Chemical producer LG Chem has acquired US-based desalination technology developer NanoH2O in a deal that will provide exits for investors including BASF and Total.
The price paid by LG Chem was not disclosed, but reports in the Korean press dating back to March stated that the company was set to pay $200m for NanoH2O.
Founded in 2007, NanoH2O produces reverse osmosis membranes that lower the cost of water desalination. It will continue to operate independently while benefitting from LG Chem’s resources.
NanoH2O had raised $75m in equity and over $100m in debt financing prior to the acquisition, including $40m of equity in a 2012 round featuring BASF Venture Capital, the corporate venturing arm of chemical company BASF, and petroleum company Total’s venture capital subsidiary Total Energy Ventures.
Other investors in NanoH2O included Keytone Ventures, Khosla Ventures, Oak Investment Partners, CalPERS Clean Energy & Technology Fund and PCG Clean Energy & Technology Fund.
NanoH2O was also the winner of the Sub-$50m Investment of the Year award at the Global Corporate Venturing Symposium in 2013. This year’s nominees have been revealed, and the winner will be announced at the Symposium next week.