OxyMem says its membrane aerated biofilm reactor (MABR) technology can reduce energy consumption for aeration by up to 75%.
The Saudi Aramco funding will allow OxyMem to invest in product development, expand its manufacturing capacity and increase its sales force.
Last year OxyMem secured an investment from Dow Water and Process Solutions, a business unit of The Dow Chemical Co.
“We are delighted to have secured this latest funding from such an influential actor in the energy world. We feel strongly supported by Saudi Aramco and believe this investment will add momentum to our market development goals, particularly in some of the more water stressed regions,” said Wayne Byrne, managing director of OxyMem.
“I believe that we have an important technology that can make a sizeable contribution in the wastewater market where there is a significant need for more efficient infrastructure solutions.”
Bruce Niven, chief investment officer of SAEV, said: “We are delighted to have the opportunity to make this investment into OxyMem. The Membrane Aerated Biofilm Reactor (MABR) is a compelling technology for energy reduction and cost-effective capacity expansion in wastewater treatment plants, and we see a clear need for such solutions in the fast-growing MENA market. We look forward to working with the OxyMem team to further develop their transformative wastewater technology and to growing the business.”
Snehal Desai, global business director, Dow Water and Process Solutions, said: “Our work with OxyMem in the past year has validated our belief in the MABR technology and the cost effective solutions it can provide to the industrial and municipal wastewater industry. As an existing strategic investor, Dow welcomes SAEV as a knowledgeable co-investor. The additional financing will allow OxyMem to accelerate its commercialization activity.”
OxyMem, a University College Dublin (UCD) spin-out company based in Athlone, was co-founded in 2013 by Wayne Byrne, Professor Eoin Casey and Dr Eoin Syron.
SAEV is the corporate venturing subsidiary of energy and chemicals giant Saudi Aramco.