Aquafortus, an Auckland, New Zealand-based water technology company, raised $17M in Series A1 funding.
The round was led by DCVC and Novo Holdings, with participation from Universal Materials Incubator, Intrepid Financial Partners, Envisioning Partners, Burnt Island Ventures, K1W1 and NZGCP.
The company intends to use the funds to allow the construction and deployment of a relocatable demonstration unit and commercial pilot across major US Oil and Gas basins and operators, as well as investment in core R&D.
Led by CEO Daryl Briggs, Aquafortus develops and commercializes novel and proprietary minimal energy resource recovery technologies for dissolved solids (TDS) waste and process streams. The company uses a non-thermal, zero-liquid-discharge recovery and crystallization approach that uses 90% less energy, costs 60% less, and turns 98% of high salinity brine into fresh water, while extracting lithium, copper, magnesium salts, and other metals and minerals.
Aquafortus targets industries that produce significant volumes of hypersaline water: mining, oil and gas production, chemical manufacturing, and power generation.
FinSMEs
23/02/2023