here - Rockstone Research

Monday, November 21, 2016
Report #4
Green Energy Technology
Company Details
International Wastewater Systems Inc.
1443 Spitfire Place
Port Coquitlam, BC, V3C6L4 Canada
Phone: +1 604 475 7710
Email: [email protected] (CFO)
Shares Issued & Outstanding: 89,802,211
China starts with an estimated 1000 PIRANHA
heat recovery systems in the first year
Today, the green energy technology
company International Wastewater
Systems Inc. (“IWS”) has announced a
major agreement with Beijing Ruibaoli
Thermal Technology Co. Ltd. (“BRTT”)
from Beijing, China.
IWS will provide BRTT with a nonexclusive license to market and sell
IWS’ proprietary thermal heat recovery
equipment in China under the SHARC
and PIRANHA brands.
This agreement is structured as a
licensing fee that BRTT will pay to IWS for
each unit sold in China. BRTT estimates
sales of 1,000 PIRANHA units in the first
year of the agreement. Prior to launching
the IWS products in China, BRTT and IWS
will work jointly to install SHARC and
PIRANHA demonstration projects for
BRTT’s clients. The agreement requires
BRTT to guarantee the quality of all IWS
products manufactured, marketed and
sold in China, conforming to IWS’ global
quality control standards.
Mr. Qu Yuxiu, President of BRTT, said in
today’s press-release:
“BRTT is experiencing dramatic
growth in the demand for thermal
heat recovery projects in China. IWS
technology, particularly the PIRANHA,
provides a turn-key thermal heat
recovery solution that can serve most
small and medium sized buildings,
significantly expanding the market for
these systems.”
Canada (CSE)
Canadian Symbol (CSE): IWS
Current Price: $0.375 CAD (11/18/2016)
Market Capitalization: $34 million CAD
Mr. Lynn Mueller, CEO of IWS,
commented today:
“We are excited to enter the Chinese
market with Beijing Ruibaoli Thermal
Technology Co., an industry-leader
in the region. Our agreement allows
IWS to rely on BRTT’s expertise for
the deployment of our technology in
China while maintaining control of the
standards and quality of our products
and earning revenues from all IWS
products sold in China”.
Germany (XETRA)
German Symbol / WKN: IWI / A14233
Current Price: €0.258 EUR (11/18/2016)
Market Capitalization: €23 million EUR
Report #4 | International Wastewater Systems Inc.
he thermal heat recovery
systems developed by IWS have
been deployed in numerous
international locations. The intercept
wastewater from sewers and uses heat
pump technology to amplify the natural
warmth of waste water. This generates
an energy-saving, cost-effective and
environmentally-friendly system
for heating, cooling and hot water
production in commercial, residential
and industrial buildings.
Over the last years, IWS has commercially
proven with more than a dozen projects
worldwide that its technology can reduce
energy costs by up to 80%, a highly
significant number which arguably puts
IWS at the forefront of the global carbon
reduction trend. While governments
worldwide are increasingly stepping in
and forcing by law, or by subsidy, not
only corporations but also households
to cut carbon emissions, IWS owns an
established technology that could change
the world much for the better.
Today’s announced agreement to install an
estimated 1,000 PIRANHA systems in China
in the first year marks the fourth major
contract for IWS. In August, IWS announced
to install 1,000 PIRANHA systems in
California over 5 years. In October, IWS
announced a potential pipeline of up to
750 SHARC systems in Scotland, as well as a
Joint Venture in Australia and New Zealand.
