NanoH2O, a manufacturer of reverse osmosis (RO) membranes for seawater desalination, has been acquired by LG Chem, a Seoul-based chemical company.
The sale was finalized April 30, 2014. Financial details were not disclosed.
Jeff Green, founder and CEO of NanoH2O, commented on the acquisition, “What began as an innovative idea in a university lab just nine years ago is now part of a $22 billion dollar leading global chemical company with vast manufacturing, R&D and commercial resources.”
“The acquisition will only serve to accelerate the delivery of innovative and energy-efficient membrane technologies to our customers and the desalination industry,” Green added.
NanoH2O, with its unique membrane technology, has rapidly established itself as a leading RO membrane manufacturer in the growing desalination industry,” said Jin Soo Park, vice chairman and CEO of LG Chem.
“We understand the gravity of water scarcity and its importance not just to our business, but across the globe,” Park added. “LG Chem is committed to supporting sustainable, energy-efficient technology platforms that lower the cost and increase the availability of fresh water.”
Collectively, NanoH2O’s installed base produces over 300 million liters of water per day across 36 countries. Thanks to this growth, NanoH2O has attracted investments from Khosla Ventures, Oak Investment Partners, BASF Ventures, Total Energy Ventures and Keytone Ventures.
Post sale, NanoH2O will maintain operations from its headquarters in Los Angeles, California, and from its sales offices throughout the Americas, Europe, Middle East and Asia.