VANCOUVER, BC, Feb. 12, 2014 -- A $5.6-million Series-A financing round that paved the way for new California-based investor, The Roda Group, to join existing investors, Chrysalix Energy Venture Capital and BDC Venture Capital, was recently closed.
Axine Water Technologies, developers of a low-cost, chemical-free solution for treating high concentrations of problematic, toxic organics, ammonia, and other pollutants in industrial wastewater, announced the closure today.
Over the past 12 months, Axine has worked closely with industry leaders in oil & gas, refining, waste management, and chemical processing to verify and benchmark the capability of its technology in treating the most difficult wastewaters at a low cost.
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Accordingly, this enables customers to reduce chronic production bottlenecks, lower operating costs, avoid regulatory penalties, and enable wastewater to be treated and reused on-site to offset the rising cost of freshwater.
Axine's new technology addressses significant challenges throughout the oil and gas industry, from oil sands SAGD to refinery effluent, while simultaneously preserving the environment, said Jean-Michel Gires, former president and CEO of Total E&P Canada and now venture partner with Chrysalix EVC, in a recent press release.
Marty Reed, new investor and principal at The Roda Group, added, "Waste treatment and water reuse are massive global problems and top investment priorities for Roda. Axine represents the kind of breakthrough technology we're looking for as it stands to solve significant issues across a wide range of water-intensive industries."
Axine's Series-A round marks the largest water and wastewater Series-A financing in North America in the past year and one of the largest internationally in the last two years.
See also: "Axine Water receives funding from Canadian government for water technology development"
About Axine Water Technologies
Axine Water Technologies has developed a low-cost, chemical-free solution for treating high concentrations of problematic toxic organics, ammonia, and other pollutants in industrial wastewater solving a multi-billion dollar problem for large companies in a wide range of industries. For more information, visit www.axinewater.com.