Emefcy, an Israel-based sewage treatment technology provider backed by General Electric, has gone public on the Australian Stock Exchange through a merger with listed holding company Savcor, Globes has reported.
The company was acquired by Savcor through an all-share deal that was closed at the same time as A$13.8m ($10m) in financing from undisclosed investors.
Founded in 2008, Emefcy had raised $15m in venture funding from GE Ventures, General Electric’s corporate venturing unit, as well as VC firms Israel Cleantech Ventures, Pond Venture Partners and Plan B Ventures.
Emefcy’s shareholders will retain a 65% stake in the newly merged company, which will keep Emefcy’s name. It has a market cap of US$25m.