1,000 PIRANHA Systems for
California over 5 Years
In August 2016, IWS announced a $80
million CAD joint venture with RENEW
Energy Partners LLC, a US-based clean
energy developer and funding company
committed to finance capital expenditures
for 1,000 PIRANHA systems from IWS to be
installed in California. Therefore, a single
PIRANHA system installation averages
about $80,000 CAD. The proposed
schedule for the deployment of 1,000
PIRANHA systems in California in the next
5 years is estimated as follows:
Year 1: ~50 systems = $4 million CAD
Year 2: ~120 systems = $9.6 million CAD
Year 3: ~240 systems = $19.2 million CAD
Year 4: ~300 systems = $24 million CAD
Year 5: ~300 systems = $24 million CAD
SHARC (pictured above) is a large, custom-designed water heating and space conditioning
system with a capacity of 440-880 kW, which
can be scaled to serve large district heating
networks by adding multiple SHARCs. SHARC
installations are individually designed and engineered for industrial, commercial and >200
unit residential applications. Thus, the price
for a single SHARC system is much higher than
a PIRANHA (also due to customized engineering on site), whereas the PIRANHA module can
be shipped in a container to be installed easily
on site with less engineering.
PIRANHA (pictured below) is a small, self-contained water heating system with a capacity
of up to 100 kW, designed to be an easy to
install “plug and play” system for commercial
and 50-200 unit residential applications.
1,000 PIRANHA Systems for
China in 1st Year
License fees for other products developed
by IWS will be agreed by the companies
an individual product basis.
BRTT estimates sales of 1,000 PIRANHA
units in the first year of the agreement,
with IWS earning a license fee on each
unit sold in China. Final terms of the
license fee will be determined in a
definitive agreement between BRTT and
BRTT is a leader in the manufacturing and
installation of wastewater heat exchange
systems in China with a track record of
successful projects including the Beijing
South Train Station (140,000 m2), Beijing
Kunlun Hall (100,000 m2) and the Shenyang
District Energy System (325,000 m2).
BRTT has installed thermal heat recovery
projects in 17 Chinese provinces and
20 cities, serving over 325,000 m2 of
new and retro-fit real estate projects.
BRTT has developed its own intellectual
property for thermal recovery technology,
and in addition to the China Licensing
Agreement, both companies will
collaborate on the advancement of next
generation thermal recovery technology.
Up to 750 SHARC Systems for
In October, IWS announced to form a
strategic alliance with Scottish Water
Horizons Ltd., the commercial subsidiary
of Scottish Water, a public water utility
owned 100% by the Scottish Government.
This alliance will support the Scottish
Government’s ambitious renewable heat
and carbon reduction targets for 2020.
Scottish Water Horizons has estimated
that up to 750 SHARC systems would
need to be installed by 2020 to enable
Scotland to achieve its carbon savings
targets. One SHARC system has already
been installed successfully at the Borders
College in Scotland, at costs estimated at
$1.7 million CAD. If 750 such systems are
to be installed in Scotland, the market
potential for IWS in Scotland alone
translates into a massive $1.3 billion
CAD opportunity. This figure excludes
any potential revenue sharing and cash
distributions between IWS and Scottish
Water from the heat and energy sales
agreements that can be generated from
such projects, which typically run for >20
years. The Borders College project has
a revenue sharing agreement in place
whereby IWS earns its share of revenue
from heat sales to Borders College over
the life of the project.
“Breakthrough as US and
China Agree to Ratify Paris
Climate Deal”
Recently in September, both the United
States and China – the world’s biggest
emitters of greenhouse gases – have
announced the ratification of the Paris
climate change agreement.
China’s President Xi Jinping said:
“Our response to climate change bears
on the future of our people and the wellbeing of mankind.”
US President Barack Obama said:
“Just as I believe the Paris agreement
will ultimately prove to be a turning
point for our planet, I believe that
history will judge today’s efforts as
pivotal... Despite our differences
on other issues we hope that our
willingness to work together on this
issue will inspire greater ambition and
greater action around the world.“
Investments in Energy
Forbes contributor Richard Brubaker
highlighted the importance of the
buildings sector to reduce carbon
“In fact, in the US-China agreement it
was pledged that 50% of new building
would be green by 2030. With a large
portion of energy consumption coming
through energy efficient buildings and
cities, the opportunity to mitigate (or
even reduce) the energy load required
will come through better urban
planning, better building standards,
and continued retrofitting of existing
buildings. This is also likely an area
where technology sales/ transfers to
China can happen!”
