02. 12. 2014, BC Business
Wastewater Tech Company Raises $5.6 Million
Made-in-B.C. solution to oil and gas industry wastewater closes its second round of financing
Axine Water Technologies announced Wednesday that it had raised $5.6 million in a round of venture capital financing led by California- based investor The Roda Group.
The company has developed a chemical-free solution for treating high concentrations of toxic organics, ammonia and other pollutants in industrial wastewater. The company developed its wastewater treatment technology for use in the oil and gas sector, which consumes massive amounts of freshwater and has a troubled reputation for water pollution.
Axine Water is somewhat of a rare bird in B.C.: a cleantech company that services the oil and gas sector. Energy sector innovation has received a lot of attention from the federal government, but few successful companies have emerged from B.C.’s clean tech cluster.
“Water is a strategic issue for the oil and gas industry due to rising costs, requirement for water reuse and more stringent discharge standards,” said Jean Michel Gire, a partner at Chrysalix Energy Venture Capital, one of Axine’s new investors. Gire highlighted oil sands extrac- tion as one area where Axine’s technology could be put to use.
The investment will help Axine bring its technology to market in a shorter time frame, said Jonathan Rhone, presi- dent and CEO of Axine in a statement.
The $5.6 million Series A round was led by a new investor, Roda Group, and current investors Chrysalix and BDC Venture Capital.