Energy and Water Development (OTC:EAWD) Stock Gains 35% In A Month: But Why?
Last week, Energy and Water Development Corp. (OTC:EAWD) was in focus after it announced that it had become involved in the efforts to respond to the major water crisis that had gripped Mexico City. The company announced that on December 1, the company and many of the major landowners who belonged to the Magdalena Contreras Municipality inked a joint MOU (Memorandum of Understanding).
The MOU marked the formalization of the commitment of the different parties to join forces for the purpose of launching a path-breaking new project. The project would be the establishment of the first off-grid atmospheric water generation plant in North America.
“The Off-Grid Atmosphere Water Generation Plant is set to revolutionize how we address water scarcity challenges,” said Irma Velazquez, CEO of EAWD. “In its initial phase, the plant is expected to produce approximately 3.2 millions of liters of water annually by extracting moisture directly from the air. This project represents a beacon of hope in the face of severe water scarcity and offers a sustainable, off-grid solution to ensure a reliable and sustainable source of clean water for Mexico City residents.”
The company announced in its news release that the MOU provided the groundwork pertaining to the novel new facility. The partnership was described as a major step in the fight against the challenges of water scarcity in the city. The water situation in Mexico City had been further worsened by the high variance in rainfall patterns as well as the historic lows that had been hit in the reservoir levels at the Cutzamala system.
The Chief Executive Officer of Energy and Water Development Corp., Erma Velazquez, spoke about the development as well. She revealed that in the initial phase, the plant would produce around 3.2 million liters of water on a yearly basis.
The water would be produced through the extraction of moisture from the air. She went on to note that the project offered an off-grid and sustainable solution for providing clean water to the residents of Mexico City. The first phase of the plant would span 5000 square meters in the first phase. It was further noted that there were plans for the addition of a 30-hectare facility in the following phases of the project. The 30-hectare facility would be able to produce millions of liters of water.
