Not many cleantech start-ups can claim a 40 million dollar deal only a year and a half after founding. But WateRevive, which was selected as one of the most promising Israeli cleantech start-ups by Calcalist newspaper in 2012, and which is active in water purification through constructed wetland, just closed such a deal in China. The Company is also negotiating additional projects in China and Mexico valued at over $20 Million.
WateRevive was founded in 2012 in Israel in order to treat drinking water, and grew out of “Ofra Aqua Plants.” Treatment of constructed wetlands means biological treatment of water through water plants and aggregates (stones and different algae). It is a completely “green”, environmentally friendly treatment with no use of chemicals.
Ofra, the more mature company, deals with water treatment in wastewater plants, for agricultural and municipal uses, as well as treatment of industrial wastewater and ecological pools. Its activity continues a tradition of water treatment through water plants, however WateRevive, which was born out of Ofra, signals a breakthrough. WateRevive uses similar technologies in order to create drinking water, which is the highest level of water treatment. Behind both companies stands Yael Ben-Zvi, an agricultural industry and management engineer, who also holds controlling shares in Ofra. Both companies are also connected to Limor Grover, a marine ecologist.
WateRevive is managed by Dovrat Weizer, an accountant, who before the foundation of the Company worked as an accounting client manager at KPMG, as well as CFO at the Venture Capital Veritas.
According to Weizer, the Company developed different applications in the area of drinking water treatment through constructed wetlands: purification of stream and lake water for drinking water; removal of nitrates from well water; purification and improvement (through use of minerals, vitamins and proteins) of water from different sources for bottled water; post-desalination treatment and treatment of pig farms.
The agreement in China is on one of the Company’s applications for treatment of municipal waste heaps – the Leachate Landfill. The treatment is geared to bringing the polluted liquid up to a level which can be treated at wastewater treatment plants (the level of sewage water), or even to the level of water for agricultural irrigation.
The agreement in China was signed with the dedicated support of the Israeli Foreign Trade Administration and the Israeli Export Institute and, according to Weizer, “Danny Tal, the Israeli Economic Attache in China, was with us every step of the way.” The agreement provides the Chinese integrator Dowell exclusive representation of the The Company’s application in China, in return guaranteeing the Company projects totaling at least $40 Million, over 5 years.
Additionally, the Group is in advanced negotiations on a deal worth millions of dollars in China with a large real estate firm, as well as with two additional projects in Mexico valued at over $9 Million.
Up until now a few million Israeli shekels have been invested in the Company, by local angels and the three partners, and now, in order to finance the accelerated development of the Company, additional financing is required. The Company is now in the process of raising $1.2 Million according to a worth of $7 Million, and is considering offers from Israeli, Chinese and American investors.
Article by Israel NewTech.