The corporate venturing units of Germany-based chemicals company BASF and France-based oil group Total on Monday helped US-based water desalination company NanoH2O raise $40m in equity, with $20.5m in debt facilities.
BASF Venture Capital and Total Energy Ventures were joined co-leading the round by venture firm Keytone Ventures.
The round was also backed by venture firms Khosla Ventures, Oak Investment Partners, as well as California-based pension fund CalPERS’ Clean Energy & Technology Fund, which is represented by fund managers Capital Dynamics and PCG Clean Energy & Technology Fund.
Comerica Bank and Lighthouse Capital Partners provided he company’s growth capital, working capital and equipment financing credit facilities, while the Export-Import Bank of the United States provided the working capital line.
BASF Venture Capital, Total Energy Ventures and Keytone Ventures will join NanoH2O’s board.
Dirk Nachtigal, managing director of BASF Venture Capital, said: "There is a great demand worldwide for innovative technologies to produce drinking water from seawater. NanoH2O has developed special nanostructured polymer-based membranes for seawater desalination which are particularly effective in removing the salt from seawater in a highly energy efficient way."
Véronique Hervouet, senior vice president of investments at Total Energy Ventures, said: "The need for innovative technologies to meet the increasing demand for fresh water while lowering its energy and environmental footprint has never been greater. NanoH2O’s ability to rapidly develop novel membranes for water treatment applications fits our mission to invest in companies with unique technologies that bring smart and sustainable solutions to the energy industry."
The company appears to have previously raised between $65m and $90m in equity, according to Global Corporate Venturing analysis. The round comes after NanoH2O raised a $14.9m round last year, according to a filing with the Securities and Exchange Commission. This followed $40m of a planned $50m fundraising in 2010, according to another filing. The company raised $5m in 2009, as well as $2.5m in 2008, according to two other filings. It also raised $2.5m in 2007. In 2008, the company also announced it had raised $15m, although there does not appear to be a corresponding regulatory filing.