Israel-China investment fund Infinity I-China announced today a $5 million investment in United Water Corporation (UW). The investment is part of a B financing round for the company. Existing UW investor Blue Ridge China Partners L.P., one of the most active funds in China, also participated.
The financing will be used to merge new water facilities. Infinity’s involvement is also intended to create opportunities in the Chinese market for Israeli water clean tech technologies.
The investment marks I-China's entry into the water technology sector.
Infinity I-China managing director of finance Ariel Poppel said that slightly less than half of China's cities have an insufficient supply of water, with around 100 facing serious shortages. Poppel said, "For this reason, China is currently engaged in a major push to construct a strong water waste infrastructure across the country. We want to be a part of this push."
United Water owns and operates water supply and waste water treatment utilities in China. The business was established in 2003 with the aim to acquire water utilities being privatized in China. Currently United Water owns and operates four major water utilities located in Suqian City (Jiangsu province), Tongxiang (Zhejiang province), Suizhou (Hubei Province) and Xianning (Hubei Province).
Infinity I-China managing partner Amir Gal-Or said that UW management has already visited Israel and is exploring cooperation with Israeli water technology companies.”
Infinity I-China was founded by IDB Holding Corp. Ltd.'s (TASE:IDBH) Clal Industries and Investments Ltd., China Development Bank, and CSVC.
Published by Globes [online], Israel business news - www.globes-online.com - on May 20, 2010
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