Two months after WWi reported that Californian reverse osmosis (RO) membrane manufacturer NanoH2O had been linked to a buy out from South Korean company LG Chem, the acquisition has been confirmed.
A statement confirmed that the sale was completed on April 30, 2014. A sum was not disclosed for the acquisition.
NanoH2O will maintain operations from its headquarters in Los Angeles, California, and from its sales offices throughout the Americas, Europe, Middle East and Asia.
In October 2013 NanoH2O announced a $45 million investment into a manufacturing facility in Liyang, China (see WWi story).
One month later and the Californian firm announced a contract to supply RO membranes for two major projects in Saudi Arabia.
The first project, awarded by Al Fatah Water and Power International, is for phase II of the Jubail desalination plant where the RO membranes will produce 13,000 m3/day.
The second project, a desalination plant to be designed by AES Arabia at the King Abdullah University of Science and Technology Research Park, will produce 15,000 m3/day.
It was at the end of 2010 when electronics giant LG announced it would be spending more than US$400 million over the next decade to enter the water treatment market and develop an advanced membrane filtration system (see WWi story).
Jeff Green, founder and CEO of NanoH2O, said: "What began as an innovative idea in a university lab just nine years ago is now part of a $22 billion dollar leading global chemical company with vast manufacturing, R&D and commercial resources. The acquisition will only serve to accelerate the delivery of innovative and energy-efficient membrane technologies to our customers and the desalination industry."
Jin Soo Park, Vice Chairman and CEO of LG Chem, added: "We understand the gravity of water scarcity and its importance not just to our business, but across the globe. LG Chem is committed to supporting sustainable, energy-efficient technology platforms that lower the cost and increase the availability of fresh water."
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