Chrysalix Energy Venture Capital, a cleantech venture fund backed by a mix of venture firms and energy companies such as EDF, has invested in existing portfolio company, Canada-based Axine Water Technologies, as part of a $5.6m series A financing. The deal was led by new venture firm investor The Roda Group with participation from existing backer BDC Venture Capital. The company, which is a developer of low-cost, chemical-free industrial wastewater treatment, has raised just over $7m to date.
Over the past 12 months, Axine has worked with oil & gas, refining, waste management, and chemical processing companies to verify and benchmark the capability of its technology in treating the most difficult wastewaters at a low cost.
Accordingly, this enables customers to reduce chronic production bottlenecks, lower operating costs, avoid regulatory penalties, and enable wastewater to be treated and reused on-site to offset the rising cost of freshwater.
Axine’s new technology addressses significant challenges throughout the oil and gas industry, from oil sands SAGD to refinery effluent, while simultaneously preserving the environment, said Jean-Michel Gires, former president and Chief Executive Officer of Total E&P Canada and now venture partner with Chrysalix EVC, in a statement.
Marty Reed, new investor and principal at The Roda Group, said that waste treatment and water reuse are massive global problems and top investment priorities for Roda. “Axine represents the kind of breakthrough technology we’re looking for as it stands to solve significant issues across a wide range of water-intensive industries,” said Reed.
Axine’s series A round marks the largest water and wastewater series A financing in North America in the past year and one of the largest internationally in the last two years.
In 2012, the company raised a reported $1.47m from Chrysalix Energy and the Business Development Bank of Canada. More funding was raised earlier in 2014 to the tune of $1.41m from existing backers.