VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 11, 2012) -
Editor's Note: There is a video associated with this press release.
- More effective, economical, efficient wastewater treatment is crucial to addressing the global water crisis.
- Water & energy are inextricably linked: the delivery of water requires energy & the production of energy requires water.
- For every barrel of oil in North America, 8 barrels of water are brought to the surface (Global Water Intelligence).
- Every day U.S. oil and gas companies produce 60 million barrels of wastewater & only half is re-injected back into processing (Thomson Reuters).
Today, Chrysalix Energy Venture Capital, the world's most active cleantech venture capital firm, announced its investment in Axine Water Technologies, developers of a low-cost, breakthrough solution for treating toxic organic pollutants in wastewater. The Firm's investment from its CELP III Fund led the financing round for the start-up and is joined by the Business Development Bank of Canada's venture capital arm. This is the second water-related portfolio company for Chrysalix (in addition to HydroPoint). It also marks the Firm's second consecutive fund to focus on breakthrough innovations addressing today's pains in wastewater treatment, water-intensive industrial processes, and water conservation.
"While many investors have shied away from this sector in past years, we see energy and water inextricably linked. We also see toxic, persistent organics in wastewater becoming an increasingly expensive problem in industrial and municipal wastewater treatment that cannot be cost-effectively treated by conventional biological and chemical processes," said Wal van Lierop, President & CEO of Chrysalix and Axine Chairman. "Axine offers a fundamentally new approach to address these difficult-to-treat pollutants that uses less energy, is ultra-low cost, and is unlike anything we've seen before."
Axine's proprietary electrolytic oxidation technology is designed to treat high concentrations of toxic organics, as well as biodegradable organics, ammonia, and pathogens in a single step without using chemicals and without producing sludge. By taking a novel approach to electrochemical oxidation, the Company achieves a step change improvement in performance, lower cost, and lower energy consumption vs. incumbent organic treatment equipment.
Axine is initially focused on developing applications in oil and gas, pharmaceuticals, chemicals, food and beverage, and other heavy industries where its technology can be integrated into existing wastewater treatment plants to improve performance and reduce cost. The Company's longer-term vision is to incorporate the technology into the design of new wastewater plants to displace conventional biological, chemical oxidation, and other traditional wastewater equipment with a single process step.
For more information on Axine, please visit www.axinewater.com.
Listen to Axine Board Observer & Chrysalix Associate, James Wells, reflect on why the Firm invested in Axine. Watch video here.
About Chrysalix Energy Venture Capital
Chrysalix is a venture capital firm investing in technologies that will drive the new energy economy. The Firm provides early-stage financing, hands-on assistance and strategic connections to innovative companies confronting the world's most important energy and environmental issues. For the past two years, the Firm has ranked the most active clean energy technology venture capital firm in the world. The Chrysalix team has an exceptional track record in this emerging industry. Collectively, it has over 120 years of experience in the energy industry and over 120 years in the venture capital business. The Firm is backed by a strong group of international blue-chip industrial and financial Limited Partners, and is headquartered in Vancouver, British Columbia. For more information, please visit www.chrysalix.com.
To view the video associated with this release, please visit the following link: http://www.youtube.com/watch?v=lyqaOyi203I&feature=plcp.