its position in H20 Innovation,” IQ said in a press release.
H2O Innovation, which has 700 workers, could achieve sales of between $ 145 and $ 150 million for the 2020-2021 fiscal year.