MYCELX Technologies Stock

MYCELX Technologies Corporation operates as a clean water technology company that provides solutions for the oil and gas industry’s water treatment needs, as well as for targeted commercial industrial markets worldwide.

The company provides clean water technology equipment and related services to the oil and gas, power, marine and heavy manufacturing sectors and the majority of its revenue is derived from the Middle East and the United States. It has operations in Houston, Texas, Saudi Arabia and the United Kingdom.

The company operates in all segments of the oil and gas industry and has installations worldwide. Outside the oil and gas industry, the company has also applied its technology to solve water treatment issues for other industries, including the marine, agriculture, PFAS groundwater remediation, mining, manufacturing and air filtration industries.

The company’s products are used in approximately 20 countries worldwide. Its teams are active, particularly in the United States, the Middle East, Australia, Nigeria and Canada. The company’s systems are installed at major upstream and downstream operations, including major ethylene plants worldwide and the latest rig designs for a supermajor in the Gulf of Mexico.

The company’s polymer technology delivers step-change performance in water treatment worldwide. Its patented polymer uses molecular cohesion to remove oil from water to levels its customers require. By removing oil at the molecular level, the company delivers a step change improvement on conventional physical separation methods. The company also utilizes differentiating proprietary media materials in specific process streams to achieve oil removal to approximately 1 ppm if required or tailored for specific discharge levels, contaminant removal and operational run time.

The company’s proprietary filtration products are delivered in systems that it has designed for new build facilities, such as offshore platforms and onshore production facilities, or as performance upgrade retrofits providing enhancement to process water loops and waste water treatment in petrochemical plants.

In 2018, the company launched an initiative to increase uptake of its products that add value outside the oil and gas industry. These market sectors include water treatment systems for marine, agriculture, air filtration, stormwater and PFAS remediation sold through channel partners with sales and marketing platforms in those market sectors. The company has products that have been sold and adopted by industries outside of oil and gas, such as maritime and shipping, air filtration, agriculture PFAS remediation, and stormwater. The company’s key market in the downstream petrochemical industry is the Kingdom of Saudi Arabia.

Strategy

The company’s strategic intent is to become the leading provider of water treatment solutions for the oil and gas industry, as well as targeted commercial and industrial markets worldwide.

Research and development

For the year ended 31 December 2019, the company’s research and development costs were approximately $352,000.

History

MYCELX Technologies Corporation was incorporated in the State of Georgia 1994.