MISSOULA, Mont., March 23, 2016 /PRNewswire/ -- Clearas Water Recovery, Inc., a leading provider of proprietary and advanced biological wastewater treatment technology, today announced it has closed $4 million of Series B Funding through existing investors, Cowles Companies, Next Frontier Capital and Goodworks Ventures. Proceeds will accelerate growth, attract and retain top talent, and allow for continued optimization of the Company's Advanced Biological Nutrient Recovery (ABNR™) platform.
"We are extremely pleased with the quality and strategic alignment of our funding partners. Completing this funding round represents a significant milestone in our business. The Clearas technology is changing the wastewater treatment paradigm, offering a sustainable treatment solution with a significant economic advantage over chemical based options. Our product is now in high demand and we are experiencing significant growth. This capital allows us to continue to develop our markets, expand our team, and further develop economic and sustainable wastewater treatment solutions," said Jordan Lind, CEO of Clearas.
The Clearas technology (ABNR) is a patented process that bolts on to existing wastewater treatment infrastructure to remove and recover harmful nutrients (Nitrogen and Phosphorus) prior to discharge into rivers, lakes and streams. The Clearas technology, which has been commercially demonstrated in both industrial and municipal wastewater applications, is timely given the significant market emphasis on reducing nutrient levels in wastewater, and where possible recovering Phosphorus and Nitrogen. As identified by BlueTech Research, excessive nutrient loading has been identified both in the USA and Europe as the single largest contributor to the degradation of water quality.
"We invest in companies with high impact solutions to challenging problems. We believe Clearas has a potentially disruptive technology with the ability to produce a strong financial return. The technology is well-timed and was designed with modularity and scale in mind. Accordingly, the Company has attracted a formidable leadership and management team," said Will Price, Managing Partner of Next Frontier Capital.
ABOUT CLEARAS WATER RECOVERY
Clearas is the leading provider of advanced, biological-based, water treatment technologies for municipal and industrial point source dischargers. Our proprietary technology leverages algae's biological benefits in a carefully controlled and continuous flow environment that removes nitrogen, phosphorus and other harmful nutrients found in industrial water discharge and wastewater effluent. Visit www.ClearAsWater.com for more information.
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SOURCE Clearas Water Recovery, Inc.