Dow Venture Capital invests in Clean Filtration Technologies
MINNEAPOLIS, MN, MIDLAND, MI, REDWOOD CITY, CA, Feb. 3, 2010 -- Clean Filtration Technologies Inc. has concluded a first closing of $1.5 million in a new round of financing led by The Dow Chemical Company through its Venture Capital group...
• CFT Turboclone™ hydroclone system incorporates both hydroclone and cross flow filtration technologies
MINNEAPOLIS, MN, MIDLAND, MI, REDWOOD CITY, CA, Feb. 3, 2010 -- Clean Filtration Technologies Inc. (CFT) announced that it has concluded a first closing of $1.5 million in a new round of financing led by The Dow Chemical Company (Dow) through its Venture Capital group. An additional and final closing is anticipated in 2010 that will bring the total investment to $3 million.
CFT is the company behind the CFT Turboclone™ hydroclone system, a patented water filtration device designed to efficiently reduce total suspended solids (TSS) from difficult-to-filter water. Reducing this particulate matter produces a consistent high quality feed stream that is suitable for numerous applications such as wastewater reuse, potable water processing, industrial processing and agricultural irrigation. The CFT Turboclone™ filtration device utilizes both hydroclone and cross flow filtration technologies. This combination creates an efficient treatment solution for difficult to filter feed waters, such as those from many surface or water reuse sources.
In addition to investment support from Dow Venture Capital, the Dow Water & Process Solutions business is excited about the potential of the CFT Turboclone™ system as a separation device for various water treatment applications, including those that utilize ultrafiltration. Commercial supplies of CFT Turboclone™ systems will be available in the second half of 2010 for customers in the USA and Mexico.
"We are delighted that Dow recognizes that the CFT Turboclone™ filtration system has the potential to make a major and sustainable impact on the industry," said John Mallard, Clean Filtration Technologies', CEO. "This investment by Dow enables us to accelerate our full commercial introduction of this exciting new technology. We welcome the opportunity to work with Dow in this area."
"Part of our investment strategy is to support portfolio companies not only with financing but also with access to Dow's industry expertise, R&D and manufacturing organizations for technology development, and the significant brand equity and validation of a Fortune 50 company," said Monty Bayer, global director, Dow Ventures & Business Development, Licensing, and Venture Capital. "Resources like these can be vital to a young company's progress. CFT is a company that we are excited to help support."
About Clean Filtration Technologies Inc. (CFT)
Clean Filtration Technologies Inc. engineers efficient, next generation, water treatment technology. The CFT Turboclone™ hydroclone system is a high capacity filtration device for drinking, waste and process water applications. The CFT Turboclone™ hydroclone system uses a non-consumable, proprietary metal membrane. The membrane is self cleaning and virtually maintenance free. The CFT Turboclone™ hydroclone system can process high turbidity water and reduce suspended solids without fouling or plugging. When used as a pre-filter, the CFT Turboclone™ hydroclone system can allow other treatment technologies to operate with peak efficiency and can reduce maintenance and operation expenses. (www.cleanfiltration.com) CFT Turboclone™ is a trademark of Clean Filtration Technologies Inc.
About Dow Venture Capital
The Dow Chemical Company working through its Venture Capital group (www.dow.com/venture) invests in promising start-up companies in North America, Europe, and Asia supporting its portfolio with capital, technology, and a global network of potential development partners. Dow Venture Capital is active in sustaining these companies throughout their early critical years, from seed to later stage investment. Dow Venture Capital professionals are located in Midland, Michigan, Zurich, Switzerland and Gotemba, Japan.
About Dow Water & Process Solutions
Dow Water & Process Solutions has a 50 year legacy of providing innovative water and process solutions to both communities and industries alike. A differentiated business unit of The Dow Chemical Company, Dow Water & Process Solutions offers a broad portfolio of ion exchange resins, reverse osmosis membranes, ultrafiltration membranes and electrodeionization products, with strong positions in a number of major application areas, including industrial and municipal water, pharmaceuticals, power, residential water and wastewater and water reuse. More information about Dow Water & Process Solutions can be found at www.dowwatersolutions.com.
Dow combines the power of science and technology with the "Human Element" to passionately innovate what is essential to human progress. The Company connects chemistry and innovation with the principles of sustainability to help address many of the world's most challenging problems such as the need for clean water, renewable energy generation and conservation, and increasing agricultural productivity. Dow's diversified industry-leading portfolio of specialty chemical, advanced materials, agrosciences and plastics businesses delivers a broad range of technology-based products and solutions to customers in approximately 160 countries and in high growth sectors such as electronics, water, energy, coatings and agriculture. In 2009, Dow had annual sales of $45 billion and employed approximately 52,000 people worldwide. The Company's more than 5,000 products are manufactured at 214 sites in 37 countries across the globe. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at www.dow.com.