Sembcorp Industry Invests in Norwegian Water Technology
OSLO, Norway, July 1, 2013
OSLO, Norway, July 1, 2013 /PRNewswire/ --
Biowater Technology raises NOK 38 million from existing owners , Incitia
Ventures II and Mallin Venture , and new investor , Sembcorp Industries
(Sembcorp) through its wholly-owned subsidiary , Sembcorp Utilities.
Sembcorp, a Singapore-based leading energy, water and marine group, has signed
an agreement to invest NOK 30 million in Biowater Technology. Upon completion
of the transaction, Sembcorp will own 28.8% of Biowater and the remaining
stake will be held by existing shareholders Incitia, Mallin, Biowater's
founders, and employees. Incitia Ventures II remains the largest single
shareholder with a stake of just over 30%.
In addition to the equity investment, Sembcorp will also enter into a
Strategic Partnership Agreement with Biowater, which will give Sembcorp
preferential and early access to its biofilm technologies and at the same
time, provide Biowater access to Sembcorp's global facilities to accelerate
the development and commercialization of its technologies as CFIC® .
"This investment will strengthen our technological capabilities and cement our
leading position in the treatment of multiple streams of complex industrial
wastewater. As a company that is focused on innovation, process and
technology, this partnership not only enables us to enhance the efficiency of
our operations, but also allows us to continuously offer competitive solutions
to our customers. We are excited about the opportunities that this partnership
will bring to Sembcorp given Biowater's innovation and R&D capabilities. With
our 33 water operations across 11 countries worldwide, we will also be able to
help Biowater expedite the development and commercialization of its
technologies and accelerate our growth in the wastewater treatment business,"
says Tang Kin Fei, Group President & CEO of Sembcorp.
For Sembcorp, Biowater's processes could be harnessed to improve the
efficiency and performance of existing plants and give substantial competitive
edge when bidding for new projects. The use of such advanced technologies also
has the potential to help Sembcorp grow its industrial wastewater treatment
business, particularly in Asia.
"We are excited about Sembcorp's investment in Biowater and they are an
important strategic partner going forward especially with their expertise and
insight for the Asian market. This part of the world is short on clean water
and is a business opportunity for our technologies," says Audun Lødemel CEO in
Biowater. "At the same time, the collaboration gives us the opportunity to
apply our technologies in Sembcorp's global portfolio of water and wastewater
About Biowater Technology
About Sembcorp Industries
For Biowater Technology - Audun Lodemel, Biowater Technology - DID:
For Sembcorp: Melissa Yee (Ms) - Manager Group Corporate Relations - DID: +65
6723 3326 - Email: firstname.lastname@example.org -
Press spacebar to pause and continue. Press esc to stop.