Much to the relief of its long-suffering shareholders, the Fluence Corporation Ltd (ASX: FLC) share price is heading in the right direction at long last.
At the time of writing, the company formerly known as Emefcy Group Ltd has seen its shares rise 7% to 69 cents.
This has reduced its year-to-date decline to approximately 25%.
Why are its shares higher today?
This morning the water treatment solutions provider advised that it has been awarded a €1.5 million contract by France-based VINCI Construction Grands Projets to supply three Nirobox smart packaged seawater desalination units to the island of Mayotte.
As well as this positive news being a catalyst to taking the share price higher, investors may be getting excited due to management’s positive outlook for Nirobox in the future.
According to the release, the global decentralized water purification market value is expected to increase from US$2.7 billion in 2016 to US$4.4 billion in 2021. Management has explained that Nirobox has been designed in such a way to capture a large part of this market.
Time will tell whether it does.
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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.