NanoH2O, Inc., an El Segundo, CA-based company that designs, develops, manufactures and markets reverse osmosis (RO) membranes that lower the cost of desalination, has closed a $40m equity round and $20.5m in credit facilities.
The round was led by BASF Venture Capital GmbH, Total Energy Ventures International and Keytone Ventures, with participation from existing investors Khosla Ventures, Oak Investment Partners, CalPERS Clean Energy & Technology Fund represented by Capital Dynamics and PCG Clean Energy & Technology Fund.
The $20.5m in growth capital, working capital and equipment financing credit facilities were provided by Comerica Bank and Lighthouse Capital Partners, with the working capital line backed by the Export-Import Bank of the United States.
The company intends to use the proceeds from the equity financing to accelerate its growth, expand its manufacturing capabilities and broaden its product offerings.
Led by Co-Founder and Chief Executive Officer Jeff Green, NanoH2O has developed patented thin-film nanocomposite membrane technology that can purify water from a broad range of sources, yielding higher productivity, better water quality or reduced energy consumption over traditional membranes.
In conjunction with this financing, representatives from BASF Venture Capital, Total Energy Ventures and Keytone Ventures will join the company’s board of directors.