Financial press releases
OSMOSUN® steps up operations in Morocco by launching a joint venture alongside Moroccan industrial group PCS
Chartres, 05 October 2023 - OSMOSUN®, a leading provider of solar-powered seawater and brackish water desalination solutions, today announces the creation of OSMOSUN MA in Morocco, an equal-stake joint venture alongside Moroccan industrial group PCS. (ISIN: FR001400IUV6 – Symbol: ALWTR)
This industrial and commercial partnership is perfectly in line with OSMOSUN's deployment strategy across West and North Africa, a priority region for the Group. OSMOSUN MA will specifically aim to meet the objectives of the National Programme for Potable Water Supply and Irrigation (Programme national d'approvisionnement en eau potable et d'irrigation or PNAEPI) launched by the Moroccan government as part of its National Water Plan (PNE or Plan national de l'eau) for 2020-2050. Launched in 2020 for a seven-year period, the PNAEPI is aimed at improving water security by increasing the resilience of drinking water supply and irrigation through considerable investments in new dams and desalination plants. The country currently has 12 seawater desalination plants and plans on tripling its capacities by 2030 to boost the proportion of drinking water generated from seawater to 50%, up from 11%.
OSMOSUN MA will fully benefit from the unique OSMOSUN® solar desalination technology as well as the local foothold and expertise provided by PCS regarding infrastructure management on behalf of third parties in Morocco. OSMOSUN MA will focus on small and medium-capacity desalination projects to supply drinking water to isolated areas across Morocco and will handle the units' design, production, installation, commissioning and operation stages.
OSMOSUN MA will be consolidated at 50% in the OSMOSUN® financial statements. Resources will be allocated to this subsidiary in proportion to its growth, starting with access to both companies' existing resources.
OSMOSUN® Chairman and CEO Quentin Ragetly said: “In light of the sheer scale of the water scarcity issue in Morocco, the market potential for water desalination is huge. Combining our solar desalination know-how and solutions with PCS's expertise and reputation in the Moroccan market, OSMOSUN MA is perfectly positioned to benefit from the vast investment programme for the construction of seawater desalination plants implemented by the country's government alongside Moroccan industrial group OCP, for which PCS has already delivered desalination plants.”
Next publication: H1 2023 results, 24 October 2023 after market close
Founded in 2014, OSMOSUN®'s ambition is to become a leading player in the low-carbon water market in order to make drinking water accessible to all.
OSMOSUN® has developed a unique, patented, cost-effective, clean and sustainable solution for solar-powered battery-free seawater and brackish water desalination. This innovation makes OSMOSUN® units among the most energy-efficient and cost-effective solutions in the world. The water production capacities of its units range from 1 m3 to 50,000 m3 per day.
At 31 December 2022, 59 desalination units have been sold in 27 countries.
In 2022, the Group generated revenues of €4.6 million.
More information: OSMOSUN® | Create water where life is
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