20 September 2014

Virotec teams up with TerraPlus

13/11/2001

Aim-listed green technology firm Virotec has signed an important Memorandum of Understanding with Iberian-based engineering consultant TerraPlus, writes James Crux.

Formerly listed as a mining venture Down Under, Virotec (VTI) has worldwide marketing and distribution rights to Bauxsol, a 'green' technology that neutralises acid and removes heavy metals from environmentally contaminated water.

Recent estimates suggest that the market for the technology could be worth 100 billion. In today's announcement, the Virotec board said that engineering consultant TerraPlus had 'already identified potential opportunities in the Portuguese and Spanish mining industries' to use Virotec's Bauxsol technology. TerraPlus full name TerraPlus Engenharia Do Ambiente E Fiscalizacao LDA has a strong presence in the civil engineering, mineral extraction, water management and sanitation services fields. Under the terms of the MOU, TerraPlus will be Virotec's exclusive licensed agent in Portugal and a non-exclusive licensed agent in Spain, with Virotec supplying the actual Bauxsol technology as well as technical support, on a project-by-project basis.

Today's news appears to be a significant strategic development for the company. At a recent meeting with journalists, executive chairman Brian Sheeran said that 'our aim is not only to protect the environment, but to do it in an economically appealing way that will save mining companies money. We came to Aim to internationalise the technology and be first to market'. In line with this strategy, Virotec recently opened up an Italian subsidiary, Virotec Italia, operating from Rome. The Italian office is working to secure permits and licences for the transportation and application of its Bauxsol technology across the European Union, while other offices will be opened across Europe.

The chemicals-listed company floated on Aim in July following a placing of 27.5 million new shares at 14p, which raised 3.36 million net. The shares were unchanged at 15.75p on today's news, valuing the business at 21.65 million.

Growth Company Investor: free trial

Since 2008, our share tips outperformed the benchmark by 281%. Take a free trial and get access to our recommendations today. Start free trial now.

Directors' Pay on AIM 2014

The most comprehensive review of AIM directors' pay available, and this year includes a record sample of 1,044 AIM-quoted companies. The full report is available to order for £365 + VAT. Click here for more info

Latest small-cap and growth company news

Daily coverage of small-cap company stocks on London's junior markets AIM and PLUS, breaking news, stock research and latest share price information for investors. Full sector coverage with all the latest news on smaller listed companies, updated several times a day with financial reports, trading statements and links to further web resources.

Popular News

Latest News

The company is active in a number of gold projects in South America

Orosur looking solid 19/09/2014

South American gold producer Orosur Mining (AIM:OMI) reported a decline in production in its first-quarter results.

Tags: Gold

Petroceltic wins Egyptian award 19/09/2014

Oil explorer Petroceltic International (AIM:PCI) reported that it won a new licence for Egypt.

Tags: AIM oil and gas, Business in Africa

Avanti wins Kenyan deal 12/09/2014

Broadband-by-satellite operator Avanti Communications (AIM:AVN) has won a deal to provide its services in Kenya.

Tags: Business in Africa, Contract wins

Mariana pushing hard at Condor de Oro 12/09/2014

Latin American gold play Mariana Resources (AIM:MARL) has reported results from its drilling programme in Peru. 

Tags: Gold, Mining

Karelian finishes sampling programme 04/09/2014

Finnish miner Karelian Diamonds (AIM:KDR) has completed the sampling programme of three target regions.

Tags: Diamonds, Mining

Urban & Civic wins Cambridge plan 04/09/2014

Property developer Urban & Civic (LSE:UANC) has won a deal with the MoD to redevelop former RAF barracks.

Tags: Property

More News