ItN Nanovation expands in Saudi Arabia

Saudi Water Nanovation will produce and sell CFM Systems and accessories for flat filter membrane solutions at its own premises in Saudi Arabia.

ItN Nanovation will initially hold a 17.5% share in the joint venture, which will increase to 40% by 2014.

ItN Nanovation will receive around US$2.35 million for usage rights for the patented CFM nanotechnology systems. The German company will use around two thirds of this money to acquire its share in the joint venture. ItN Nanovation will also receive additional royalties.