Oxymem plans to raise €20m to improve wastewater technology

Wastewater technology company Oxymem is planning to raise €20m investment to further a newly invented technology start-up.

The investment round could be backed by co-founder of oil services company Kentz, Noel Kelly who had encased his 10% stake in the company when it was floated in 2008.

Oxymem has developed an energy efficient way to treat wastewater and is said to be more advanced than similar solutions invented by General Electric, reports the Irish Independent.

The company has developed a Membrane Aerated Biofilm Reactor (MABR) which can be used as a modular cage design and can be delivered as a packaged plant or retrofitted directly into an existing aeration tank.

The technology can replace the energy intensive practice of pumping bubbles of air into wastewater, which is the conventional method used for bacteria that break down the embedded waste substances.

Instead, air is supplied directly to the microorganisms using a series of tubes which sit in the tank containing them and the wastewater.

Kelly was quoted by the news publication as saying: "Investing in Oxymem was part of a strategy to diversify away from my previous interests in oil and gas.

"Kellysan has investments in other Irish companies such as waste plastic-to-fuel firm Cynar, Eddie O’Connor’s windfarm developer Mainstream, and mobile messaging security firm Anam Technologies."

Oxymem chief executive Wayne Byrne said: "We’ll soon have our first system installed with Irish Water, and some of the biggest companies in the world in this market have placed orders to trial it themselves after visits to our factory and to a showcase system that we installed for Severn Trent Water in the UK, at one of the most sophisticated water treatment plants in Europe."

Oxymem is based in Athlone, Ireland, and is a spin-out formed by University College Dublin’s School of Chemical and Bioprocess Engineering professors Eoin Casey and Eoin Syron.

According to Oxymem estimates, the global market for wastewater treatment technology is worth €4bn at present, which is expected to rise up to €6bn by 2020.

The firm intends to use the new funds to expand its manufacturing operation and European sales. Future plans for the company involves exportation of the technology to the US, China and India.