CALGARY, AB (February 01, 2024) NGIF Capital, through Cleantech Ventures, its venture fund investing in cleantech innovation in the natural gas sector, today announced its role as the lead investor in the CarboNet Nanotechnologies Inc. (CarboNet) Series A financing round.
CarboNet applies advanced chemistry to industrial wastewater, reducing the need for chemicals, increasing water treatment performance, and boosting the world’s freshwater reserves. Its flagship technology is NanoNets, a platform that can sequence novel molecules to target and sequester particles during water treatment or resource recovery.
As water insecurity and regulations increase around the world, industrial brands from energy and mining to food and beauty are looking for new approaches to reduce drawdown, recycle wastewater, and, where possible, reclaim valuable minerals.
Image: CarboNet NanoNets for water treatment and resource recovery
“We were impressed that CarboNet could not only help the energy sector improve water use,” said John Adams, NGIF Cleantech Ventures Managing Partner, “but also cut OPEX, CAPEX, and emissions. It’s such a powerful offer that the company became the dominant supplier of produced water in the Permian Basin in just two years.”
“The Canadian natural gas industry continues to remain at the forefront of environmental stewardship and innovation. Through investments in companies such as CarboNet, NGIF is further focusing the efforts of the industry to adopt and scale these cutting-edge solutions,” said Timothy M. Egan, President and CEO of the Canadian Gas Association (CGA).
CarboNet currently offers anionic and cationic flocculants and is readying new products and services for 2024/2025 release. SimpleFloc, its cationic property, has allowed the company to further expand into large North American markets like dewatering and clarification.
“SimpleFloc is the most technologically innovative water treatment application I have laid eyes on this decade,” said Randy Khalil, a Dewatering & Water Treatment SME that oversaw the ground dewatering operations for a 900km Canadian pipeline extension project. “It’s the difference between a system that just meets regulations and one that’s set up to accelerate and scale.”
CarboNet’s Series A is intended to help the firm expand its production capacity, sales and marketing, and overall competitiveness during a time of rapid change in the industry.
“The Global Commission on the Economics of Water reported earlier this year that global freshwater demand will outstrip supply by 40% by 2030,” said CarboNet CEO Barry Yates. “The equipment and chemicals that water treatment has relied on for 70 years just were not designed for the era of water insecurity. We’re happy that NGIF Capital agreed and came aboard to help us preserve our lead in the energy and natural gas industries—and accelerate our expansion into new markets.”
About NGIF Capital
NGIF Capital is a venture capital firm and for-profit investment arm of NGIF with a dedicated team of professionals that operates current and future investment funds. NGIF Capital is unique in how it brings energy industry leadership to every investment with strong connections to every part of the value chain. NGIF Capital currently operates Cleantech Ventures Fund I.
About Cleantech Ventures Fund I
Cleantech Ventures Fund I is a $55 million industry-led venture capital fund that primarily invests in early-stage clean-technology companies. The objective of the Fund is to invest in technologies that lead to environmental performance in the energy industry. These solutions are typically focused on existing natural gas production, transmission, distribution, storage, and end-use applications, as well as increased production of renewable natural gas and hydrogen. Cleantech Ventures Fund I is operated by NGIF Capital. For more information, please visit ngif.ca
About CarboNet
CarboNet applies advanced chemistry to industrial wastewater, reducing the need for chemicals, increasing water treatment performance, and boosting the world’s freshwater reserves.
Fund Information:
John Adams
President and CEO, NGIF Capital
Managing Partner, NGIF Cleantech Ventures
613-748-0057
jadams@ngif.ca
Media Information:
Dini Philip
Communications Coordinator, NGIF Capital Corporation
403-389-2090
dphilip@ngif.ca
