NanoH2O confirms takeover by LG Chem
Californian RO manufacturer NanoH2O confirms a buy out from South Korean company LG Chem following months of speculation...
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."
California’s NanoH2O to be bought by South Korea’s LG Chem Californian seawater reverse osmosis company, NanoH2O, will be reportedly bought out by South Korean-based LG Chem for $200 million.
The NanoH2O Story One firm in the United States claims to have changed the economics of desalination globally. It hopes to have reduced the price of desalinated water by a third by 2020 and become the leading supplier of membranes. And it was started a mere five years ago. Ambitious goals for a start-up? Tom Freyberg speaks to NanoH2O's CEO, Jeff Green, to find out…
How is the environmental footprint of RO membranes being reduced, through energy and biofouling improvements? Continuing WWi magazine's series of comparing different technologies, we address reverse osmosis (RO) membranes. This article will feature recent developments in RO elements and system design, which address energy and biofouling issues, reducing cost and the environmental impact of desalination systems…