Water Ways Technologies (WWT.V), a Toronto, Ontario-based company developer of advanced irrigation and water systems with subsidiaries in Israel, China and Canada, announced today that it’s Canadian subsidiary, Heartnut Grove WWT Inc (HGWWT), has received a second order to design and construct a complete smart irrigation and fertigation project for an existing customer.
The apple-growing project located in Southern Ontario, covers approximately 22 hectares. The order totals $202,000 CAD and calls for the design and installation of the latest Israeli drip irrigation technology.
HGWWT expects to deliver and install the project in Q4 2022 and Q1 2023.
Ohad Haber, Water Ways chairman and CEO, commented, “Our investment and efforts to penetrate the Canadian irrigation market with Israeli smart irrigation technology are becoming successful. This is the second project we are carrying out this year and may have more orders by the end of the year.”
Irrigation is a world-wide concern as approximately 70% of all freshwater on the planet is used for irrigation and agriculture, this is three times more water then was used in 1970. This increasing cycle of demand is unsustainable and technologies for irrigation and agriculture must advance in order to address this alarming issue.
Presently, farmers are faced with general poor efficiency when they water their crops with an estimated 40% or more of the irrigation water wasted through either deep percolation or surface runoff.
Water Ways Technologies solutions are being utilized across the globe including cotton plantations in Uzbekistan, vegetable growing in Ethiopia, blueberry farms in China, banana plantations in Laos, apple orchards in China and medical cannabis greenhouses in Israel.
In recent news, the company announced it had executed on a definitive agreement for the acquisition of 51% of the shares of the Chilean smart irrigation provider, Desarrollo de Sistemas Hidraulicos.
Hidrotop is a hydraulic engineering company with a regional presence in the agricultural and mining industries in Chile and Argentina. The company generated $7.8 million USD in revenue and an EBITDA of approximately $0.78 million in the calendar year ended December 2021.
Water Ways expects the acquisition to provide strategic access to the Chilean broader and Latin American smart and drip irrigation markets which are estimated to be worth $640,000 USD and are expected to reach $1.43 billion in 2026.
The company reported $1.8 million in cash and cash equivalents as of June 30, 2022, with total revenues of $3.79 million for the three months ending June 30, 2022, for a net comprehensive income of $2.70 million for the same quarter.
Currently Water Ways Technologies trades for $0.185 CAD per share for a market cap of $26.977 million.