Report #4 | International Wastewater Systems Inc.
Why the building sector?
Buildings consume nearly half of
all the energy produced in the US.
According to the US Energy
Information Administration (EIA),
75% of all the electricity produced
in the US is used just to operate
Buildings are responsible for
nearly half (44.6%) of all CO2
emissions in the US in 2010
By comparison, transportation
accounted for 34.3% of CO2 emissions and industry just 21.1%.
Globally, these percentages
are even greater.
IWS Setting a Global
Keywords like green energy or
green tech lets most people think
instantly of solar or wind power.
IWS adds another, similar energy
source that is also available in
sheer endless quantities:
The power of everybody’s
The calculation is simple and
highly convincing: The fresh
water entering buildings has an
average temperature of 7-9°C
(45-48°F) and leaves the building
at 20-25°C (68-77°F). If this
difference in temperature is used with
IWS’ patented heat pumps, 40-50% of the
heat consumption of a building can be
recovered. This reduces the consumption
of primary energy and as such major costs.
IWS’ founder and CEO, Lynn Mueller
“We’re operating at 600% efficiency so
every dollar we spend to recover the heat
out of the sewer we get 6 dollars worth of
heat out.”
Clearly, China currently represents one of
the largest markets for IWS, and as such a
large revenue potential. However, today’s
announced licencing agreement for the
Chinese market, the joint venture announced in August for the California market, and the strategic alliance announced
in October for the Scottish market, as well
as for the markets in Australia and New
Zealand, are increasingly becoming the
blueprint for other renewable energy companies, funds, organizations and governments to follow the same path to reduce
energy costs up to 80% for residential
and industrial buildings worldwide.
The growth potential for publicly listed
IWS is immense as it owns an established
technology which could change the world
much for the better as no other known
technology exists capable of recycling that
much energy on a global scale.
Report #4 | International Wastewater Systems Inc.
Let’s Get HVAC Out of the Sewer: Wastewater
thermal extraction technology has come of age
By Jay Egg on November 14, 2016,
Lynn Mueller, founder and CEO of International Wastewater Systems Inc. (IWS),
has been involved in wastewater thermal
extraction for some time now. Maybe no
one else would tackle the effort, but it’s a
technology that has come of age. Mueller’s
company went public last year, and it continues to expand and garner attention. So
much so that IWS’s newly released PIRANHA
heat recovery system won the AHR 2016
Green Building Product of the Year Award.
Thanks to a joint venture between International Wastewater Systems Inc. and
Renew Energy Partners LLC, California will
receive 1,000 PIRANHA thermal heat recovery systems. The PIRANHA is designed
to provide the domestic hot water (DHW)
needs in 50-100 multifamily housing units.
Exhaust recovery ventilators (ERVs) are
designed to save energy in businesses and
homes. With an ERV, air exhausted from
the building exchanges energy with the
makeup air coming back into the building,
which helps precool or preheat the makeup
air depending on the seasonal conditions.
Essentially, the PIRANHA does the same
thing with exhaust water, or wastewater,
recovering unused energy for other
purposes such as DHW, heating, or cooling.
The potential for energy recovery with
wastewater is staggering. According to the
U.S. Department of Energy (DOE), 350 billion
kWh of usable energy goes down the drain
each year. This is enough energy to heat 5
billion average-sized homes in the dead of
winter for an entire day (24 hours) or heat 69
billion DHW tanks from room temperature
to 130°F. This is a remarkably large quantity
of energy that is not being recovered. Even
if the temperature is subzero outside, the
average temperature of the waste water
leaving homes and buildings is around 70°.
Our sewer discharge is a combination of
drainage from our showers, washing machines, dishwashers, sinks, and toilets.
