NanoH2O, manufacturer of reverse osmosis (RO) membranes for seawater desalination, announced it has been acquired by LG Chem. LG Chem is based in Seoul, Korea. The sale was finalized April 30, 2014.
“We are extremely pleased to join LG Chem,” said Jeff Green, founder and CEO of NanoH2O. “What began as an innovative idea in a university lab just nine years ago is now part of a $22 billion 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."
“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. LG Chem is committed to supporting sustainable, energy-efficient technology platforms that lower the cost and increase the availability of fresh water."
After several years of intense research and development, NanoH2O’s commercial success began with the official market introduction of its thin-film nanocomposite QuantumFlux RO membranes in early 2011. The company grew rapidly, with more than 150 desalination plants operating its innovative seawater RO membranes. Collectively, NanoH2O’s installed base produces over 300 million liters of water per day across 36 countries. It is this exceptional growth and proven technology that distinguished NanoH2O among its competitors and captured the attention of world-class investors such as Khosla Ventures, Oak Investment Partners, BASF Ventures, Total Energy Ventures and Keytone Ventures.
NanoH2O will maintain operations from its headquarters in Los Angeles, and from its sales offices throughout the Americas, Europe, Middle East and Asia. Customers can rely on the quality and support expected from NanoH2O while benefiting from the global scale and technology leadership of LG Chem.
Source: NanoH2O