akvola Technologies, a water technology company providing solutions for the removal of oils and suspended solids from hard-to-treat industrial effluents, has announced the completion of its Series A financing round. In addition to the private investors and industry experts Bruno Steis (ex-CEO of inge AG) and Detlef Taprogge (Managing Director of TAPROGGE GmbH), the investment consortium includes two new investors, VNG Innovation GmbH and BAMAC GmbH, both financially strong and experienced shareholders. High-Tech Gründerfonds (HTGF) also participates in this financing round and expands its shareholding.
This investment will allow akvola Technologies to accelerate the commercialization of its solutions for the €20bn global industrial water treatment market. The capital will be used to hire talent and increase sales internationally – key aspects to address the growing demand for its technology with customers in the refining, upstream, metalworking and steel sectors.
Bruno Steis, who led the inge AG as CEO to a successful exit in 2011, declared: “It is exciting to invest in a disruptive technology in the water space, given its huge demand and need for innovation. The akvoFloat™ technology is proven and the company has an impressive commitment to quality. We look forward to working closely with akvola Technologies’ strong management team to assist in the continued rapid growth of the business as shown in the past”.
Detlef Taprogge, Managing Director of TAPROGGE GmbH, added: “We are impressed with the akvola Technologies’ team and the progress they have achieved. The water industry is a very conservative industry where the dissemination of new technologies typically requires numerous years and a long breath. The speed, however, at which akvola Technologies has been able to attract customer interest in a variety of hard-to-treat water applications is exceptional, and thus, a very positive signal for the company’s perspectives for success.”
“Our investment in this future-oriented technology is very well placed as it will also help us make our facilities more efficient. It fits in very well with the concept of VNG Innovation GmbH,” emphasized Hans-Joachim Polk, Executive Board Member for Infrastructure and Technology of VNG. “The water treatment systems developed here function extremely efficiently and economically and are a key step towards sustainable water supplies – as well as a meaningful investment in the future,” Polk added.
“We are incredibly excited about this investment and the growing traction for the akvoFloat™ systems,” stated akvola Technologies CEO Matan Beery, “This capital and the know-how of the people behind it will allow us to roll out our technology internationally at a faster pace. Our goal is to become a go-to technology for hard-to-treat industrial effluents in the next years.”