Many of these sources are warm as they are
discharged into the sanitary sewer. Even
those not heated, such as the toilet tank,
assume room temperature after a few hours
inside the conditioned space, carrying valuable Btu down the drain. In Vancouver, British Columbia, Canada, the city built a wastewater energy plant to displace natural gas
(NG) heating, and city leaders are convinced
that through the use of geothermal heat
pumps (GHPs) and some smart strategies,
they can meet their goals. A July 26 article
on examined this large wastewater
heat recovery system, and a video interview
with Brian Crowe, director of water, sewers,
and district energy for the city of Vancouver, also examines the plant. Incidentally,
Vancouver is Mueller’s hometown.
The PIRANHA thermal heat recovery
systems that are going into California
represent the entry-level portion of this
technology as the units will be primarily
used for recovering energy for DHW
needs. Another IWS product introduced
some years ago is the SHARC, which is
compatible with more applications, such
as residential, commercial, and district
cooling and heating applications. This is
the junction at which wastewater heat
recovery and air conditioning, heating,
and refrigeration professionals become
fully engaged. There will soon be buildings
and designs crossing our collective desks
with these waste energy recovery systems
in the design, and they’ll be part of the
central HVAC systems.
Primarily, waste energy recovery systems
are viewed as, or treated as a source of,
energy, like a boiler, and, alternatively,
will operate as a heat sink, like a cooling
tower. Geothermal heat pumps (GHPs)
are the central component of the thermal
extraction/rejection portion of energy
recovery. GHPs use available energy in
liquids between 25° and 110° and are able
to absorb and reject heat to and from
them. GHPs are thermal energy pumps
that concentrate heat energy through the
Carnot Cycle and deliver final temperatures
from well-below freezing to 140° above
for uses such as space conditioning,
refrigeration, or domestic hot water.
Of course, these applications are well-suited to be a hybrid of waste energy – as the
Report #4 | International Wastewater Systems Inc.
primary source/sink – and earth-coupled
systems. The earth-coupled portion of
projects is reduced in both scope and cost
by taking advantage of the wastewater
thermal energy heat source and sink.
Hydronic systems are amazing because
they effectively channel Btu within a pipeline, unlike air-source systems. GHPs make
the magic happen by simply managing
Btu entrained in liquids to whatever temperature is needed at the time. GHPs are
the center of the energy universe for renewable and sustainable energy systems.
In an interview, Mueller shared that this
California venture is an example of how
his company is able to fast-track market
penetration with emissions-reducing
technologies and make the installation
free to owners. In Mueller’s eyes, this allows
owners to sit back and save energy and
A recent Green Tech Media headline read,
“Vancouver Leapfrogs Energy Efficiency,
Adopts Zero-Emissions Building Plan.”
Technologies that reduce greenhouse gas
(GHG) emissions are in high demand; and
wastewater energy recovery has greater
potential to reduce on-site GHG emissions
and save energy than perhaps any other
building technology.
Just as ERVs have entered into building
codes, wastewater energy recovery is
right behind. This is a technology that’s
ready to emerge.
The US Department of Energy raised its concerns by saying “350 billion kW-hrs worth of hot water are discarded annually
through drains in North America.” What’s the value of all that energy lost in wastewater?
The approximate natural gas equivalent of 350 billion kWh is 1.4 billion MCF. At a natural gas residential price of
$10.53/MCF (California, 05/2016), about $15 billion USD are wasted alone in the US, each year!
