BIOREM order backlog grows to $40-million on strength of $11-million in new orders
North American sales a "vote of confidence" in new technologies, approach
GUELPH, ON, June 7, 2022 /CNW/ - BIOREM Inc. (TSXV: BRM) ("Biorem" or "the Company") today announced $11-million of new orders for air emission abatement projects in North America. This brought the company's order backlog to a record $40-million, its highest point since the company was founded in 1990.
"These recent orders are a vote of confidence in our newer technologies in the air emissions area," said Derek S. Webb, President and Chief Executive Officer. "The bulk of the new orders, $7-million, are for two of our latest product releases and represent a significant expansion of our North American odor and hazardous gas emissions abatement businesses."
The new products were introduced to a carefully-selected trial market segment that accounts for approximately 1/3 of the potential North American market. This positive initial customer response bodes well for markets outside the test area, as the company's sales network will begin marketing them to other domestic and global customers in the coming months.
"BIOREM was able to win these orders despite increased competitive pressure," added Webb. "All of these projects met with significant competitive resistance but customers chose our solutions because of their performance – and we expect a similar response as we introduce these products to customers in other parts of the world."
BIOREM's engineering and product development groups spent considerable time during the pandemic lockdowns of 2020 and 2021 designing the next generation of the company's emissions abatement equipment, supplementing the firm's traditional biological filtration products with those using the next generation of physical technologies. The new products include a consumable component that is expected to generate recurring revenues as the equipment ages and the adsorbents are consumed. This is expected to broaden BIOREM's revenue base and growth potential as it expands its service offerings.
About the North American Air Emissions Market
The air emissions abatement market in North America is currently growing at an annualized rate of 5.4% and expected to be at $1.6B (USD) by 2027. The technologies servicing this market are divided into biological (30%), physical (40%) and chemical (30%)
About Biological Technologies
Biological reactors use a variety of microorganisms, from bacteria to mold and fungi to destroy hazardous air pollutants. Essentially, these microorganisms utilize the air pollutants as a food source, degrading them to harmless by-products such as carbon dioxide and water vapour. BIOREM's unique engineered media provide reliable performance over a useful life of two or more decades, resulting in extremely low operating costs for customers.
About Physical Technologies
Physical treatment solutions in the context of gaseous phase pollutant abatement is typically used to describe the use of adsorbents to remove the contaminant from the gas stream. Specialty material like activated carbon, zeolite or other more advanced engineered media are used to absorb/adsorb the hazardous pollutant on the surface or within the pore structure of the media. Once all available attachment spaces are utilized, the media is considered 'spent' and must be replaced.
About BIOREM Inc.
BIOREM is a leading clean technology company that designs, manufactures and distributes a comprehensive line of high-efficiency air emissions control systems used to eliminate odors, volatile organic compounds (VOCs), and hazardous air pollutants (HAPs). With sales and manufacturing offices across the continent, a dedicated research facility, a worldwide sales representative network and more than 2000 installed systems worldwide, BIOREM offers state-of-the-art technology-based products and peace of mind for municipalities, industrial companies and their surrounding communities. Additional information on Biorem is available on our website at www.biorem.biz.
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SOURCE Biorem Inc.
View original content: http://www.newswire.ca/en/releases/archive/June2022/07/c4190.html