VANCOUVER, BC--(Marketwired - September 22, 2016) - Award-winning clean tech company Axine Water Technologies (Axine) has received $2 million from Sustainable Development Technology Canada (SDTC) to develop the next generation of its technology for treating toxic wastewater in the chemical manufacturing, pharmaceuticals, microelectronics, and other water-intensive industries.
The grant, announced this week by the federal Minister of Innovation, Science and Economic Development, Honourable Navdeep Bains in Vancouver, is part of a 17 project, $45 million package of funds designed to help Canadian clean tech companies develop and commercialize a diverse range of innovative clean technologies.
"SDTC's strategic and financial support will help Axine reach its goal to become a global leader in wastewater treatment," said Jonathan Rhone, CEO of Axine. "Over the past decade, water has emerged as one of the most critical global challenges. With the support of SDTC's outstanding team, Axine's solutions have the potential to dramatically improve industrial wastewater quality, lower costs, and reduce risks."
"Sustainable Development Technology Canada is very proud to support the commercialization of Axine's innovative technology," said Leah Lawrence, SDTC President and Chief Executive Officer. "This project will create green jobs for the local economy, increase efficiency in the sector, and provide economic and environmental benefits for all Canadians."
The SDTC funds are part of Axine's $5 million project to commercialize the next generation of electrochemical catalysts capable of treating highly toxic contaminants in industrial wastewater at low cost, without chemicals and without generating waste. Axine is currently launching its first generation solutions with industrial customers in the U.S. and has previously raised over $15 million from investors based in the U.S., Canada, and Asia.
About Axine Water Technologies
Axine Water Technologies (Axine) develops low cost, chemical-free solutions for treating ammonia and toxic organics in industrial wastewater addressing multi-billion dollar pain points for customers in microelectronics, chemical, pharmaceutical, and other industries. Axine solutions are based on a breakthrough electrochemical technology that is compact, modular and integrates into existing treatment plants to target specific pain points without disrupting operations. Our service model enables customers to access the technology with minimal capital investment. This enables them to immediately reduce costs and risks, eliminate off-site wastewater trucking and disposal, improve wastewater system performance, increase water reuse, and ensure compliance. For more information, please visit www.axinewater.com.
About Sustainable Development Technology Canada
Sustainable Development Technology Canada (SDTC) is an arm's length foundation created by the Government of Canada to support innovative and entrepreneurial clean technology projects. Our portfolio of companies develop and demonstrate new technologies that address issues related to climate change, air quality, clean water, and soil. For more information, please visit www.sdtc.ca.