3M Invests in HydroNovation Inc. Series B Financing
Finance supports developer of water conditioning systems for residential applications
3M’s corporate venture organization, 3M New Ventures, announced an investment in HydroNovation Inc. of California, a developer of water conditioning systems for residential and food service industry applications. The Series B round financing included a second investment by Clean Pacific Ventures. Terms of the transaction were not disclosed.
HydroNovation’s water treatment systems reduce potentially hazardous substances and hardness minerals in drinking water. The systems eliminate the need for chemical additives such as salt to treat water by applying a process called electro-deionization.
Hard water contributes to white scaling, which can reduce the life and efficiency of plumbing and appliances. The traditional solution of salt-based water softeners causes concentrations of sodium chlorides in the wastewater, an increasing concern to municipalities. As a result, regulation is being introduced in certain municipalities limiting the use of the traditional systems.
"We see 3M as an important strategic investment partner based on its extensive expertise in water treatment, water filtration and manufacturing at scale, as well as its premium reputation in this market," said Anil Jha, founder and CEO of HydroNovation.
“The combination of HydroNovation’s advanced water conditioning technology with 3M’s core capabilities in water filtration, membranes, and films will create new technical and sales opportunities for both companies. It provides homes and small businesses with high quality water, and helps to protect the environment,” said Stefan Gabriel, president of 3M New Ventures.
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