HONG KONG, April 15, 2024 /PRNewswire/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) reported that the Company has recently formed a new synergistic "White Label" BWTS business partnership in Greece.
The Company's majority-owned subsidiary, Yixing PACT Environmental Technology Co., Ltd., ("PACT") has signed an exclusive sales distribution and OEM partnership agreement with ERMA FIRST ESK Engineering Solutions S.A. ("ERMA FIRST").
This partnership has created a synergy effect for both companies as PACT is a UV-based BWTS technology company and complements ERMA FIRST's electrolysis technology. Sales distribution will be focused on 20 countries in Europe, and the Company believes this will allow it to achieve quicker penetration in the European market over the coming months.
About BWTS
BWTS are an imminent requirement by the International Maritime Organization ("IMO") to prevent the biological imbalance caused by the estimated 12 billion tons of ballast water transported across the seas every year by ocean-going vessels when their ballast water tanks are emptied or refilled. In 2012, the Ballast Water Discharge Standard became a law in the US, initially applying to any vessel constructed in December 2013 or later when entering US waters, and to existing vessels shortly after. The IMO's Ballast Water Management Convention entered into force for new-built vessels on September 8, 2017, after ratification by 52 states, representing 35.1441% of global merchant shipping tonnage. In July 2017, the IMO decided that the phase-in period for ballast water system retrofits would begin on 8 September 2019.
PACT obtained type approval from China Classification Society for its 200, 300, 500, 750, 1200 and 1250 cubic meters per hour BWTS in 2016.
The IMO convention stipulates that type approval for revised G8 requirements must be obtained for all BWTS installed on or after October 28, 2020. PACT's systems are fully compliant with these requirements.
Its ballast water port solution, HarborBallast, is a system installed in port to offer ballast water treatment services for ocean-going ships without their own BWTS and for those with damaged BWTS.
About ERMA FIRST
ERMA FIRST - From saving the oceans to safeguarding the planet
Founded in 2009 and headquartered in Greece, ERMA FIRST is a leading manufacturer and provider of future-proof sustainable maritime solutions. The company's robust systems and solutions ensure worldwide compliance, provide operational simplicity and reduce operational expenditure while minimising the impact of ship operations on the environment.
ERMA FIRST's customer-centric approach offers flexible and convenient servicing through a trusted network of certified engineers worldwide. ERMA FIRST provides sales, maintenance and training to clients via offices in 46 countries.
ERMA FIRST offers a complete range of solutions, including ballast water treatment (BWTS), alternative maritime power (AMP), energy-saving devices (ESDs) and carbon capture and storage (CCS).
ERMA FIRST has won the Lloyd's List Technical Achievement Award (2013 and 2023), the GREEN4SEA Technology Award (2016) and the GREEN4SEA Sustainability Award (2023).
ERMA FIRST Website: www.ermafirst.com
Certain statements in this news release regarding the Company's expectations, estimates, present view of circumstances or events, and statements containing words such as estimates, anticipates, intends, or expects, or words of similar import, constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements indicate uncertainty and the Company can give no assurance with regard to actual outcomes. Specific risk factors may include, without limitation, having the Company's offices and operations situated in Hong Kong and China, doing business in China, competing with Chinese manufactured products, competing with the Company's own suppliers, dependence on vendors, and lack of long term written agreements with suppliers and customers, development of new products, entering new markets, possible downturns in business conditions, increased competition, loss of significant customers, availability of qualified personnel, negotiating definitive agreements, new marketing efforts and the timely development of resources. See the "Risk Factor" discussions in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F for its fiscal year ended December 31, 2022.
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SOURCE EURO TECH HOLDINGS COMPANY LIMITED
