Wastewater treatment firm Bluewater Bio International has completed a £22.5 million financing round led by Cleantech investors Ombu Group and Hermes GPE.
The transaction, led by Ombu Group and Hermes GPE Environmental Innovation Fund LP, is one of the largest growth capital finance rounds in the water sector over the last 12 months. GP Bullhound advised Bluewater Bio in the process.
Stephen Brooke, CEO of Ombu Group, said:
“Water technology is a core sector at Ombu and Bluewater Bio is the most exciting company we have seen in the field for some time. It is led by dynamic founders who have built a top-class team around them. They have developed a number of proprietary, robust and economically compelling products, and successfully established reference projects and partnerships in multiple countries. We are delighted to be involved in Bluewater Bio as partners in the company’s long term growth, and look forward to helping the company evolve over the coming years into a substantial water and wastewater solutions business.”
Magnus Goodlad, Head of Renewables at Hermes GPE added:
“Bluewater Bio has been on our radar for some time and we have been watching its growth closely. Now that the Company is successfully converting its strong pipeline into meaningful revenue from major customers such as Severn Trent and Degrémont, we felt the time was right to invest and are pleased to be working with OMBU on what we consider to be an exciting opportunity.”
Earlier this year Bluewater Bio won a contract with Severn Trent Water to provide wastewater treatment technology for an upgrade of the Ashbourne sewage system in Derbyshire.
Daniel Ishag, Founder and CEO of Bluewater Bio, commented:
“Whilst this financing contributes crucial expansion capital to our business, the accompanying intellectual capital is just as important. Both Ombu and Hermes GPE bring valuable sector and territorial experience, and we look forward to working with them as genuinely strategic partners. We welcome Stephen, Magnus and their teams to a hands-on family of investors and advisors, from the UKTI to the former GE team at Liberation Capital – who committed £5 million to Bluewater Bio in November 2011.”