South Korea-based chemical company LG Chem is set to acquire US-based, corporate-backed water desalination technology developer NanoH2O for $200m, according to a filing to the Korean Stock Exchange.
BASF Capital, the corporate venturing arm of Germany-based chemical producer BASF, and France-based petroleum company Total’s unit Total Energy Ventures contributed to a $40m equity round secured by NanoH2O alongside $20.5m in debt financing in April 2012.
The company has so far raised $75m in equity funding from investors that also include venture capital firms Khosla Ventures and Oak Investment Partners, and fund of funds CalPERS Clean Energy & Technology Fund.
Founded in 2007, NanoH2O produces reverse osmosis membranes based on thin-film nanocomposite membrane technology that lowers the cost of desalination, and it has revealed plans to build manufacturing facilities in China and Saudi Arabia over the past six months.
Photo courtesy of Rod Waddinton via Wikimedia Commons