Water recovery technology company Aquafortus Technologies has secured Series A funding of $7.5 million from deep tech venture capital firm DCVC for its patented zero liquid discharge (ZLD) technology.
Entering a bigger pond
Water recovery technology company Aquafortus Technologies has secured Series A funding of $7.5 million from deep tech venture capital firm, DCVC.
The New Zealand based company holds multiple patents for ZLD technology - water treatment that deals with high levels of salinity and separates the brines into dry mineral salts and clean water for water reuse.
As part of the Series A investment, Aquafortus Technology will become part of the Delaware Corporation and become Aquafortus Inc, as it seeks to grow into the international markets.Aquafortus proved its technology works and can scale. Next, we must grow and expand into international markets,” the company said in a statement.
As a result of the investment from DCVC, Aquafortus shareholders will see it switch the US ownership structure while the technology development will remain in New Zealand.
“Aquafortus proved its technology works and can scale. Next, we must grow and expand into international markets.”
It is hoped that the new changes will allow the company to reach larger pools of capital investment, as well as talent.
By switching to the US ownership structure, the company will join other companies financially backed by DCVC, including Rocket Lab and Lanzatech.
Other investors joining the Series A include K1W1 and NZ Growth Capital Partners, as well as a new strategic capital partner from Japan, United Materials Incubator.
An exclusive water treatment method
Aquafortus develops and holds multiple patents on non-thermal, continuous and re-generable ZLD technology for water reuse.
The company’s ABXTM system can be used across multiple industries such as cooling towers, mining, oil and gas, inland desalination, flue-gas desulphurisation from power generation and, high-volume and high-salinity industrial processes.
“The company develops and holds multiple patents on non-thermal, continuous and re-generable ZLD technology for treating wastewater.”
Its system works by a two-stage solvent exchange process with its patented “absorbent” acting as a transfer medium for water.
When the wastewater brine contacts the absorbent, salts from the wastewater brine instantly crystallise. The “regenerant” then regenerates the absorbent for continuous reuse in the system.
Backing ZLD for the future
DCVC has backed Aquafortus to become a key player in the ZLD landscape for the future of water reuse.
The ZLD system, according to Aquafortus, can achieve up to 98 per cent water recovery while offering operational expenditure (OPEX) savings of up to 60 per cent, and capital expenditures (CAPEX) savings of 15-30 per cent.
A pilot plant is being planned next year in Latin America to showcase the technology, with the company’s ambition to double its portfolio offering by the end of 2022.