logo-loader
Iofina PLC

Iofina starts work on next iodine extraction plant as it finds oil and gas partner

Iofina’s IOsorb technology extracts iodine from the waste brine produced by oil and gas wells.

Iofina PLC - Iofina starts work on next iodine extraction plant as it finds oil and gas partner
IOsorb extracts iodine from brine produced from onshore oil and gas wells

Iofina PLC (LON:IOF) has found a partner to supply brine for its next iodine extraction plant in the US with construction to start immediately.

The company recently raised £7mln, which will cover the US$3m capital cost of the new plant.

WATCH: Iofina starts construction of its next iodine extraction plant IO#8

Known as IO#8, the new plant is in a different part of Oklahoma from its four existing sites, will take between six-seven months to build and is scheduled to be in production in the first half of 2020.

Tom Becker, the chief executive, said: “Through IO#8 we now have active working agreements with three different brine suppliers. 

“It is encouraging to report that companies in the oil and gas industry are finding value in partnering with Iofina and utilising our IOsorb technology to remove iodine from their brine stream.” 

Iofina’s IOsorb technology extracts iodine from the waste brine produced by oil and gas wells.

Quick facts: Iofina PLC

Price: 28.5 GBX

Market: LSE
Market Cap: £54.68 m
Follow

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Iofina PLC named herein, including the promotion by the Company of Iofina PLC in any Content on the Site, the Company receives from said issuer...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Iofina PLC's Tom Becker updates on Organic Vines investment and IO#8...

Iofina PLC's (LON:IOF) Tom Becker speaks to Proactive London's Andrew Scott soon after announcing their investment in Organic Vines - a hemp seed production and genetics firm. Becker says they're anticipating to turn a profit of US$1.8mln by mid-2020. He also updates on the construction of...

1 week, 1 day ago

RNS

Holding(s) in Company

5 days, 15 hours ago

Holding(s) in Company

5 days, 15 hours ago

Holding(s) in Company

1 week, 1 day ago

Q3 2019 Update

on 14/10/19

Interim Results

on 23/9/19

2 min read