Forward Water Technologies Corp. Announces Letter of Intent with Aalborg CSP

TORONTO, ON / ACCESSWIRE / September 6, 2023 / Forward Water Technologies Corp. (TSXV:FWTC) (the "Company" or "FWTC") is pleased to announce that it has entered into a non-binding Letter of Intent (LOI) with Aalborg CSP ("Aalborg CSP"), a premier developer of solar thermal collectors designed to facilitate heat generation without the reliance on conventional fuel combustion.

The LOI, signed August 31, 2023 outlines the terms and conditions under which FWTC and Aalborg CSP intend to pursue a relationship that will enable FWTC to access Aalborg CSP's flat panel and parabolic solar thermal solution offerings for integration into FWTC'S proprietary Forward Osmosis ("FO") technology systems, specific to Direct Lithium Extraction (DLE) applications and where the use of solar thermal integration provides beneficial use to the client. The parties have agreed to work diligently and in good faith to negotiate and finalize a definitive agreement (the "Definitive Agreement") to effectuate the proposed relationship.

Both FWTC and Aalborg CSP would like to create a mutually beneficial relationship that enables the rapid commercialization of FWTC's industrial Solar-FO™ process offering integrated with Aalborg CSP's solar thermal offerings (flat panel and/or parabolic) in meeting client needs. FWTC possesses expertise in FO technology and design, complemented by a robust array of technical resources to offer comprehensive project support. However, FWTC acknowledges its limitations in sourcing and constructing solar thermal systems. In contrast, Aalborg CSP brings to the table extensive solar thermal engineering expertise, well-established supply chains, and proficient fabrication capabilities, making them the ideal partner to design, manufacture, and seamlessly integrate solar thermal solutions into FWTC's FO equipment.

By partnering both Aalborg and FWTC anticipate being able to deliver a robust and unique system and process offering enhancing the attractiveness and portfolios of each company. For clarity, this proposed relationship is not a license to either party's proprietary intellectual property but a cooperative relationship between both companies in working together on DLE client opportunities, where integration and use of Aalborg CSP's solar thermal solution offering provides value and benefit to FWTC's customers.