Environmental Operating Solutions Completes Initial Tranche of $2.5 Million Institutional Financing
Source Environmental Operating Solutions, Inc.
Environmental Operating Solutions, Inc. (EOS) recently announced that the company has closed the first tranche of a $2.5 million institutional financing round led by Stuart Mill Venture Partners, with the second tranche expected to close in the second quarter of 2008. EOS is an environmental technology company that develops and markets green chemicals specifically engineered for the purification of water.
The company will use the initial investment proceeds to expand manufacturing and distribution capabilities for its proprietary line of liquid carbon products that remove nitrogen from wastewater. EOS will use the second tranche of financing to broaden its denitrification technical capabilities and to support research and new product development.
Excessive accumulation of nitrogen in surface and groundwater is an ecological and public health concern that has been linked to serious ecosystem damage, fish and shellfish kills and contamination of drinking water supplies. Denitrification of water discharged from wastewater treatment facilities is a focal point of regulatory action, particularly in coastal areas such as the Chesapeake Bay, Long Island Sound and Florida.
EOS’ line of MicroC products safely and effectively denitrifies water discharged from wastewater treatment plants to achieve regulatory compliance while avoiding the hazards and limitations of standard liquid methanol, including toxicity, flammability, price volatility and nonrenewable natural gas sourcing.
EOS launched MicroC in the northeastern U.S. wastewater treatment market in 2003 and MicroC G in 2006, and the company currently has more than 185 wastewater treatment plant customers ranging in size from small plants serving schools and condominium complexes to large municipal wastewater treatment facilities. “With this financing, EOS is positioned to rapidly expand operations beyond our current Boston and Baltimore manufacturing facilities to serve our growing customer base nationwide and around the globe,” said Eric Stoermer, president and chief executive officer of EOS. “In addition, these funds will enable us to undertake the research and technical development required to engineer continuing improvements in our denitrification products and to develop new products, including products potentially derived from waste materials.”
“Driven by increasingly stringent regulatory limits on the amount of nitrogen allowed into the environment, wastewater treatment facilities are seeking a safe and reliable upgrade for enhanced nitrogen removal,” said Jeff Salinger, managing partner with Stuart Mill Venture Partners. “As this market expands, we believe that EOS’ technical expertise and long-term commitment to innovation and product development will lead denitrification efforts as plants increasingly choose safer and environmentally sustainable products over methanol and other less consistent carbon sources. We look forward to being a part of EOS’ success as the company builds its national and international production and distribution network.”
Source: Environmental Operating Solutions, Inc.