Dhahran, Saudi Arabia; Minneapolis, Minn., USA; and Athlone, Ireland
Hot on the heels of the company securing investment from Dow Water and Process Solutions, a business unit of The Dow Chemical Company (NYSE: DOW), OxyMem Ltd., a leading innovator in energy efficient wastewater treatment, today announced that it has added Saudi Aramco Energy Ventures (SAEV) to its growing shareholder base. SAEV is the corporate venturing subsidiary of Saudi Aramco, a world leader in integrated energy and chemicals.
OxyMem’s ground breaking Membrane Aerated Biofilm Reactor (MABR) technology has the potential to bring wastewater treatment closer to energy neutrality by reducing energy consumption for aeration by up to 75 percent. The funds raised will enable OxyMem to further focus on growing the business by increasing investments in product development, expanding its manufacturing capacity, and increasing its sales force.
“We are delighted to have secured this latest funding from such an influential actor in the energy world,” said Wayne Byrne, Managing Director of OxyMem. “We feel strongly supported by Saudi Aramco and believe this investment will add momentum to our market development goals, particularly in some of the more water stressed regions,” he added. “I believe that we have an important technology that can make a sizeable contribution in the wastewater market where there is a significant need for more efficient infrastructure solutions.”
Said Bruce Niven, Chief Investment Officer of SAEV: “We are delighted to have the opportunity to make this investment into OxyMem. The Membrane Aerated Biofilm Reactor (MABR) is a compelling technology for energy reduction and cost-effective capacity expansion in wastewater treatment plants, and we see a clear need for such solutions in the fast-growing MENA market. We look forward to working with the OxyMem team to further develop their transformative wastewater technology and to growing the business.”
Snehal Desai, Global Business Director for Dow Water and Process Solutions, commented: “Our work with OxyMem in the past year has validated our belief in the MABR technology and the cost effective solutions it can provide to the industrial and municipal wastewater industry. As an existing strategic investor, Dow welcomes SAEV as a knowledgeable co-investor. The additional financing will allow OxyMem to accelerate its commercialization activity.”