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DeepVerge Share Price Rallies After Modern Water Selected for Government Trial

Trade DeepVerge Shares Your Capital Is At Risk
Updated 28 Oct 2021
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DeepVerge told investors Thursday that Modern Water — a division of the company — has been selected to contribute newly enhanced monitoring equipment to a Government National COVID-19 Infrastructure Trial, resulting in its shares rallying. 

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The company will be paid £0.48 million for the trial, which includes monitoring and consultancy fees.

The multiple-unit installation consists of 6 upgraded Microtox toxicity monitoring and new models of the Microtox PD range for Covid-19 and other pathogen monitoring. In addition, software, data management capability, dashboards, encryption, and new AI models will be fully integrated.

The multiplex wastewater development trial is expected to last until the end of February 2022, and it is anticipated that revenue from these installations will crystalize on the successful completion of the trial in the 2022 financial year.

Gerry Brandon, CEO of DeepVerge plc, said: “Modern Water has been working on this project since March and we are delighted to finally have the Microtox PD form part of a national government covid infrastructural trial for a long-term early-warning solution offering automated real-time and remote monitoring of COVID in wastewater detection.

“We continue to see a rise in interest in our real-time wastewater monitoring solutions from several governments and these installations follow on from last week's announcement of £2.2m of Microtox PD shipments. With a growing recognition of the importance of wastewater, as well as our expertise, great science and cross-group teamwork from Modern Water, Labskin and Rinocloud, DeepVerge is well-placed to capitalise on current and future opportunities to work with governments, industries bodies and private companies.”

DeepVerge shares have rallied on the news, currently trading at 28.05p, up 5.85% after initially jumping to 28.85p at the open. Last week, the company's shares closed over 12% higher after revealing Modern Water had won £2.2 million worth of new orders.

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