New growth initiatives drive BIOREM order backlog to record $44.5M
BIOREM Inc. announced new orders totaling $7.1 million, increasing its record order backlog to $44.5 million. This growth reflects the success of its new air emission abatement technologies and services. Orders, mostly in the $1M to $2M range, are expected to convert into revenue within a year. The company also reported a $1.3 million order for services, bringing year-to-date service orders to $5.3 million. The market for air emissions abatement is projected to grow at an annual rate of 5.4%, reaching $1.6 billion by 2027.
- New orders of $7.1 million contribute to a record order backlog of $44.5 million.
- Successful introduction of new air emission technologies and services leading to increased demand.
- Record year-to-date service orders of $5.3 million, reflecting growth in service offerings.
- Positive market response for dry scrubbers, with bookings exceeding $9 million this year.
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Recent North American sales of
GUELPH, ON, Oct. 5, 2022 /PRNewswire/ - BIOREM Inc. (TSXV: BRM) ("Biorem" or "the Company") today announced several new orders totalling
"These recent orders are a result of newer technologies and services we have introduced in the air emissions area," said Derek S. Webb, President and Chief Executive Officer. "The orders are all in the
The company's push to complement its product offerings with services also continued to generate positive results, as a strong emphasis on relationship management with previous clients drove service revenues to a new high.
"Included in the total was another
BIOREM also successfully secured a
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 that use the next generation of physical technologies. The new products include a consumable component that is expected to generate recurring revenues to broaden BIOREM's revenue base and drive continued growth as the company expands its service offerings.
The air emissions abatement market in North America is currently growing at an annualized rate of
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.
Physical treatment solutions in the context of gaseous phase pollutant abatement typically describes 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.
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.
