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Porifera closes agreement with Woongjin to market, manufacture and sell forward osmosis products
Porifera Inc. has closed Series A financing and development, manufacturing and commercialization agreement with Woongjin Chemical Co. of South Korea. The investment gives Porifera the ability to market, manufacture and sell its forward osmosis (FO) products at high volume while also gaining access to Woongjin's global sales and marketing channels.
Porifera's FO membrane offers high flux and low salt passage. It is particularly effective in treating challenging waters that foul many membranes.
Woongjin and Porifera anticipate these membranes will open up large markets, particularly in Asia, for cost-effective treatment of highly fouling industrial wastewaters. There is also a significant North American market opportunity for treatment of high-fouling waters resulting from hydraulic fracturing.
Porifera successfully demonstrated the effectiveness of its FO membranes through continuous long-term testing under the U.S. Department of Defense's DARPA program. The membranes were able to treat challenge water created by DARPA that contained silt, dust, organic matter and other particulates, designed for the express purpose of fouling the membranes. Porifera's system ran continuously with virtually no flux decline over the duration of the tests.