Previous Media Coverage
Herald Scotland, Scottish Water, Plumbing
Engineer, CNN, National Geographic,
BBC News, The Globe & Mail, The
Vancouver Sun, BusinessVancouver,
EnergyManagerToday, Valve Magazine,
Canadian Property Management Magazine,
GeoOutlook, ResourcesQuarterly,
Plumbing & HVAC, North American Clean
Energy, Fast Company, HPAC Engineering,
WaterCanada, CleanTechnica, TriCityNews,
Altenergymag, Environmental Leader,
Earth911, GreenLodgingNews, REMI
Network, EarthFix, Living on Earth,
TPO Magazine, Construction Business
Magazine, The Georgia Straight, Clean
Energy Pipeline, Burnaby Now, Journal of
Energy Recovery From Sewage Water on BusinessTV (click here to watch the video)
Previous Rockstone Coverage
More Videos
Report #3: “IWS in Scotland: A Billion
Dollar Opportunity; Update: Expanding on
Details” (October 17, 2016)
• 2016 corporate video, 2014 showcase
• PIRANHA wins the 2016 AHR Innovation
• Tour of Gateway Theatre (Richmond, BC)
& SAIL Condo Development (Vancouver,
• Tour of Sechelt Water Resource Centre
(Sechelt, BC); part 2
• Tour of Canyon Springs Condominiums
(North Vancover, BC)
• Sewage Heat Recovery video
• Message from Lynn Mueller
Report #2: “Strategic Government Alliance
to install up to 750 IWS systems enabling
Scotland to achieve its carbon savings
targets by 2020” (October 14, 2016)
Report #1: “Major Breakthrough and
Turnaround in the Making for IWS” (August
25, 2016)
More Information
• Corporate website of IWS
(publicly traded parent company):
• Corporate website of SHARC
(UK subsidiary):
Report #4 | International Wastewater Systems Inc.
The IWS Technology
• IWS has successfully designed,
developed and deployed a patented
method for extracting heat from raw
sewage flows.
• IWS’ technology provides simple and
direct heat exchange from untreated
• Tailored to building specifications for
new and retrofit applications.
• IWS offers the most energy-saving, costeffective and environmentally-friendly
solutions for a building’s heating, cooling
and hot water.
• Energy savings and primary energy cost
reduction of 30-85%.
• Reduced fossil fuel consumption, as
well as reduced CO2 and GHG emissions.
• Easy install into new or existing
• Trouble free operation and
maintenance with a long product lifecycle.
• LEED® points towards sustainable
• Pay back periods typically only a few
years (geothermal applications have
potential for immediate payback).
• The UK’s first sewage heat recovery
system, developed by SHARC Energy at
Borders College in Galashiels, Scotland
(approximately 5,500 students) aims to
displace 1.8 GWhs of natural gas and
save 150 t of carbon emissions per year.
The monetary savings by the college per
year sums up to around £10,000 per year
on their bills for heating by using SHARC
system in comparison to use of gas
boilers for heating of the buildings.
Report #4
#3 | International Wastewater Systems Inc.
The already installed IWS systems in commercial buildings in British Columbia impressively demonstrate the global potential of
the SHARC technology. For example, the Gateway Theatre in Richmond has installed the IWS system in April 2013 and reports on
cost savings of $15,000 annually. The payback period is 6 years, whereas 75% in energy savings are realized every year (reduction of
greenhouse gases: 70 tonnes per year). Most interestingly, the federal and provincial governments have granted an incentive worth
$85,300 – a trend which should increase dramatically in the foreseeable future as governments globally are creating more and more
incentives to reduce emissions. IWS should profit from this trend in a unique and massive fashion.
The IWS system has been
installed in numerous residential
buildings around Vancouver,
which have reported on energy
savings between 75-80% along
with GHG reductions of 100-150
tonnes annually.
IWS Applications (some of the
places IWS is currently working
on): Commercial & Retail Buildings, Schools & Sport Facilities,
Condominiums & Apartments,
Industrial Processes, District
Energy Systems, Aquatic Centers / Natatoriums, Hospitals &
Long-term Care, University/College Campuses, Public Facilities,
Geothermal Systems
Other already installed IWS
system in residential buildings, as well as planned
installations, can be viewed
and followed here, whereas
installations in industrial
and public buildings can be
followed here.
Report #4 | International Wastewater Systems Inc.
