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