Island Water Technologies Secures Venture Capital Seed Investment
Island Water Technologies (IWT), a wastewater technology company focused on developing renewably powered solutions for remote populations, has secured $250,000 in venture capital from Innovacorp.
The company will use the investment to commercialize its mobile solar-powered wastewater treatment solution – REGEN.
“Our demonstration projects over the last two years have been extremely successful, so we’re ready to get on customer sites by June 2016,” said IWT co-founder and CEO Patrick Kiely. “This capital will let us complete our upcoming system installations planned for Atlantic Canada and North Africa.”
IWT’s REGEN technology has the lowest energy requirement for wastewater treatment in the industry and can be completely powered by renewable energy. The modular systems can be installed in remote locations where there is limited electricity and can be monitored remotely in real-time for ease of maintenance and compliance.
The company’s first target markets will be military bases, disaster relief operations, mining camps and off-grid communities.
With its head office in Montague, P.E.I., IWT’s research and development is taking place in partnership with Dalhousie University in Halifax and Truro. Last fall, the company graduated from Ecofuel, a start-up accelerator run by Cycle Capital, a Montreal-based clean technology fund.
“Wastewater treatment is critical in protecting people’s health and the environment from the potentially harmful effects of human sewage and industrial wastewater,” said Michael Dennis, investment manager at Innovacorp. “Global sales of equipment to treat wastewater are forecasted to surpass $53 billion USD by 2020, and IWT is developing unique and potentially disruptive technologies for this extensive market.”
In addition to REGEN, IWT has developed two other wastewater treatment products. ClearPod is a drop-in device for residential and commercial septic tanks that speeds up bio-treatment of domestic wastewater and restores performance of existing septic systems. Sentry is a sensor that uses microbes to monitor wastewater treatment systems in real-time and reports through the cloud on the status of biological processes and performance.
Dr. Patrick Kiely, CEO
phone: +1 819 5987153