LEXINGTON, Ky. — PowerTech Water announced the closing of its oversubscribed $6 million Series B financing round led by HG Ventures. The funds will be used to meet the rising demand for sustainable industrial water treatment, accelerate corporate partnerships and expand operations in Lexington, Ky., where it is headquartered.
PowerTech Water’s ElectraMet™ and INCION® brand water treatment systems offer an environmentally superior solution at a reduced cost for industrial manufacturing and waste streams. This novel approach disrupts the conventional labor-intensive, chemical-based water treatment processes that have become ubiquitous over the past 50 years. ElectraMet will play an important role in modernizing wastewater treatment and reducing waste for manufacturers, municipalities and mines.
ElectraMet water treatment systems are being used across North America by metal finishers, electronics manufacturers, recyclers and automotive suppliers.
“In 2021, U.S.-based manufacturing has picked up, and the demand for ElectraMet systems skyrocketed. We are pleased to partner with HG Ventures, the State of Kentucky and the local Bluegrass Angel Network in this Series B financing round to expand our capabilities and meet the demand,” said Cameron Lippert, CEO of PowerTech Water.
“We are excited to support Dr. Lippert and his team as they scale their business and establish themselves as a market leader in on-site water treatment,” said Ginger Rothrock of HG Ventures, corporate venture arm of The Heritage Group. “This team and technology solution are positioned to deliver automation, sustainability and efficiency to a sector where innovation has lagged.”
“The Bluegrass Angels have been involved with PowerTech Water since 2013, and we are excited to participate in this new round of funding. We look forward to their continued success building their business and creating new jobs here in Kentucky,” said Chris Young, chairman of Bluegrass Angels.