Vancouver based Axine Water Technologies has announced that it has successfully closed a multi-million dollar equity financing round. The funding was led by Chrysalix Energy Venture Capital who was joined by the Business Development Bank of Canada’s venture capital department. According to a press release by Axine, the new injection of money will be used to take the company’s “low-cost, breakthrough solution for treating toxic organic pollutants in wastewater” and make it commercially viable. The Canadian clean technology firm hopes to target government municipalities and industries around the world as buyers of its product.
Axine uses electrolytic oxidation technology that it developed 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.” The unique way to transforming the toxic waste into a manageable byproduct that is more cost effective and efficient than previous methods is an advantage that many customers will likely not ignore particularly given that many countries are implementing stricter environmental policies.
Axine wants to take the newly raised funds and use its technology to create solutions for the oil and gas, pharmaceuticals, chemicals, food and beverage, and other heavy industries. The Vancouver based cleantech firm believes that this is the best way to move forward because their proprietary products can be utilized with pre-existing treatment plants to save money and improve efficiencies. In the long run, Axine wants their technology to be the basis for the development of waste water treatment plants that will use the one step process and be more environmentally friendly and cost effective than previous types of plants.
Wal van Lierop, Chrysalix President & CEO and Axine Chairman, spoke about why his firm invested in Axine by stating that, “Toxic, persistent organics in wastewater are an increasingly expensive problem in industrial and municipal wastewater treatment that cannot be cost-effectively treated by conventional biological and chemical processes. They also cause production bottlenecks and limit water reuse potential in many industries. 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.” Tony Van Bommel, of the Business Development Bank of Canada (BDC) also added that, “We are very pleased to be part of this financing and back such a disruptive technology, huge market opportunity, and an experienced and capable management team.”
Source: Axine
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