Axine Water Technologies Gains Multimillion Equity Financing
Low-cost, breakthrough wastewater technology funded by Chrysalix Energy Venture Capital and BDC Venture Capital will help company advance commercialization.
Axine Water Technologies, developers of an inexpensive solution for treating toxic organic pollutants in wastewater, announced the closing of a multimillion dollar equity financing round led by Chrysalix Energy Venture Capital, the world’s most active cleantech venture capital firm, and joined by the Business Development Bank of Canada’s venture capital arm. Axine will use the funds to advance commercialization of its technology and solutions as it looks to capitalize on a multibillion dollar industrial and municipal market opportunity.
“Toxic, persistent organics in wastewater are an increasingly expensive problem in industrial and municipal wastewater treatment that cannot be cost-effectively treated by conventional biological and chemical processes. They also cause production bottlenecks and limit water reuse potential in many industries,” said Wal van Lierop, Chrysalix President & CEO and Axine Chairman. “Axine offers a fundamentally new approach to address these difficult-to-treat pollutants that uses less energy, is ultra low cost, and is unlike anything we’ve seen before.”
“Axine has the potential to establish a new standard in wastewater treatment that enables customers to reduce costs and improve the performance of their treatment systems,” said Tony Van Bommel, Managing Partner of the Energy/Cleantech Venture Capital Fund with the Business Development Bank of Canada (BDC). “We are very pleased to be part of this financing and back such a disruptive technology, huge market opportunity, and an experienced and capable management team.”
“The backing of a VC the caliber of Chrysalix, along with the support from BDC Venture Capital is a strong endorsement of the technology, the team and the market opportunity,” said Jonathan Rhone, Axine President & CEO. “As our lead investor in this round, the Chrysalix team has provided tremendous technical, market and strategic support enabling us to hit the ground running and accelerate commercialization. We look forward to a productive, long-term partnership with both Chrysalix and BDC to build Axine into a dominant player in the wastewater industry.”
Axine’s proprietary electrolytic oxidation technology is designed to treat high concentrations of toxic organics, as well as biodegradable organics, ammonia, and pathogens in a single step without using chemicals or producing sludge. By taking a novel approach to electrochemical oxidation, the Company achieves a step in improving performance, and lowering costs and energy consumption versus incumbent organic treatment equipment.
Axine is initially focused on developing applications in oil and gas, pharmaceuticals, chemicals, food and beverage, and other heavy industries where its technology can be integrated into existing wastewater treatment plants to improve performance and reduce cost. The Company’s longer-term vision is to incorporate the technology into the design of new wastewater plants to displace conventional biological, chemical oxidation, and other traditional wastewater equipment with a single process step.