Wasabi takes 20% stake in Aqua Guardian ahead of IPO

West Perth-based energy company Wasabi Energy Ltd has taken a 20 per cent stake in Melbourne-based evaporative water loss-prevention company Aqua Guardian Group Ltd for $500,000, ahead of its planned listing on the Australian Securities Exchange.

The full text of a company announcement is pasted below

Wasabi Energy has made a $500,000 investment to take a 20% stake in Aqua Guardian Group Ltd ("Aqua Guardian"). This company is seeking to commercialise a potentially cost effective device to reduce evaporative water losses from open water storage areas such as dams and tailings ponds. The device involves simple, hollow
disc shaped hexagons, which float semi submerged under their own buoyancy to effectively cover the water body. The devices reduce wind disturbance, direct sun impact and work to reduce the overall temperature of the water body, potentially reducing evaporation by 70%-90% over the area covered. Aqua Guardian is moving to a listing of the company on ASX.

This type of product holds potential to be more cost effective than the alternative of desalination or the processing of recycled water. In remote locations, where bore water is required for mining and operations, saving water by reducing evaporation from ponds holds potential for considerable cost advantages compared with pumping
additional water into the system.