NanoH20, a water purification start-up, has raised $60.5 million. So reports Forbes.
The new round includes $40 million in equity from investors including BASF Venture Capital, Total Energy Ventures International and Keystone Ventures. An additional $20.5 million came as lines of credit from Comerica Bank and Lighthouse Capital Partners.
The company plans to use the funds to expand sales to markets like China, as well as to expand its sales team and manufacturing capabilities. According to Forbes, NanoH2O is looking for a location to build a second factory.
NanoH20 develops membranes to filter salt from water. It can also filter other materials. Its first product, which is used for desalination, launched in Q2 2011.
NanoH20 also plans to use the new funds to develop additional products, including those that process wastewater and deliver purified water for operations like oil and gas or beverage production, Forbes reports.
To date, the company has had 50 installations of its membranes worldwide that have yielded 13 million gallons of fresh water.
Some investors see big opportunity in water as the world population grows because water is so integral to human life and sources of fresh water are limited. But raising venture capital remains a challenge for the industry. To wit: Forbes cites figures from the Cleantech Group, which show investments in water fell from $272 million in 2010 to $224 million in 2011.
However, clean water technology is generating increased interest in the Middle East, China, India, South America and the United States.
NanoH2O has raised $75 million in equity to date.
To read the full Forbes article cited in this story, click here