BIC and GreenCentre Canada announce private investment in Forward Water Technologies
In Canada, Bioindustrial Innovation Canada (BIC), GreenCentre Canada (GCC) and Forward Water Technologies (FWT) have jointly announced an undisclosed private investment into Forward Water Technologies supporting the commercial scale-up of a proprietary forward osmosis technology that the trio says "holds the potential" to alleviate the increasing global demand for fresh water, and substantially reduce wastewater treatment and disposal costs.
A not-for-profit organization based in Sarnia, Ontario, the goal of Bioindustrial Innovation Canada (BIC) is to help Ontario and Canada become globally recognized leaders in the field of sustainable technologies. In 2016, BIC established the Centre for Commercialization of Sustainable Chemistry Innovation (COMM SCI) initiative program, which acts as a hub for the commercialization of sustainable chemistry and bio-based innovation.
COMM SCI supports BIC’s mission to provide critical strategic investment, advice and services to business developers of clean, green and sustainable technologies. BIC’s COMM SCI investment was made in partnership with an undisclosed mission-driven family office from the Toronto area, involved in developing and advancing novel technologies in CleanTech among other sectors.
Our investment in Forward Water Technologies reinforces our mission of investing in Ontario companies with novel technologies that contribute to a clean, green and sustainable future, commented Sandy Marshall, Executive Director of BIC.
The initial technology behind Forward Water Technologies originated from the laboratory of Professor Philip Jessop at Queen’s University and was further developed and launched as a spin-off company by GreenCentre Canada, a sector-focused chemistry technology development, business development, and commercial services provider, in 2012.
This investment in Forward Water Technologies is a significant success for GreenCentre Canada, moving FWT from an academic in-licensed technology to a spin-off company in accelerator phase into an independent company poised for commercial success. We are extremely proud of Forward Water and are truly excited about its future, said Lynne Manuel, Executive Director of GreenCentre Canada.
This proprietary forward osmosis system is a highly energy efficient process that has been successfully demonstrated for the treatment of many challenging high total dissolved solids wastewater streams that return fresh water for re-use in operations or discharge to either sewer or surface systems.
Forward Water Technologies welcomes this new and enabling investment. We are on the brink of a critical phase in the long path to commercialization and to garner support from organizations such as BIC and partners that continually make meaningful contributions, in addition to their funding, is extremely critical, said C. Howie Honeyman, Chief Executive Officer of FWT.