When the transaction is completed, Sembcorp will have a 28.8% stake in Biowater Technology, while existing shareholders Incitia, Mallin, Biowater’s founders and employees will own the rest of the company. Incitia Ventures remains the largest single shareholder with just over 30%.
Biowater Technology has also raised a further NOK8 million from its existing owners Incitia Ventures II and Mallin Venture, giving a total of NOK38 million of new capital for Biowater to fund its continued research and development work and commercialisation efforts.
As well as the equity investment, Sembcorp will also enter into a strategic partnership agreement with Biowater, which will give Sembcorp preferential and early access to its technologies and provide Biowater with the opportunity to apply its technologies in Sembcorp’s global facilities to accelerate the development and commercialization of its technologies.
“This investment will strengthen our technological capabilities and cement our leading position in the treatment of multiple streams of complex industrial wastewater,” said Tang Kin Fei, group president and CEO of Sembcorp.