IFC, Invesco WLR lead Organica Water Series B round
WLR China Energy Infrastructure Fund (CEIF) - a private equity fund managed by Invesco WLR Private Equity - has taken part in a Series B round of funding for Organica Water, a global waste water treatment solutions provider, led by International Finance Corporation (IFC). Existing investors RNK Capital and Vienna-based Gamma Capital Partners also participated.
Invesco WLR Private Equity is a joint venture - between Huaneng Capital, an investment arm of China Huaneng Group, Invesco and Invesco affiliate W.L. Ross & Co. - which aims to provide capital and support to companies engaged in cleaner traditional energy, new energy, and energy conservation in China.
According to a statement, the investment will be used to finance business development for Organica's continued expansion into new markets, the launch of its wastewater treatment plant design platform, R&D activity and working capital,
Patrick Mullen, water and sanitation specialist for the IFC's Global Water Unit, and Robert Liu, CEO of Huaneng Invesco's investment advisor, will join Organica's board. The transaction was advised by Hong Kong-based Quintal Partners.
"Organica's management team and products have great potential to improve wastewater treatment around the world," said Vincent Gouarne, director of IFC's TMT and Venture Capital. "We look forward to partnering with Organica in this stage of growth to further spread their reach in emerging markets."
Since its founding in 1998 as a Hungarian engineering, procurement and construction (EPC) contractor, Organica has expanded its footprint globally to provide wastewater treatment via Series A financing in 2008. It currently operates offices in Budapest, New Delhi, Shanghai and Princeton.
In the past few months, Organica has signed contracts for the design and equipment supply of wastewater treatment plants in several Asian countries, including Indonesia, China and India.
Earlier this week, Invesco WLR Private Equity and Keynote Ventures have led a $20 million Series C round funding for LP Amina, an US-based energy and environmental solutions provider. Existing investors Qiming Venture Partners and Hao Capital also participated.
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