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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- Power from osmosis? New twist on water-generated electricity
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