Chrysalix Backs ’Game Changer’ Axine Water Technologies
Chrysalix Energy Venture Capital, a Vancouver-based clean-tech investor, said it’s helping fund Axine Water Technologies, a Canadian company that’s developed new treatments for toxic organic pollutants in wastewater.
Chrysalix, an early-stage investor whose backers include Royal Dutch Shell Plc (RDSA) and Citigroup Inc. (C), said in a statement that it led the financing round for Axine through its CELP III Fund and was joined by the Business Development Bank of Canada’s venture capital arm. Chrysalix gave no terms.
Axine’s technology has the possibility to replace “the entire value chain of wastewater management,” Wal van Lierop, president and chief executive officer of Chrysalix and chairman of Axine, said today in an interview. “It’s a game-changer.”
“Toxic organic waste in water is a huge problem and I had not seen any real solution for that,” van Lierop said. Vancouver-based Axine’s electrolytic oxidation process is “very novel, very simple” and can be added to existing wastewater treatment plants.
With the boom in hydraulic fracturing for oil and gas, treatment of wastewater will be particularly important, van Lierop said. Using the technology, also known as fracking, at a single oil or gas well requires the injection of as much as 5 million gallons of water, according to a McKinsey & Co. report.
The technology will address a multi-billion-dollar potential market and is expected to also be used by municipalities and industries including pharmaceuticals, chemicals, food and beverages, Chrysalix said.
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