Incitia Ventures II today announced the investment of NOK 14 mill in the wastewater treatment company Biowater Technology AS. At the same time Mallin Venture will increase its investment in the company by another NOK 4 mill resulting in a total of NOK 18 mill in new capital to Biowater.
Biowater was established in Tønsberg in 2007 by a team of wastewater industry veterans. Biowater delivers leading edge biological treatment technology and solutions for municipal and industrial wastewater and had 2009 revenues of NOK 17 mill.
Erik Sandersen will represent Incitia in Biowater's board of directors and Øivind Lund, the former ABB executive and currently chairman of Yara ASA, will become new chairman of the board.