- Pond Technologies Holdings Inc. (POND) has achieved a milestone $350,000 payment under the previously signed contract with a major oil and gas company
- Since the contract was signed, the company has received a total of $580,000
- Pond Technologies has a system that can transform CO2 into valuable products
- To trigger the milestone payment, the company extracted recombinant proteins from algae that performed as well as conventional ones
- Pond Technologies Holdings Inc. (POND) is up 4.54 per cent and is trading at $0.11 per share as of 12:27 p.m. ET
Pond Technologies Holdings (POND) has achieved a milestone $350,000 payment under a previously signed contract with a major oil and gas company.
The contract was signed during the summer of 2021, and since then, Pond Technologies has received a total of $580,000 in funding.
Pond Technologies has developed a proprietary system that can transform CO2 into valuable products. It does this by absorbing greenhouse gas emissions, then transforming these into food, feed, and nutraceutical ingredients.
To trigger the milestone payment, the company extracted recombinant proteins from algae that needed to perform at least as well as conventionally manufactured proteins in diagnostic testing.
In August, tests using the company’s grown recombinant proteins successfully tested for COVID antibodies and were more reactive than conventional proteins. This material was able to prove that algae-grown recombinant proteins perform as needed.
Grant Smith, President and CEO of Pond, commented,
“Now that we have successful results, Pond can work towards scaling production to complement our verticals of service, with the goal of increasing sustainable revenue generation with existing and new customers.”
Pond Technologies Holdings Inc. (POND) is up 4.54 per cent and is trading at $0.11 per share as of 12:27 p.m. ET.