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An innovative water purification technology can provide low-cost, point of use water purification without the need for electricity or piped water supply.
Private equity investor and strategic consultancy business Origo Partners PLC (OPP) has announced that its portfolio company HaloSource Inc. has successfully raised US$10 million from new investors to fund the further commercialisation of its patented water purification technology.
The fundraising has been supported by a leading international institutional investor and a Singapore based investment management firm.
HaloSource, which is headquartered in Seattle and has manufacturing facilities in the USA, Bangalore and Shanghai, has invented, developed and commercialised a range of technologies used in water purification, water clarification and antimicrobial textile coatings. The company’s water purification technology provides low-cost, point of use water purification without the need for electricity or piped water supply. Its technology kills germs and bacteria to produce safe drinking water.
HaloSource is rapidly growing the distribution network for its water purification products in India, China and other developing markets where there is significant and growing demand for low cost water purification treatment and services.
In addition to developing markets, the Company is also targeting developed markets such as the United States of America, where it received regulatory approval from the Environmental Protection Agency to market its product in March 2009.
Commenting on the announcement, Chris Rynning, Chief Executive of Origo said:
“This fundraising is an important step in the further development of HaloSource and will enable the company to continue to commercially develop its water purification business. We are convinced that demand for the kind of low cost, point of use water purification systems for which HaloSource provides the groundbreaking technology is likely to grow significantly in both developed and developing markets."
Clean tech and renewable energy form part of Origo’s portfolio of investments in a range of industrial sectors.
Analysts predict significant growth
Commenting on the deal, London-based analysts Liberum Capital said that access to clean drinking water was now a clear issue in most emerging markets and as well as having received the valuable US EPA registration, HaloSource had also gained certification for sale in China, India and Brazil. In December Origo Partners also announced a Chinese infrastructure deal for portfolio company Aqualyng to build and operate, in partnership with the Chinese government, a desalination plant outside Beijing.
Origo’s shares are currently trading at 15.5p. Liberum’s Net Asset Value (NAV) for Origo is 39.1p/share.The analysts say Origo’s shares look too cheap and have put a BUY recommendation on OPP - they are also predicting significant NAV growth in the medium term.
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