Forward Water Technologies Announces Engagement Contract with Cornish Lithium
Toronto, May 04, 2022 – Forward Water Technologies Corp. ("Forward Water" or the “Company”) (TSXV:FWTC) announces that it has entered into an agreement with Cornish Lithium Ltd. (“Cornish Lithium”) for Cornish Lithium to fund trials of the Company’s forward osmosis (“FO”) technology on Cornish geothermal waters. This follows favourable initial results, which demonstrated the potential of the Company’s FO technology to increase lithium concentrations of Cornish geothermal waters.
Forward Water will commence a pilot trial at their Sarnia Engineering facility for Cornish Lithium, in assessing FO in enhancing lithium recovery. This agreement was executed on April 25th after the successful completion of initial computer modelling and FO simulation testing at Forward Water, which delivered positive results in concentrating lithium by as much as a factor of 10. Cornish Lithium is focused on producing sustainable low-carbon lithium from sub-surface geothermal waters found to circulate across Cornwall. Locating and developing lithium resources is crucial in the global transition to clean energy. Cornish Lithium has now fully engaged Forward Water to pilot their FO technology on a scaled, full functional test system. This testing engagement will provide precise and larger data sets in which to optimize and validate large-scale commercial operations. By using Forward Waters low energy FO technology to concentrate these brines, it is believed that the delivery of higher lithium concentrations will allow for greater efficiencies and lower operating costs to that of current processing methods. Additionally, as part of the geothermal waters concentration process, clean, pure water is produced, having beneficial reuse in other industrial processes. President and CEO, Mr. Honeyman comments, “We are excited to assess the positive impact our technology could have for the mission Cornish Lithium has charted out for lithium recovery. In being part of this effort Forward Water will continue to be a leader in sustainable water treatment and re-use”.
About Forward Water Technologies Corp.
Forward Water Technologies Corp. is a publicly traded Canadian company dedicated to saving the earth’s water supply using its patented Forward Osmosis technology. The Company was founded by Green Centre Canada a leading technology innovation centre, supported by the government of Canada. The Company's technology allows for the reduction of challenging waste streams simultaneously returning fresh water for re-use or surface release. The Company’s mandate is to focus on the large-scale implementation of its technology in multiple sectors, including industrial wastewater, oil and gas, mining, agriculture and ultimately municipal water supply and re-use market sectors. For more information, please visit www.forwardwater.com.
About Cornish Lithium
Cornish Lithium is a highly innovative mineral exploration and development company focused on the environmentally-sustainable extraction of lithium from geothermal waters and hard rock in the historic mining district of Cornwall. The Company has secured agreements with the owners of mineral rights over a large area of the County and is using modern technology to re-evaluate the region for its potential to produce lithium and other vital technology metals in a low carbon and low impact manner. A secure domestic supply of such metals is considered vital to the industrial strategy of the UK as it moves towards Net Zero 2050 and the production of electric vehicles.
For more information about Cornish Lithium, visit www.cornishlithium.com
Mr. Howie Honeyman, Ph.D., President & Chief Executive Officer
Forward Water Technologies Corp.
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Forward Looking Statements
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition and development plans do not change as a result of unforeseen events and that the Company obtains any required regulatory approvals. Forward-looking statements in this press release include statements regarding the plans for the joint venture and the ability of the technology to provide new economic and environmental solutions for municipal leachate treatment.
Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: unanticipated operating events; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.