Wastewater: harnessing a forgotten energy
By intouch on June 1, 2016, at Institute
of Public Works Engineering Australasia
A neglected source of energy is
flowing beneath our cities and
towns, with the potential to deliver
sustainable heating and cooling while
slashing energy and water use.
Wastewater is a reliable source of thermal
energy, which, unlike energy sources like
solar or wind power, is largely independent
of external forces. In Melbourne there is
enough thermal energy in the wastewater
to provide heating/cooling for up to 2000
commercial buildings. Using this resource
could help the city take a big step towards
its goal of being carbon neutral by 2020.
However, outdated regulations, a siloed
industry and the perception of risk have
stymied the large-scale rollout of projects.
The case for utilising the untapped
potential of wastewater will be presented
in August at IPWEA’s Sustainability
in Public Works 2016 Conference in
Presenter Nick Meeten, who is a
Sustainability Consultant from New
Zealand-based Smart Alliances, has
more than 20 years’ experience in urban
infrastructure, project management and
energy recovery solutions. He formerly
worked for German-based HUBER as Green
Buildings Team Leader.
“It’s using robust equipment and very
sound basic engineering concepts – the risk
associated with these projects is very low.”
To support the claims on how efficient the
systems are, Meeten points to an American
Society of Heating, Refrigerating and AirConditioning Engineers (ASHRAE) study,
which looked at the benefits of using a
geothermal-heat pump (GHP), compared
to a variable-refrigerant flow (VRF). While
the water source differs, Meeten says the
research is still applicable.
“Wastewater is just another source of
water, which has all the same basic
characteristics – it’s a bit dirtier, but in
terms of its ability to provide heating or
cooling, it’s exactly the same,” he says.
Around the world, there are close to 500
established systems that recycle the
energy from wastewater for heating and/or
air conditioning. Meeten says the science
is already in on how efficient such systems
The two-year study compared GHP and
VRF systems installed on different floors of
the ASHRAE headquarters buildings. With
all variables accounted for, the study found
that energy use by the GHP averaged 44%
less than the VRF system.
“Even though that idea may seem to be
new and innovative and by association
seem quite risky, technically it’s actually
very simple,” he explains. “The oldest ones
were done back in Switzerland more than
20 years ago.”
How it works
One of the most common misconceptions
about utilising wastewater is that sewerage
will be pumped around the building – a
myth Meeten assures is unfounded.
“All we’re talking about is it comes out of
the wastewater pipe, it goes through a
heat exchanger, and then it goes back into
the wastewater pipe,” he says.
Meeten says the engineering behind using
the thermal capacity of wastewater for
heating and aircondition is “remarkably
“What most commercial buildings do at
the moment is have some form of heat
exchanger on the outside of the building
that sits up on the roof,” he says.
“It is often something like a cooling tower,
or it can be an aircooled type of condenser.
“Whatever form it takes, all it is is a heat
exchanger to either transfer heat out
of or into the atmosphere. You’ve got
lots of pipes which pump clean water
around the building, which makes your air
conditioning system work.
“The only difference between this model
and using wastewater is it’s a different type
of heat exchanger. Instead of one sitting
up on the roof, this one will sit down
somewhere perhaps buried under the
ground, or housed on the ground. Instead
of pumping lots of air through it to provide
or remove heat, you pump wastewater
through it so the heat goes into or come
out of the wastewater.”
Report #4 | International Wastewater Systems Inc.
Wastewater is particularly suited to this task;
with a stable and neutral temperature range
(typically around 10°C to 15°C year round),
it is often warmer than air in the winter (in
colder climates) and cooler than air in the
summer. Water is also an excellent conductor of energy, moving over four thousand
times as much energy as air (for the same
volume and temperature change). Water is a
great conductor of heat, this is why it’s been
used in central heating systems for centuries. Air is such a poor conductor of heat,
we use it to our advantage as an insulator
in things like double glazing and building
insulation products.
A purpose-built heat exchanger is
needed – however, a large portion of
the infrastructure needed for the system
is already exists. “By far the biggest
advantage I see is that the expensive
below ground infrastructure is already
there,” Meeten enthuses.
