ZwitterCo, which is transforming water treatment through advanced membrane technologies, announced the successful close of its Series B funding round led by Evok Innovations. Evok was joined by DCVC, BHP, Munich Re Ventures, Siteground, HG Ventures, and Blue Horizon Advisors. The oversubscribed $58.4 million round will accelerate ZwitterCo’s mission to unlock the potential of unconventional water sources, such as industrial wastewaters and more challenging surface waters or process streams, to meet the massive water demands of industries that underpin a low-carbon future.
“Climate change is simultaneously driving water scarcity and increasing demand for water in industries critical to the low-carbon transition,” said ZwitterCo Co-Founder and CEO Alex Rappaport. “This funding will allow us to rapidly scale our breakthrough membrane technology, empowering industries to reliably and affordably access unconventional water resources while ensuring the water used or recycled in these industries meets the highest purity standards.”
While membranes are ubiquitous in water treatment, there had been no breakthrough innovations in the field for half a century until ZwitterCo introduced membranes with novel zwitterionic chemistries. ZwitterCo’s technology creates unprecedented immunity to organic fouling, enabling ZwitterCo’s membranes to continue working efficiently and sustainably long after traditional membranes would have clogged.
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The need for such advanced membrane technology is rising as the changing climate worsens regional water shortages. According to the United Nations, 2.2 billion people globally lack access to safely managed drinking water services, and by 2025, half of the world’s population could be living in water-stressed areas. Additionally, the U.S. Office of the Director of National Intelligence sees a 20-50% rise in global water demand by 2050. As conventional freshwater resources become increasingly strained, the ability to tap into unconventional water sources will be critical for meeting the growing demand for clean water.
At the same time, water plays a vital role in the industries building the low-carbon economy of the future. From the production of hydrogen from seawater and the safe management of wastewater from critical mineral extraction to fluid management in renewable and low-carbon biofuels or precision fermentation applications, the industries driving global decarbonization rely heavily on water. ZwitterCo’s membranes will enable these industries to minimize their water treatment and associated operating costs, reduce downtime, and ensure that the water used in their processes meets the stringent purity standards required for optimal performance and reliability.
ZwitterCo’s Series B represents a partnership between the company and leading sustainability-minded investors who recognize the interlinked challenges of decarbonization and water scarcity that ZwitterCo is addressing. “The full spectrum of the energy transition – from power and next-gen fuels to mining and critical minerals – relies on clean water,” said Naynika Chaubey, Partner at Evok Innovations. “The increasing unreliability of global water sources could put many of our energy systems at risk. ZwitterCo’s breakthrough technology is critical and timely, making this investment a cornerstone of Evok’s portfolio.”
SOURCE: Businesswire