OSLO, Norway, July 1, 2013 /PRNewswire/ --
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.
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 biofilm technologies and at the same time, provide Biowater access to Sembcorp's global facilities to accelerate the development and commercialization of its technologies as CFIC®.
"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.
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."
About Biowater Technology
About Sembcorp Industries
For Biowater Technology - Audun Lodemel, Biowater Technology - DID: +4793446531 Audun.firstname.lastname@example.org
For Sembcorp: Melissa Yee (Ms) - Manager Group Corporate Relations - DID: +65 6723 3326 - Email: email@example.com -
SOURCE Biowater Technology