“The wastewater pipes are already in the
ground. When you start looking at ways
that cities can be more efficient, one of the
things that often gets mentioned is district
heating or district cooling. There’s no
doubt that those sorts of systems are great
and they’re very efficient, but to install one
of those systems into your city means you
have to dig up all the roads to put in the
pipes, which can be very expensive.
“A wastewater system is making use of
pipes that are already there.”
The ‘flow profile’ of wastewater is also
well-suited to the purpose of heating and
cooling buildings.
“If you look at the 24 hour profile of when
wastewater flows, the amount of wastewater flowing at 2am when we’re sleeping
is a lot less than 8am when we’re all up
and working,” Meeten explains. “The flow
profile matches very well to when buildings need their air conditioning systems
working. I liken it to breathing – they both
breathe in and out at the same time.”
Meeten describes wastewater as a resource
no-one cares about – which is one of
its strengths. “If you want to use river
water for this purpose, there’s all sorts of
environmental issues you have to take
into account,” he says. “Is it going to kill the
fish eggs? Is it going to suck in insects?
Those issues aren’t there with wastewater
– nobody cares about it, it’s already
contaminated, so there’s a whole load of
things that you don’t have to worry about.”
Computer modelling can be used to show
on an energy map which parts of the city
have a lot of energy available through the
wastewater, and some examples of these
will be shown in his presentation. Meeten
says municipalities rolling out wastewater
energy recycling projects are finding
various models that allow them to make –
at times substantial – new income streams.
“In one case from Canada, when applied
to Melbourne it would mean an income
every year of about $2 million; another
model from Scotland could potentially
raise $15 or 16 million a year when applied
to Melbourne,” Meeten says.
guts of those regulations – from a health
perspective – are that buildings are allowed
to put wastewater into a pipe, but you’re
not allowed to take it back out again.”
Meeten says he has come across this
problem in many parts of the world,
including Australia, the US, Europe and
Chile. Communication between the
building and wastewater industries – or
rather, the lack of it – is also a problem.
“There’s a funny gap between people who
work with buildings and people who work
with wastewater, and normally these two
never meet,” Meeten says. “I know that
because I’ve spent 20 years designing
buildings and now eight years working
with wastewater. I’ve got a foot in each
camp, but there’s very few people globally
who work in this grey area in between.”
Meeten says red tape often has a chilling
effect on wastewater energy recovery
projects. “The regulations for wastewater
in some places were written back in the
1950s,” Meeten says. “Of course, back then
we didn’t have the same understanding
of climate change, growth of cities or
urbanisation, and energy was really cheap.
There is also a demarcation between
the public and private sectors, with the
buildings typically owned by the private
sector, and wastewater infrastructure the
remit of councils. Although the rollout of
projects in Australia has been almost nonexistent, there has been some movement
recently – the first wastewater project used
for heating and cooling is currently being
installed at the Australian Wool Testing
Authority in Melbourne.
“It was a different world when those rules
and regulations were written. The main
The conference program is available –
download it now.
Disclaimer and Information on
Forward Looking Statements:
All statements in this report, other than
statements of historical fact should be
considered forward-looking statements.
Much of this report is comprised of statements of projection. Statements in this
report that are forward looking include
that International Wastewater Systems Inc.
