Sunrise completes water spin-off

CLEAN TeQ Water, a demerger from Sunrise Energy Metals, has listed on the ASX this morning.
Sunrise completes water spin-off Sunrise completes water spin-off Sunrise completes water spin-off Sunrise completes water spin-off Sunrise completes water spin-off

The plant Clean TeQ Water built at the Fosterville gold mine

Shares in the company rose as high as A80c in early trade on thin volumes, but last traded at 70c, giving it a market value of $31.3 million.

The company did not complete a capital raising in association with the listing, but was demerged with $15 million cash and no debt.

Shareholders in Sunrise received one Clean TeQ share for every two shares held. Clean TeQ has 44.6 million shares on issue.

Resources entrepreneur Robert Friedland, which holds 14.4% of Sunrise and co-chairs the company, is a major Clean TeQ shareholder with 13.4%.

Clean TeQ provides innovative metals recovery and water treatment solutions for governments and companies.

Its technology solutions include desalination, nutrient removal, zero liquid discharge and hardness removal and its focus sectors include municipal wastewater, surface water, industrial wastewater and mining process water.

The company has offices and laboratories in Melbourne, Perth, Beijing and Tianjin, and partner offices in Africa and Latin America.

Sunrise founder and Clean TeQ chief technology officer Peter Voigt is executive chairman, while former water business general manager Willem Vriesendorp is CEO.

Sunrise managing director Sam Riggall and director Stef Loader sit on the board, while former KPMG partner Ian Knight is lead independent director.

Earlier this year, Sunrise changed its name from Clean TeQ Holdings in preparation for the demerger.

The demerger will allow the company to focus on its shovel-ready US$1.8 billion Sunrise nickel-cobalt-scandium project in New South Wales.

Sunrise shares were down slightly to A$1.84, valuing the company at $165 million.