Vivant Hydrocore Holdings, Inc. (VHHI), a subsidiary of publicly listed energy and water conglomerate Vivant Corp., is exiting its joint venture with Israeli company WaterMatic International Ltd.
Vivant said in a disclosure to the Philippine Stock Exchange Friday that the end of partnership takes effect on Oct. 1, 2024.
“The exit enables VHHI to strategically focus on further intensifying its growth initiatives across other segments of the water infrastructure sector,” the company said.
Vivant said both parties are open to a potential partnership in the future, “driven by a shared commitment to introducing innovative water solutions to address the country’s pressing water security issue.”
VHHI signed an agreement with WaterMatic International to establish Watermatic Philippines Inc. in 2019.
The venture is engaged in the design, supply, installation, commissioning, operation and maintenance of water treatment and wastewater treatment plants.
Watermatic Philippines is building VHHI’s 20-million-liter-per-day (MLD) seaweater desalination plant in the municipality of Cordova, Cebu.
Vivant said the exit would not have any impact on the plant completion by Watermatic Philippines, which is covered by a separate contract.
The plant, which is expected to be completed before end-2024, is touted as the country’s first utility scale seawater desalination facility in the Philippines.
The facility will benefit around 20,000 households in Metro Cebu with a sustainable, climate-resilient source of water once completed.
Vivant has investments in various segments of the power value chain and is keen on infrastructure development.