(“IWS”)or any other company or market will
perform as expected; that today’s announced joint venture will materialze; that
IWS can and will start selling or installing
more systems; that the company can raise
sufficient funds for further developments
or project completions, and corporate
matters; that any of the mentioned plans,
comparisons with other companies, regions
or numbers are valid or economic. Such
statements involve known and unknown
risks, uncertainties and other factors that
may cause actual results or events to differ
materially from those anticipated in these
forward-looking statements. Risks and
uncertainties respecting technology companies are generally disclosed in the annual
financial or other filing documents of IWS
and similar companies as filed with the
relevant securities commissions, and should
be reviewed by any reader of this report. In
addition, with respect to IWS, a number of
risks relate to any statement of projection or
forward statements, including among other
risks: the receipt of all necessary approvals and permits; the ability to conclude a
transaction to start installing and operating
its systems; uncertainty of future market
regulations, capital expenditures and other
costs; financings and additional capital
requirements for production, development,
construction, and operating of a system; the
receipt in a timely fashion of further permitting for its legislative, political, social or
economic developments in the jurisdictions
in which IWS carries on business; operating
or technical difficulties in connection with
production or development activities; the
ability to keep key employees, joint-venture
partner(s), and operations financed. There
can be no assurance that such statements
will prove to be accurate, as actual results
and future events could differ materially
from those anticipated in such statements.
Accordingly, readers should not place
undue reliance on forward-looking information. Rockstone and the author of this
report do not undertake any obligation to
update any statements made in this report.
Report #4 | International Wastewater Systems Inc.
Disclosure of Interest and
Advisory Cautions:
Nothing in this report should be construed
as a solicitation to buy or sell any securities
mentioned. Rockstone, its owners and the
author of this report are not registered broker-dealers or financial advisors. Before investing in any securities, you should consult
with your financial advisor and a registered
broker-dealer. Never make an investment
based solely on what you read in an online
or printed report, including Rockstone’s
report, especially if the investment involves
a small, thinly-traded company that isn’t
well known. The author of this report is
paid by Zimtu Capital Corp., a TSX Venture
Exchange listed investment company. Part
of the author’s responsibilities at Zimtu is
to research and report on companies in
which Zimtu has an investment. So while
the author of this report is not paid directly by International Wastewater Systems
Inc. (“IWS”), the author’s employer Zimtu
will benefit from appreciation of IWS’s
stock price. The author does NOT own any
shares or other kinds of interests in IWS.
The author currently owns shares of Zimtu
Capital Corp. and thus would also benefit
from volume and price appreciation of its
stocks. Thus, multiple conflicts of interests
exist. Therefore, the information provided
herewithin should not be construed as
a financial analysis or recommendation
but strictly as advertisement. The author’s
views and opinions regarding the companies featured in reports are his own views
and are based on information that he has
researched independently and has received,
which the author assumes to be reliable.
Rockstone and the author of this report do
not guarantee the accuracy, completeness,
or usefulness of any content of this report,
nor its fitness for any particular purpose.
IWS has not reviewed all of the content of
this report prior to publication. Lastly, the
author does not guarantee that any of the
companies mentioned in the reports will
perform as expected, and any comparisons
made to other companies may not be valid
or come into effect. Please read the entire
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in form of a PDF. By using this website and/
or report, and whether or not you actually
read the Disclaimer, you are deemed to
have accepted it. Information provided is
educational and general in nature.
Analyst Profile & Contact
Stephan Bogner (Dipl. Kfm. FH)
Mining Analyst
Rockstone Research
8050 Zurich, Switzerland
[email protected]
Stephan Bogner
studied at the
International School
of Management
Germany), the
European Business
School (London)
and the University of Queensland
(Brisbane, Australia). Under supervision
of Prof. Dr. Hans J. Bocker, Stephan
completed his diploma thesis (“Gold In
A Macroeconomic Context With Special
Consideration Of The Price Formation
Process”) in 2002. A year later, he
marketed and translated into German
Ferdinand Lips‘ bestseller („Gold Wars“).
After working in Dubai for 5 years, he
now lives in Switzerland and is the CEO of
Elementum International AG specialized
in duty-free storage of gold and silver
bullion in a high-security vaulting facility
within the St. Gotthard Mountain Massif
in central Switzerland.
Rockstone is a research house specialized
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focus is set on exploration, development,
and production of resource deposits.
Through the publication of general
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in order for the reader to be inspired to
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readership that is knowledgeable about
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and acting on one’s own responsibility.
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