Modern Water Share Placement Raises Funds for China, Middle EastRandall Hackley
Modern Water Plc, a British water-treatment company, said 10 million pounds ($15.6 million) was raised in a share placement, proceeds of which will help fund its forward-osmosis business in China and the Middle East.
The funds will enable the company to invest abroad, with a particular focus on China, Neil McDougall, executive chairman of Guildford-based Modern Water, said in today’s statement. “We intend to invest in further improvements in membrane efficiency for the membrane-processes division and to expand the monitoring division through acquisitions.”
The company has helped produce water in Gibraltar and at a pilot plant in Oman. It commissioned the Al Najdah facility there last year that’s the world’s first forward-osmosis plant, a process it champions as less energy-intensive than reverse-osmosis desalination applications that make salt water potable.