BayTech leads €5 financing in water treatment co.

Greifenberg, Germany-based inge watertechnologies said today it secured €5 million ($7 million) in funding. The round was led by new investor Munich-based BayTech Venture Capital, and included existing investors Taprogge Watertech, Emerald Cleantech Fund I, Sustainable Performance Group, Siemens Venture Capital, StoneFund, and Entrepreneurs Fund. Inge watertechnologies specializes in ultrafiltration membranes used in water treatment processes.

“The proceeds from this capital increase will allow us to maintain our consistent momentum of international growth, while simultaneously equipping us to deal with any uncertainties the crisis may yield,” said Bruno Steis, the CEO of inge watertechnologies, in a news release.

Inge watertechnologies develops and produces its patented Multibore membrane technology as well as a variety of module designs and a modular rack construction. Its membrane technology is used to treat drinking water, process water, wastewater, and sea water on a global level.

Michael Hochholzer, a partner with BayTech, which invests in the technology and life science sectors in Western Europe, said in the release that his firm believes the company's team, its technology and its strategy are on the right path. 

"By taking a stake in this experienced and highly-specialized ultrafiltration company we have gained an opportunity to enter the globally expanding water treatment market with all its long-term potential,” he said, in the release.

However, growth of the Middle East’s water and wastewater treatment equipment market is expected to slow because of the economic downturn, according to a report released last week from research firm Frost & Sullivan (see Middle East water markets slowing, says report).

In 2008, inge watertechnologies signed a water-process agreement with China for one of the country's six nuclear power plants that were under construction (see China signs water deal for nuclear power plant).

It was one of the first nuclear power plants to utilize the company’s dizzer 5000plus modules. Each module is capable of treating 5 cubic meters per hour. Several hundred treatment modules were expected to do the bulk of the work in treating 26,000 cubic meters (6.9 million gallons) of seawater (see Energy Recovery scores another desal contract).