Axine Water Technologies bags $5.6 million Series A round
Vancouver, Canada-based Axine Water Technologies has raised $5.6 million in its Series A funding round, TechVibes reported. The funding came from The Roda Group and the company's existing investors Chrysalix Energy Venture Capital and BDC Venture Capital.
The Vancouver-based developers of a low-cost, chemical-free solution for treating high concentrations of problematic, toxic organics, ammonia and other pollutants in industrial wastewater, says the round included California-based investor The Roda Group, who joined existing investors Chrysalix Energy Venture Capital and BDC Venture Capital.
The report quoted Axine Chief Executive Officer Jonathan Rhone as saying, "This important infusion of capital ensures our continued rapid progress towards the commercialization of our 'best-in-breed' wastewater treatment technology. Since our initial funding in late 2012, we have successfully completed performance testing on customer wastewaters using a 10 times scale-up of our proprietary electrolytic oxidation cell validating high efficacy treatment at low cost and low energy consumption without using chemicals."
Axine Water Technologies provides an affordable, chemical-free solution for treating industrial wastewater laced with high concentrations of problematic, toxic organics, ammonia and other pollutants. Axine said it has closely collaborated with industry leaders in the oil and gas, refining, waste management and chemical processing industries in the past year to check and benchmark its technology which can treat the most sullied wastewaters at a substantially lower cost compared to most solutions, the report said.
Rhone added that Axine is now intent on finishing its "final cell scale-up and system integration" so it will be able to deliver field pilot units to its customers early in 2015.
Chrysalix EVC Venture Partner Jean-Michel Gires said that for the oil and gas industry, water has become an increasingly strategic issue because of rising costs and stricter requirements for reuse and discharge. He was quoted in the report as saying, "Axine offers a unique and disruptive solution that addresses significant challenges throughout the oil and gas value chain-from oil sands SAGD to refinery effluent-offering exactly the type of breakthrough innovation I believe this industry needs to realize the true energy opportunity, while preserving the environment in the process."