Energy-efficient water desalination company snags $60 million

Summary:The money includes a new venture capital infusion, along with credit for equipment financing and working capital.

More evidence this week of the strategic nature of technology aimed at creating pure water  without consuming an inordinate amount of dirty energy to process it: seawater desalination company NanoH2O has closed an additional $60.5 million in equity financing and credit.

Certainly, desalination technology is nothing new. What could be considered new is NanoH2O's approach. The company uses nanostructured, polymer-based reverse-osmosis membranes that help reduce the amount of energy needed to process seawater into a drinkable form.

This week, several companies agreed to provide $40 million in equity financing: chemical giant BASF's venture capital arm along with Total Energy Ventures and Keystone Ventures.

In addition, the company has arranged for $20.5 million in growth capital, working capital and equipment financing credit from Comerica Bank and Lighthouse Capital Partners (backed by the Export-Import Bank of the United States).

The new funding and financing brings the total amount invested in debt and equity funding to more than $100 million, according to NanoH20.

That makes it one of the most well-funded water companies in cleantech.

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Topics: Start-Ups, Banking

About

Heather Clancy is an award-winning business journalist specializing in transformative technology and innovation. Her articles have appeared in Entrepreneur, Fortune Small Business, The International Herald Tribune and The New York Times. In a past corporate life, Heather was editor of Computer Reseller News. She started her journalism lif... Full Bio

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