Ceramic nanofiltration company gets big investor
ItN Nanovation AG, a start-up company in Saarbrucken, Germany, making nanofiltration ceramic products for the water industry, announced on 9 December 2010 a framework investment agreement with the US investment fund YA Global Master SPV Ltd, part of the Yorkville Group.Under the agreement, ItN Nanovation over the next three years will receive investment in market-price shares up to a total volume of up to € 15 million to strengthen its capital base.
Marco Beckmann, CEO of ItN's holding company, Nanostart AG, commented, "We welcome the equity distribution agreement with Yorkville. It gives ItN not only the security but also the financial flexibility it needs in the expansion phase."
ItN Nanovation will also be able to convert equity for special uses such as marketing its flat ceramic membranes, the CFM system. The company's products can be used for drinking- water treatment, wastewater treatment, filtration in the beverage industry and for the separation of oil and water.
ItN is already working with Malta's Water Services Corporation on a sewage treatment plant, which uses nanotechnology and is built in a 6 m container. It can be deployed anywhere, even in residential areas.
The plant will be used in the Bidnija area of Malta by the end of the year, if the necessary permits are issued from the relevant authorities. By 2011 the first five prototypes should be ready to be sold on the international market.
The target is to produce one hundred units per year to be sold in areas in the Mediterranean area.
The company also won two orders worth more than US$ 1 million in 2010 from Saudi Arabia for its CFM system to be used for drinking water production.