Advanced Mem-Tech Ltd., a graduate of Trendlines Group's Trendlines Agtech incubator (formerly Mofet B'Yehuda) has raised NIS 16 million from a group of investors led by a private US investor and Groupe SEB SA (Euronext: SEB), a French manufacturer of small electrical appliances.
The financing round follows earlier investments by Trendlines and private investors, amounting to several million shekels.
Advanced Mem-Tech has developed a wastewater purification and decontamination product, using a new kind of membrane that is characterized by high flux to separate solids from the water and to filter bacteria, microbes, and parasites at a higher rate than at present, according to the company.
"The shortage of clean water has resulted in a constant search for technologies to create additional water sources, including seawater and brackish groundwater desalination, and the treatment of wastewater," says Advanced Mem-Tech. "The technology developed by Mem-Tech can filter water with less energy consumption and at lower cost than current technologies on the market, giving the company a clear competitive edge. The company is targeting various market segments and industries which never before used membranes for these purposes."
The global membrane market is currently $20 billion a year.
Mem-Tech CEO Moshe Klener says that that the membrane technology developed by the company has successfully undergone tests at several sites in Israel and other countries. The company is in talks to install and sell its technology in collaboration with several European and US companies.
Mem-Tech's technology is based on developments by leading Technion Israel Institute of Technology researchers - Prof. Moris Eisen and Prof. Raphael Semiat. The company collaborates with Mekorot National Water Company through the WaTech Entrepreneurship & Partnership Center for Water Technologies. It also has a strategic partnership to produce polymers with a leading foreign polymers manufacturer. The company recently reached a cooperation agreement with an engineering company to carry out projects in the US.
Published by Globes [online], Israel business news - www.globes-online.com - on March 10, 2014
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