Oslo, Norway, 1 July 2013, Biowater Technology raises NOK 38 million from existing owners, Incitia Ventures II and Mallin Venture, and new investor, Sembcorp Industries (Sembcorp) through its wholly-owned subsidiary, Sembcorp Utilities.
Biowater Technology has gained international recognition for its unique cost effective technology for biological treatment of wastewater for the industrial and municipal markets. The company’s technology has been under development since 2007 and carried out in partnership with current investment companies Incitia, Mallin, and technology partners including Innovation Norway and Norwegian University of Science and Technology, NTNU.
Biowater has gained market shares and water projects across many countries worldwide with its focus on cost-effective biological wastewater treatment technologies. The investment will allow Biowater to develop new markets and strengthen its financial position for further growth.
Sembcorp, a Singapore-based leading energy, water and marine group, has signed an agreement to invest NOK 30 million in Biowater Technology. Upon completion of the transaction, Sembcorp will own 28.8% of Biowater and the remaining stake will be held by existing shareholders Incitia, Mallin, Biowater’s founders, and employees. Incitia Ventures II remains the largest single shareholder with a stake of just over 30%.
In addition to the equity investment, Sembcorp will also enter into a Strategic Partnership Agreement with Biowater, which will give Sembcorp preferential and early access to its technologies and at the same time, provide Biowater access to Sembcorp’s global facilities to accelerate the development and commercialization of its technologies.
“This investment will strengthen our technological capabilities and cement our leading position in the treatment of multiple streams of complex industrial wastewater. As a company that is focused on innovation, process and technology, this partnership not only enables us to enhance the efficiency of our operations, but also allows us to continuously offer competitive solutions to our customers. We are excited about the opportunities that this partnership will bring to Sembcorp given Biowater’s innovation and R&D capabilities. With our 33 water operations across 11 countries worldwide, we will also be able to help Biowater expedite the development and commercialization of its technologies and accelerate our growth in the wastewater treatment business,” says Tang Kin Fei, Group President & CEO of Sembcorp.
Sembcorp is a Singapore listed company with turnover of about NOK 50 billion and total assets of over NOK 60 billion. Its Utilities business is a global energy and water player with an established presence in Asia and a strong growing presence in key emerging markets around the world. The company has over seven million cubic metres per day of water in operation and under development worldwide, of which almost 340,000 cubic metres per day come from wastewater treatment. For Sembcorp, Biowater’s processes could be harnessed to improve the efficiency and performance of existing plants and give substantial competitive edge when bidding for new projects. The use of such advanced technologies also has the potential to help Sembcorp grow its industrial wastewater treatment business, particularly in Asia.
"We are excited about Sembcorp’s investment in Biowater and they are an important strategic partner going forward especially with their expertise and insight for the Asian market. This part of the world is short on clean water and is a business opportunity for our technologies," says Audun Lødemel CEO in Biowater. “At the same time, the collaboration gives us the opportunity to apply our technologies in Sembcorp’s global portfolio of water and wastewater projects, providing us valuable knowledge and experience to facilitate future development and commercialization of our technologies.”
Melissa Yee (Ms)
Group Corporate Relations
DID: +65 6723 3326
For Biowater Technology
Company info to follow:
ABOUT BIOWATER TECHNOLOGY
Biowater Technology designs and engineers next generation technologies and solutions for the municipal and industrial wastewater treatment markets. The team has experience from over 300 projects and installations of biofilm/bioreactors as Moving Bed Biofilm Reactor (MBBR) worldwide.
The company provides innovative technologies and solutions for biological treatment of water and wastewater. Products include but are not limited to CFIC ®, MBBR, IFAS and Package Plants.
ABOUT SEMBCORP INDUSTRIES
Sembcorp Industries is a leading energy, water and marine group operating across six continents worldwide. With facilities of over 5,800 megawatts of gross power capacity and over seven million cubic metres of water per day in operation and under development, Sembcorp is a trusted provider of essential energy and water solutions to both industrial and municipal customers. It is also a world leader in marine and offshore engineering as well as an established brand name in urban development.
The Group has total assets of more than S$13 billion and employs over 9,000 employees. Listed on the main board of the Singapore Exchange, it is a component stock of the Straits Times Index, several MSCI and FTSE indices as well as the Dow Jones Sustainability Asia Pacific Index.
ABOUT INCITIA VENTURES
Incitia Ventures is a leading independent Nordic VC fund manager based in Oslo. Incitia invest in companies in the early-growth phase and/or with disruptive technologies across all technology related sectors. Incitia Ventures has helped building successful companies to become leaders within their respective market segments in several industries. Examples include Algeta (life science), Easy Park (mobile services), Falanx (semiconductors), Sense EDM (oil drilling technology) and T-VIPS (broadcast technology). Incitia Ventures manages two funds with a committed capital base of about NOK 450 mill.
Incitia has been an investor in Biowater since 2010. Partner Erik Sandersen is responsible for the Biowater investment within Incitia.
ABOUT MALLIN VENTURE
Mallin Venture was founded in 1982, and is a privately-owned investment company based in Oslo, Norway. It has total assets under management of approximately NOK500 million, divided between venture capital, property investments and listed securities. Mallin Venture invests in companies with high growth potential in international markets within the cleantech sector, including subsectors such as energy, water, materials and waste.
Mallin has been an investor in Biowater since 2008.