Cenovus Energy, a Toronto and New York-listed oil group, has invested $2.5m through its Environmental Opportunity Fund (EOF) to Saltworks Technologies.
Saltworks said it had also received an investment of undisclosed size from Teck Resources, Canada’s largest mining and mineral development business.
Canada-based Saltworks converts salt water into fresh water through desalination.
Judy Fairburn, executive vice-president of environment and strategic planning at Cenovus, said: “The ability to convert saline water into usable fresh water could change how we use water in our operations and provide communities with sustainable, safe sources of water.”
Ben Sparrow, chief executive at Saltworks, added: “We’ve recently cut the ribbon on our factory and membrane manufacturing facility and we look forward to building low-energy plants for not only oil and gas applications, but customers around the world.”
From 2003 to 2010, Cenovus committed approximately $16m to the EOF. In 2011, Cenovus has budgeted $10m to invest in projects to improve energy efficiency and mitigate environmental impacts of hydrocarbon production, as well as provide financial support to develop alternative and renewable energy sources.