NanoH2O Inc., which is developing a more efficient reverse osmosis process for seawater desalination, on Monday said that it raised $60.5 million in equity and credit funding.
The El Segundo water purification company, which is developing advanced membranes for filtering out salt based on UCLA research, said $40 million was raised from several venture capitals firms.
BASF Venture Capital GmbH, Total Energy Ventures International and Keytone Ventures led the equity round, which also included Khosla Ventures, Oak Investment Partners and the CalPERS Clean Energy & Technology Fund. BASF, Total Energy and Keytone will each gain a seat on NanoH2O’s board.
A credit facility of $20.5 million was arranged by Comerica Bank and Lighthouse Capital Partners, with the Export-Import Bank of the United States providing the line of working capital.
“With these funds and new strategic partners, we are well positioned to continue to provide our global customers with new, leading-edge (technology) that lowers the energy, operating and capital costs of desalination and other water treatment applications,” said Chief Executive Jeff Green in a statement.
Since its founding, NanoH2O has raised $100 million in capital, including $75 million in equity financing.
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