Pond Technologies (TSXV: POND) yesterday announced that it has added bench strength to its management team. The firm has appointed Dan O’Connor as its chief operating officer.
Experienced in the integrated controls systems and biofuels industry, O’Connor brings with him experience in scaling and commercializing within emerging industries. O’Connor is also said to have experience in raising capital, project development, as well as business development.
The announcement was made in connection with the filing of the firms second quarter financial results, which highlighted revenue of $1.0 million for the three month period, along with a net loss of $1.4 million. Currently in the midst of beginning commercialization, the company highlighted several recent developments that are pushing the company forward.
Those developments included a non-exclusive MOU with SEM Energy of Scotland, whom provides treatments for waste products and wastewater. Pond’s arrangement will see its tech provided as a “bolt-on” solution for SEM’s projects to assist in abating CO2. Elsewhere, the company in late June entered an arrangement with Clean Conduit, whom is to market Pond’s carbon absorbing algae tech to prospective clients.
The company is also working to develop its tech further, via several ongoing projects. One study with BioCarbN and in collaboration with Livalta/AB Agri, sees the company working to develop algae-based feed solutions for cattle that works to reduce methane emissions.
“We continue to make significant progress across our organization centered around our commercialization road map. We are transitioning from an R&D focus to broad commercialization of our scalable carbon capture, algae growing technology. Our management team and Board of Directors are working towards a strategic plan to ensure we capture the significant opportunities in our pipeline and those that are under contract with us inclusive of fortune 500 companies. We remain dedicated to enhancing shareholder value over the long term and we look forward to keeping investors apprised of those details throughout the remainder of the year,” commented CEO Grant Smith on the success seen during the second quarter.
Pond Technologies last traded at $0.135 on the TSX Venture.
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