ZwitterCo Secures $58.4m in Series B Funding Led by Evok Innovations
2024年7月9日 - 10:30PM
ビジネスワイヤ(英語)
Advanced membrane technology positions
ZwitterCo to unlock the potential of unconventional water sources,
tackling the interlinked challenges of decarbonization and water
scarcity
ZwitterCo, which is transforming water treatment through
advanced membrane technologies, today announced the successful
close of its Series B funding round led by Evok Innovations. Evok
was joined by DCVC, BHP, Munich Re Ventures, Siteground, HG
Ventures, and Blue Horizon Advisors. The oversubscribed $58.4
million round will accelerate ZwitterCo’s mission to unlock the
potential of unconventional water sources, such as industrial
wastewaters and more challenging surface waters or process streams,
to meet the massive water demands of industries that underpin a
low-carbon future.
“Climate change is simultaneously driving water scarcity and
increasing demand for water in industries critical to the
low-carbon transition,” said ZwitterCo Co-Founder and CEO Alex
Rappaport. “This funding will allow us to rapidly scale our
breakthrough membrane technology, empowering industries to reliably
and affordably access unconventional water resources while ensuring
the water used or recycled in these industries meets the highest
purity standards.”
While membranes are ubiquitous in water treatment, there had
been no breakthrough innovations in the field for half a century
until ZwitterCo introduced membranes with novel zwitterionic
chemistries. ZwitterCo’s technology creates unprecedented immunity
to organic fouling, enabling ZwitterCo’s membranes to continue
working efficiently and sustainably long after traditional
membranes would have clogged.
The need for such advanced membrane technology is rising as the
changing climate worsens regional water shortages. According to the
United Nations, 2.2 billion people globally lack access to safely
managed drinking water services, and by 2025, half of the world's
population could be living in water-stressed areas. Additionally,
the U.S. Office of the Director of National Intelligence sees a
20-50% rise in global water demand by 2050. As conventional
freshwater resources become increasingly strained, the ability to
tap into unconventional water sources will be critical for meeting
the growing demand for clean water.
At the same time, water plays a vital role in the industries
building the low-carbon economy of the future. From the production
of hydrogen from seawater and the safe management of wastewater
from critical mineral extraction to fluid management in renewable
and low-carbon biofuels or precision fermentation applications, the
industries driving global decarbonization rely heavily on water.
ZwitterCo's membranes will enable these industries to minimize
their water treatment and associated operating costs, reduce
downtime, and ensure that the water used in their processes meets
the stringent purity standards required for optimal performance and
reliability.
ZwitterCo’s Series B represents a partnership between the
company and leading sustainability-minded investors who recognize
the interlinked challenges of decarbonization and water scarcity
that ZwitterCo is addressing. “The full spectrum of the energy
transition – from power and next-gen fuels to mining and critical
minerals – relies on clean water,” said Naynika Chaubey, Partner at
Evok Innovations. “The increasing unreliability of global water
sources could put many of our energy systems at risk. ZwitterCo’s
breakthrough technology is critical and timely, making this
investment a cornerstone of Evok’s portfolio.”
Global expansion and sustainable impact
ZwitterCo, which recently commissioned its Innovation Center at
its headquarters near Boston, will use the funds from its Series B
to strategically invest in international expansion and the rapid
advancement of its technology platform, further solidifying its
position as a leader in the water treatment industry.
Over the past two years, ZwitterCo’s products have been ordered
or installed at more than 50 industrial facilities across North
America, Europe, and Asia, helping customers realize significant
cost savings and unlock new revenue streams. For example, a
bioprocessing manufacturer in a water-stressed region used
ZwitterCo’s technology to recycle 80% of their fermentation
wastewater, enabling the company to expand production of a
sustainable protein product. At one of the largest manure-based
renewable natural gas facilities in North America, ZwitterCo’s
membranes were integrated in a fertilizer concentration process
that generated 400,000 gallons per day of clean water while also
producing valuable byproducts. And a power plant in the Pacific
Northwest replaced its existing membranes with ZwitterCo’s
products, resolving cleaning, downtime, and maintenance issues
while delivering 10% higher water production, even in the face of
challenging upstream water conditions.
Jason Pontin, General Partner at DCVC and Chairman of
ZwitterCo's Board of Directors, said that as global temperatures
rise and weather patterns are disrupted, ZwitterCo is
well-positioned to make a significant impact on industries and
communities worldwide.
“Long before the planet feels the worst of climate change,
without new solutions and more efficient water markets, cities and
farms around the globe will suffer severe water stress,” Pontin
said. “Reusing unconventional water sources is the only way to
achieve water resiliency, and ZwitterCo’s groundbreaking membrane
technology is the key deep tech breakthrough that makes water reuse
practical and economical. DCVC has invested in ZwitterCo at every
stage from its last Seed round, because nothing is more important
than the company’s work to secure a sustainable water future.”
About ZwitterCo
ZwitterCo is on a mission to solve the world’s most urgent water
problems with its advanced zwitterionic membranes that combat
organic fouling, the biggest challenge in filtration. ZwitterCo’s
award-winning technology enhances membrane life and performance in
high-strength industrial wastewater, surface water, and food
process streams, driving sustainable water reuse and reducing
chemical use. For more information, visit
https://www.zwitterco.com/.
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Media contact: communications@zwitterco.com