Copenhagen, Denmark-based clean water sanitation company HPNow raised EUR 14 million in funding. The company announced the investment on September 19, 2023. The Export and Investment Fund of Denmark (EIFO) and Novo Holdings led the financing for the firm. In addition, MatiTech, a sustainable water treatment solution provider in Sub Sahara joined in the financing. Besides, existing investors, such as Evonik Venture Capital and AP Ventures, provided the investment to the company.
Purpose of financing for HPNow
With the latest proceeds from the round, the company intends to scale up its marketing, sales, technical support and production capacity in order to address growing market demand.
What the officials have to add
Ziv Gottesfeld, CEO at HPNow, said, “This new investment round, led by top-tier investors EIFO and Novo Holdings, represents a strong endorsement of our technology and market offerings. It will further enable us to take a major leap forward in our company’s development. With the strong backing of new and existing partners, our company is ready to take sustainable on-site peroxide generation to the next level.”
What the investors have to comment
Investment Director at EIFO, Jonas Bjaaland, said, “Danish Power-to-X pioneers like HPNow are leading the way to a more sustainable future. From agriculture to industry, their technology, originally developed at the Technical University of Denmark, represents a multi-billion euro market opportunity for safe, sustainable and affordable water treatment.”
He further added, “For EIFO, it is important to ensure that green capex-intensive pioneers like HPNow can scale up and make their technology available for the world market. We do that by closing the funding gap with equity for now. But, at a later stage, we will be able to provide debt and export credit in corporations with commercial banks. With this group of investors, HPNow can take big steps towards achieving not only the world market goal but also the UN Sustainable Development Goals.”
In addition, Marcus Remmers, Partner at Bioindustrial Investments, Novo Holdings, commented, “Water is a vital resource for our planet and the people that inhabit it. With our investment, we are striving to benefit people and the planet. So this endeavour into sustainable water treatment is a logical step for us. HPNow’s hydrogen peroxide generation technology contributes to the responsible use of one of the most precious resources we have. We are very pleased to join the company on this journey,”
About the company
In 2015, Founders Arnau Verdaguer, Rasmus Frydendal, and Ziv Gottesfeld launched the company. HPNow is spun out of the Danish Technical University (DTU).
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