UK private equity firm Maven Capital Partners has led a £1 million series B investment in Manchester-headquartered water treatment technology company G2O Water Technologies Ltd.
A total of £600 000 has been provided by Maven funds, including a £200 000 investment from the Finance Durham Fund, and a £400 000 investment from NPIF Maven Equity Finance, both managed by Maven. The additional £435 000 is from a number of private individual investors.
The funding will enable G2O to increase its research & development facilities at its North East Technology Park (NETPark)-based laboratory in Sedgefield, County Durham, including the recruitment of additional scientists to expand its work with industrial development partners, including the Centre for Process Innovation (CPI), to commercialise and roll out its technology.
Founded in 2015, following ten years of research into the benefits that nanotechnology can bring to water filtration, G2O has developed graphene-based coatings technology aimed at reducing the cost of water treatment.
G2O’s scalable process applies a coating of graphene oxide to existing polymer-based water filtration membranes. The technology has the potential to be used across multiple markets including the treatment of wastewater in the oil & gas industry for oil and water separation, industrial & processed wastewater treatment, domestic water filters and desalination.
G2O is working with a number of industry and innovation partners to scale up the technology and bring it to the market.
“We are delighted to support G2O’s innovative development of water technologies,” said Michael Dickens, investment manager at Maven. “The company is creating products that offer affordable solutions to a variety of different markets, both domestic and global, and most importantly, global water filtration. Backed by a dedicated and highly experienced management team with excellent contacts in the markets they are targeting, we look forward to working with the company at their NETPark laboratory to drive the business forward.”
Craig Clement, chief operating officer of G2O Technologies, said: “We are thrilled to have completed our series B funding round with the support of Maven and to have located our R&D facility in the North East. We have been particularly impressed with the support provided to G2O by locating at NETPark. The demand for clean water is enormous and we are now well placed to develop products to meet the market’s needs.”
