NanoH2O confirms its acquisition by LG Chem
Desalination membrane manufacturer NanoH2O confirmed on 12 May 2014 the finalization of its sale to Korea's LG Chem on 30 April 2014."We are extremely pleased to join LG Chem," said Jeff Green, founder and CEO of NanoH2O. "What began as an innovative idea in a university lab just nine years ago is now part of a US$ 22 billion dollar leading global chemical company with vast manufacturing, research and development, and commercial resources. The acquisition will only serve to accelerate the delivery of innovative and energy-efficient membrane technologies to our customers and the desalination industry."
"NanoH2O, with its unique membrane technology, has rapidly established itself as a leading RO membrane manufacturer in the growing desalination industry," said Jin Soo Park, vice chairman and CEO of LG Chem. "LG Chem is committed to supporting sustainable, energy-efficient technology platforms that lower the cost and increase the availability of fresh water."
After several years of intense research and development, NanoH2O's commercial success began with the official market introduction of its thin-film nanocomposite QuantumFlux RO membranes in early 2011. The company grew rapidly, with more than 150 desalination plants operating its innovative seawater RO membranes.
Collectively, NanoH2O's installed base produces over 300,000 m³/d of water per day across 36 countries. This exceptional growth and proven technology captured the attention of world-class investors such as Khosla Ventures, Oak Investment Partners, BASF Ventures, Total Energy Ventures and Keytone Ventures.
NanoH2O will maintain operations from its headquarters in Los Angeles, California, and from its sales offices throughout the Americas, Europe, Middle East and Asia.
© Faversham House Group Ltd 2014. Water. desalination + reuse news articles may be copied or forwarded for individual use only. No other reproduction or distribution is permitted without prior written consent.