BOSTON, Dec. 2, 2014 (GLOBE NEWSWIRE) -- Desalitech, a Boston-based provider of high efficiency water production and wastewater treatment solutions, announced today that it had secured $11 million in equity funding from a group of private investors led by Spring Creek Investment Management. The financing round caps off a series of major company milestones in 2014, including signing deals with Veolia, Coca Cola and other Fortune 500 clients; expanding its global footprint of projects around the world including drought-impacted California; and achieving outstanding performance as a water solution provider for nearly six years. The new funding, obtained amid high investor demand, will allow Desalitech to accelerate its growth and strengthen its position as the industry's leading supplier of high-efficiency water purification solutions.
Desalitech's current investors, Liberation Capital and AquAgro Fund, also participated in the financing round, reaffirming their commitment to establishing the company as the leader in reverse osmosis water treatment solutions.
"To gain participation from all previous investors in this third, oversubscribed funding round is a great vote of confidence in Desalitech and our future," said Desalitech CEO Nadav Efraty. "Producing new water resources and improving the efficiency of water and wastewater treatment operations meets some of today's biggest challenges. The world is changing, and we are proud to lead the way."
As the global need for water increases and resources become more limited, improving the performance of water supply and wastewater treatment is becoming a business and environmental priority. Reverse osmosis is the most widely applied water purification method. Nearly 70% of US industrial facilities purify their water supply, mostly with reverse osmosis, however traditional reverse osmosis systems do not use source water efficiently, creating excess brine waste and consuming too much energy. Desalitech's ReFlex™ reverse osmosis products, featuring Closed Circuit Desalination (CCD™) technology, are the first major advance in water treatment in decades and represent a significant leap over traditional systems. ReFlex products reduce water waste and waste generation by 50 to 75% and energy consumption by 35% while greatly increasing the reliability and the flexibility, leading to a 60% reduction in the total cost of treatment.
About Desalitech:
Desalitech provides high efficiency water treatment for industrial, agricultural and wastewater reuse and concentration applications. ReFlex Reverse Osmosis products, featuring patented CCD™ technology – provide maximum recovery – guaranteed. ReFlex products typically reduce waste by 50 to 75 percent and energy consumption by up to 35 percent, saving significant operating costs. Desalitech is proud to be headquartered in Newton, MA and manufactures its products in the USA.
About Spring Creek Investment Management:
Spring Creek Investment Management, LLC is a Philadelphia-based family office with a broad range of investments including clean water technology.