Birmingham Company which has developed a natural solution for wastewater treatment raised a further £2.3m to help improve its technology.
The latest investment in I-Phys – which are shown on ours EnviroTech 50 rating – led by Mellby Gård AB, a private Swedish company focused on investing in promising water supply technologies.
It also included the MEIF Proof of Concept & Early Stage Fund, managed by Mercia and part of the Midlands Engine Investment Fund, and private investors.
I-Phyc’s technology is already operating at water treatment plants in Weston-super-Mare and Broadwindsore in Dorset and will be used at the new plant in Croxton Carryall in Leicestershire.
The company has seen a significant increase in inquiries in the past year and is now in talks with all the major UK water companies, as well as operators in the US and Scandinavia.
The latest investment will enable I-Phyc to improve its technology, enable new sites and strengthen its position as a market leader in chemical-free water treatment systems.
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The company, which also has a laboratory in Bristol, currently employs 15 people and plans to create five new jobs in the next six months.
Karl Wills, Executive Chairman of I-Phyc, said: “We are delighted to receive further support from our existing investors, other new investors and welcome a significant new investor in the form of Mellby Gård AB.
“Mellby Gård AB, through its wholly owned subsidiary Feralco AB, is a leader in water treatment systems. Its support is a true testament to the strength of I-Phyc technology. This latest round of investment will not only provide the funds for expansion, but will also significantly enhance our standing in the industry.”
Mikael Helmerson, Deputy CEO of Mellby Gård AB, added: “We believe that I-Phyc plays an exciting role in the ever-growing circular economy, in which water management will make an important contribution.”
The I-Phyc system uses algae to remove phosphorus, ammonia and other pollutants while sequestering carbon and creating sustainable byproducts from the resulting biomass.
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It has the potential to significantly improve water quality in rivers and streams and allows water companies to enforce stricter limits on pollutants that are difficult to achieve economically with current systems.
The latest funding round is the third by Mercia and MEIF, which originally invested in I-Phyc in 2019.
Kiran Mehta, Mercia Investment Manager, said: “Our previous investment has helped I-Phyc develop and deploy its technology, which is now generating strong industry interest.
“As water companies struggle to meet ever-increasing water quality standards and set targets to reduce carbon emissions, new technologies will play a key role.
“This new funding will help position I-Phyc as a leader in sustainable water treatment solutions.”
Mark Wilcoxon, Senior Investment Manager at British Business Bank, said: “This further investment from MEIF will support I-Phyc to create new jobs in the region, invest in its technology and establish itself as a market leader in its industry. »