Eden Innovations concrete additive mandated for Denver Government project

Eden Innovations ASX EDE concrete additive mandated Denver Government project Evergreen Golf Club
The City of Denver Public Works Department has mandated Eden Innovations’ EdenCrete be used in a project.

Colorado’s City of Denver Public Works Department has mandated Eden Innovations’ (ASX: EDE) proprietary EdenCrete carbon-strengthened concrete additive product must be used in a new project at the region’s Evergreen Golf Club.

Eden revealed the news in a company update today, with the Denver department mandating, by name, EdenCrete be used in the golf course’s new cart building slab and some surrounding apron work.

The mandate arose after the Denver department evaluated the additive in concrete roads in two separate field trials.

According to Eden, its concrete additive increases concrete’s durability, including improvements in freeze/thaw resistance and de-icer scaling. The additive also affords crack reduction and longer life.

EdenCrete’s growth in the US

Eden has reported “significant” year-on-year growth for its EdenCrete product within Colorado both for usage and sales.

The company’s revenue from EdenCrete sales has risen 220% on last year, with more EdenCrete used commercially and for a wider range of applications.

Additionally, a number of ready-mix operators and contractors are now using EdenCrete on a regular basis.

Eden has also noted that uptake of EdenCrete had also expanded into Utah, as well as Georgia and Texas. The company expects to see rising demand for the product across the US in the coming months.

International expansion

In addition to the US, Eden is testing and marketing its EdenCrete via local distributors across Australia, New Zealand, South Korea, Europe, the Middle East, and India.

Over the next six to 12 months, the company anticipates EdenCrete sales will grow “significantly” in Australian and New Zealand, with a wholly-owned subsidiary of DuluxGroup carrying out trials of the product in industrial and infrastructure markets.

Meanwhile, India is a high priority target for the company, with the country’s prime minister Narendra Modi committing US$1.2 trillion towards the nation’s infrastructure in his recent election campaign.

Today’s news spurred Eden’s share price up more than 40% to reach $0.038 by late afternoon.

Lorna has more than 10 years' experience as a finance journalist and editor. She has written for numerous industry publications reporting on various sectors, including: resources, energy, construction, biotech, pharma, science and technology, agriculture, and chemicals. Specialising in resources, Lorna has also covered a myriad of small and large cap ASX and dual-listed stocks.