Sembcorp to Acquire 28.8% of Biowater to Take Technology to AsiaSally Bakewell
Sembcorp Industries Ltd. will acquire 28.8 percent of Biowater Technology AS with a 30 million kroner ($4.9 million) investment in the Norwegian company, gaining treatment technology that will help the Singaporean energy and water operator bid for contracts.
Current owners Incitia Ventures, a Norwegian fund manager, and Mallin Venture AS will invest an extra 8 million kroner, Sembcorp said in a statement on its website. Other shareholders include Tonsberg-based Biowater’s staff and its founders.
The transaction will spur Sembcorp’s industrial wastewater treatment operations in Asia, where nations are seeking to use technology to curb water use as limits on supply have curbed power generation. “This part of the world is short on clean water and is a business opportunity for our technologies,” Biowater Chief Executive Offer Audun Loedemel said.