G2O Water Technologies has secured £1.035 million investment in a round led by private equity firm Maven Capital Partners.
The Manchester-headquartered water treatment technology business will use the funds to carry out the next stage of its technical development and forge more collaborative partnerships with industrial partners from its HQ.
A total of £600,000 has been provided by Maven funds, which includes a £400,000 investment from NPIF – Maven Equity Finance, which is part of the Northern Powerhouse Investment Fund and a £200,000 investment from the Finance Durham Fund, both managed by Maven.
The additional £435,000 is from a number of private individual investors.
G2O’s graphene-based coatings technology provides highly efficient and cost-effective solutions to a broad range of filtration applications and critically can be used in conjunction with existing filtration membranes and systems.
The technology has the potential to be used across multiple markets including the treatment of waste water in the oil & gas industry for oil and water separation, industrial & processed waste water treatment, domestic water filters and desalination.
With an increasing need for high-quality drinking water using affordable solutions in both industrialised nations and the developing world, together with increasing regulatory and cost pressures, G2O has identified a major opportunity to provide solutions to real world problems for a range of situations.
The total global market for managing produced water was worth $146.81 billion in 2016. Within this, the sub-market segment of industrial and waste water treatment is estimated to be worth $26.77 billion with a growth rate of 5.8 per cent each year.
“G2O has the potential to deliver genuinely transformational products and become a pioneer in its field, creating products that offer affordable solutions to a variety of different markets, and most importantly, global water filtration,” said Maven investment manager Jeremy Thompson.
G2O Technologies executive chairman Andrew Greenaway said “We are thrilled to have completed our Series B funding round with the support of Maven and the Northern Powerhouse Investment Fund.
“We are receiving a significant number of enquiries from industrial companies wanting to develop improved filtration technology in partnership with G2O, which is both encouraging and exciting.
“This funding provides G2O with the required resources to develop products to meet the market’s needs.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.