Sewage treatment solutions start-up AqWise Ltd. has raised $3.6 million from Israel Cleantech Ventures Funds, Elron Electronic Industries Ltd. (Nasdaq: ELRN; TASE: ELRN), and AHMSA Steel Israel Ltd. The financing round was held at a company value of $10 million, before money. The investors' share in the round was based on their proportional stakes in the company.
Cleantech Ventures acquired 11% of AqWise from its founders Eytan Levy and Ronen Shechter in January. Elron owns 34% and AHMSA Israel, a subsidiary of Mexican mining conglomerate Altos Hornos de Mexico SA de CV, owns 55%.
AqWise will use the proceeds from the round to speed up marketing, enter new markets in Eastern Europe and Asia, expand in current markets in Latin America and Western and Southern Europe. The company plans to stress large-scale projects, and will continue to invest in R&D.
AqWise specializes in the upgrading of wastewater treatment plants through the Attached Growth Airlift Reactor (AGAR) process, a method for biologically increasing water treatment capacity using biofilm carriers.
Published by Globes [online], Israel business news - www.globes-online.com - on March 19, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008