The Fluence Corporation Ltd (ASX: FLC) share price was one of the best performers on the All Ordinaries Index (ASX: XAO) on Friday.
Even when the market was sinking lower, the water technology company's shares were pushing higher.
They eventually finished the day almost 17% higher at 35 cents.
Why did the Fluence share price storm higher?
Investors were buying Fluence's shares on Friday after it announced that it has entered into a new strategic market segment and new province.
According to the release, this was achieved with the sale of its Aspiral product to Beijing China Railway Science New Technology Co for a project involving the Chinese Railway System in Inner Mongolia.
The release explains that its Aspiral L3 unit will treat an initial 35m3/day of highly concentrated wastewater. This wastewater is unusually high in nitrogen, similar to Fluence's Hubei highway Systems projects. However, once treated it will meet standards equivalent to China's Class 1A effluent requirement.
The company notes that Fluence's membrane aerated biofilm reactor (MABR) technology has demonstrated its ability to comply with the required effluent standards in previous extreme cold temperatures, while maintaining treatment fidelity.
Fluence's CEO, Henry Charrabé, was pleased with the agreement.
He said: "This initial contract is strategically important to Fluence and is anticipated to rapidly prove MABR's effectiveness in this new application, similarly to the experience with three existing volume partners in China. As we have seen in the past, once our MABR technology has proven itself to a new partner via an initial order, and Fluence is able to significantly contribute to the economic value proposition, meaningful bulk commitments often follow."
"By adding this reference in the severe cold weather climate of Inner Mongolia, the third largest province in China, we are confident that Aspiral will become the ideal solution for the distributed network of the China railway throughout the People's Republic," he added.
The company will ship this order from its factory in Changzhou, which has not been impacted by any material delays in its supply chain.
