MYCELX Technologies Corporation confirmed it has now received the formal Purchase Order for the REGEN contract, which was announced on 16 November 2023, valued at $5.4 million. The Purchase Order has been received for the delivery of a MYCELX produced water treatment system deploying REGEN media. The system will ensure the producer is able to reliably discharge clean water overboard in compliance with strict environmental regulations.

MYCELX's proprietary REGEN media was selected over other solutions because of its ability to cost effectively outperform the competition and consistently meet the low-level discharge requirements. This is positive for the environment as well as the producer's profitability. The Company expects the equipment to be operational in 2024.

This contract award is further evidence of MYCELX's REGEN solution gaining added traction with both strategic partners and customers of scale. The Company is currently engaged in two trials deploying REGEN media for produced water treatment: One trial is US onshore, with a US-based oil producer, marking the Company's second project in the application of the beneficial reuse of produced water. The second trial is in the Middle East in cooperation with a global technology company focused on Enhanced Oil Recovery ("EOR") oil production.

Further updates on each of these projects will be made as appropriate.