Forward Water Technologies [TSXV:FWTC], a Toronto-based water filtration company, expects to begin talks about selling itself once it secures its first commercial commitments, which is likely to occur in late 2024 or early 2025, said CEO Howie Honeyman.

The company, which was founded by a Queen’s University research team, plans to hire M&A advisors to assist in the sale process, said the executive, who has a history of bringing new products to market.

Forward Water expects to attract global engineering firms, particularly those focused on the oil and gas or renewable industries, such as France’s Suez and Veolia [PR:VIE], as well as SLB [NYSE:SLB], Halliburton [NYSE:HAL] and Baker Hughes [NASDAQ:BKR], Honeyman said.

Forward Water plans to start lithium brine-management commercial trials this summer with London-based Clean Tech Lithium [AIM:CTL], which operates in Chile, and Cornwall, United Kingdom-based Cornish Lithium, which operates in the UK, he said.

Lithium brine deposits are accumulations of saline groundwater enriched with dissolved lithium. Brine can be evaporated to produce lithium carbonate. Lithium carbonate is used to manufacture electric vehicle batteries. Global lithium demand is expected to double from 1.2 million metric tons in 2025 to 2.4 million metric tons in 2030, according to Statista.

Honeyman predicts Forward Waters’s first commercial commitments will consist of several CAD 10m-CAD 30m (USD 7.3m-USD 22m) plant installations. Once contracts are signed, the company will likely seek out project fundraising, the CEO said.

Forward Waters is looking at projects in the Americas, as well as Europe, Honeyman said.

In May, the company announced it signed a letter of intent to merge with capital pool company Fraser Mackenzie Accelerator. The deal will provide Forward Water with the financial resources it needs to complete its commercialization strategy, he said.

Forward Water listed on the TSX-V in 2021 through a similar deal with Hope Well Capital, another capital pool company.

At the end of 2023, Forward Water had CAD 61,927 in cash, according to financial filings.

Forward Water has six full-time employees, Honeyman said. It works with Fogler Rubinoff. It banks with the Royal Bank of Canada and its auditor is RSM.

According to Honeyman, demand for Forward Water’s services is expected to grow as environmental, social and governance concerns are increasingly important in the wastewater treatment sector.