The proceeds will be used primarily to take the technology, licensed on an exclusive basis from the Massachusetts Institute of Technology, from laboratory discovery stage to pre-industrial scale-up level.
Reenie McCarthy will join the Clean Membranes board of directors as a Morningside designee.
“Securing this financing round was a significant milestone that puts Clean Membranes in a strong initial position to develop non-fouling membranes for various water treatment applications,” said Jean-Marc Pandraud, president and CEO of Clean Membranes.
“We were impressed by Clean Membranes’ innovative chemistry and the potential breadth and scope of its market reach,” said Morningside’s McCarthy. “We look forward to working with the Clean Membranes team to fully realize the potential of this technology.”
