OxyMem Ltd, a leading innovator in energy efficient wastewater treatment based in Athlone, has announced that it has added Saudi Aramco Energy Ventures (SAEV ) to its growing shareholder base.
SAEV is the corporate venturing subsidiary of Saudi Aramco, a world leader in integrated energy and chemicals.
OxyMem’s ground-breaking Membrane Aerated Biofilm Reactor (MABR ) technology has the potential to bring wastewater treatment closer to energy neutrality by reducing energy consumption for aeration by up to 75 per cent.
The funds raised will enable OxyMem to further focus on growing the business by increasing investments in product development, expanding its manufacturing capacity, and increasing its sales force.
Wayne Byrne, managing director with OxyMem, said: “We are delighted to have secured this latest funding from such an influential actor in the energy world. We feel strongly supported by Saudi Aramco and believe this investment will add momentum to our market development goals, particularly in some of the more water-stressed regions.
“I believe that we have an important technology that can make a sizeable contribution in the wastewater market where there is a significant need for more efficient infrastructure solutions.”
Bruce Niven, chief investment officer with SAEV, said: “We are delighted to have the opportunity to make this investment into OxyMem. The Membrane Aerated Biofilm Reactor (MABR ) is a compelling technology for energy reduction and cost-effective capacity expansion in wastewater treatment plants, and we see a clear need for such solutions in the fast-growing MENA market.
“We look forward to working with the OxyMem team to further develop their transformative wastewater technology and to growing the business.”
OxyMem, a University College Dublin (UCD ) spin-out company, was co-founded by Wayne Byrne, Professor Eoin Casey, and Dr Eoin Syron in 2013 as a spin-out from UCD’s School of Chemical and Bioprocess Engineering.