Sembcorp Utilities invests S$6.4m in Biowater Technology

It'll own 28.8% stake in Biowater.

In a release, Sembcorp Industries announced that its whollyowned subsidiary, Sembcorp Utilities, has signed an agreement to invest NOK30 million (approximately S$6.4 million) in Biowater Technology (Biowater), a Norwegian-based company that designs and engineers innovative technologies and solutions for the treatment of municipal and industrial wastewater. 

Upon completion of the transaction, Sembcorp will own 28.8% of Biowater, with the remaining stake held by existing shareholders Incitia Ventures II, Mallin Venture and Biowater’s founders and employees.

Existing investors in Biowater, Incitia Ventures II and Mallin Venture, will concurrently be investing a further NOK8 million, resulting in a total of NOK38 million of new capital raised for Biowater to fund its continued research and development (R&D) work and commercialisation efforts.

In addition to the equity investment, Sembcorp will also enter into a Strategic Partnership Agreement with Biowater, which will give Sembcorp preferential and early access to its technologies and at the same time, provide Biowater access to Sembcorp’s global facilities to accelerate the development and commercialisation of its technologies.