Chinese membrane manufacturer secures growth capital
Published 28th February 2013
The Singapore-based Clean Resources Asia Growth Fund completed its third water investment earlier this week, accounting for the lion’s share of a new $13 million funding round in Chinese membrane manufacturer Scinor Water.
Existing investor Kleiner Perkins also participated in the round, which will allow Scinor to expand its membrane manufacturing capability, whilst providing working capital to bolster its systems integration business.
Although it has focused its business development efforts primarily on industrial customers in China, the international cross-selling potential offered through CRGF’s other portfolio companies – which include Norwegian desalter Aqualyng – should allow the company to broaden its footprint rapidly.
Scinor’s Chinese-manufactured ultrafiltration membranes are already starting to replace mainstream UF modules at existing plants, partly thanks to their competitive production costs. “We’re starting to see real traction there,” said Peter Kennedy, managing director of CLSA Clean Resources Capital. “The combination of cost and quality are really getting them noticed.”