US-based wastewater treatment company Organica Water closed a $21m series D round on Thursday that featured Electranova Capital, the venture capital fund sponsored by energy utility EDF.
Alternative asset management firm Citic Capital led the round through its Citic Capital Silk Road Fund. Electranova was established by utility EDF, insurance provider Allianz, VC firm IdInvest Partners and French state-owned investment bank Bpifrance.
Founded in 1998, Organica operates more than 100 wastewater treatment facilities across the world. The fully-enclosed, odourless greenhouse facilities feature a low environmental footprint, and from the outside maintain the appearance of a botanical garden structure.
The money will help Organica strengthen its balance sheet and enable it to take on larger and more complex projects in Asia. Organica will also invest in its online design platform and digital toolset as well as integrating additional wastewater technologies and equipment.
Electranova had previously joined growth equity fund XPV Capital, VC firm Gamma Capital Partners and International Finance Corporation (IFC), an investment arm of multilateral financial institution World Bank, to provide $9.1m of series C funding for Organica in 2015.
IFC led a $12.6m series B round for the company that closed in 2013, according to a securities filing. The round also featured Invesco WLR Private Equity Investment Management, RNK Capital and Gamma, the latter two having previously invested an undisclosed amount in 2008.