MIOX Corp. gets $16 million investment, new CEO
The manufacturer of on-site generators for water disinfection, recently closed on investment and will bring on board a new CEO and COO. The funds will be used to grow the existing municipal business as well as develop new markets and technologies...
ALBUQUERQUE, N.M., Oct. 7, 2005 -- MIOX Corp., a manufacturer of water purification equipment, announced Oct. 3 that it has received a $16 million investment from new and existing shareholders. The new investors represent over $10 million in a combination of debt and equity. The deal was structured by a special purpose fund, Entrada Ventures LLC, with a lead investment by Flywheel Ventures, a venture capital firm based in Santa Fe, N.M. Additional investors included Altira, a Denver-based venture capital firm, and a group of private investors. The funds will be used to position MIOX for growth with a focus on developing existing product lines targeted at water treatment, as well as development of new markets and technologies.
As part of the investment MIOX has named two new executives. Carlos Perea will join as president and CEO and John Gerhart as vice president of operations and COO. Together they bring extensive experience in production, technology development, and marketing. They will join Curt Mitchke, vice president of finance and CFO; Rodney Herrington, vice president of research and development; and Katie Bolek, marketing director -- a team with over 30 years of combined experience at MIOX.
"MIOX Corporation is excited by the investment and addition of the new executive team. Carlos and John bring fresh ideas as well as experience and backgrounds that complement the existing management team," says Curt Mitchke, VP of Finance.
President and CEO Carlos Perea reiterated this sentiment: "We are thrilled to be joining MIOX. It has a proven technology and products that solve the pressing issue of providing safe and affordable water. We are also pleased that the existing management team has welcomed us as new partners."
Kim Sanchez Rael, a partner of Flywheel Ventures, noted, "MIOX is an excellent example of the type of high quality investments that are possible in New Mexico and the region. Flywheel is impressed by the technology and believes the new management team will be able to achieve significant growth."
MIOX's equipment, which creates a chlorine-based disinfectant on site, eliminates the need to transport and store hazardous disinfection chemicals. The market segment for on-site generation equipment is growing at a faster rate than traditional disinfection technologies, offering significant potential for the new company.
MIOX Corp. (www.miox.com) is a privately held company with 40 employees headquartered in Albuquerque, New Mexico. The company manufactures on-site chlorine generators for water purification. Applications include disinfection of municipal drinking water, wastewater, swimming pools, cooling towers, and industrial process water. The company has also miniaturized the technology, resulting in a handheld individual water purification device used by outdoor enthusiasts and the U.S. military.
Founded in 1999, Flywheel Ventures is a Southwest/Rockies-based seed and early-stage venture capital firm focused on information technology and physical sciences ventures in New Mexico, Colorado, and Arizona. The firm matches talented entrepreneurs with market opportunities where Flywheel's capital, entrepreneurial experience and industry relationships help accelerate innovations into profitable companies. Flywheel has offices in Santa Fe, Albuquerque and the Silicon Valley.
The Altira Group provides early stage and growth venture capital for energy technology, including oil and gas technologies, information technology for the energy industry, power generation, transmission and distribution technologies, and renewable energy. Their mission is to invest in innovative technology companies that will impact the future of energy.