UK smart water saving outfit i2O secures £8m to expand business
Green finance news – by GreenWise staff
24th November 2014
i2O Water, the UK cleantech firm that is helping utilities plug the leaks in their water supply networks, says it has secured a further £8 million to expand the business at home and abroad.
The Southampton-based business, which in September inked a deal with US smart meter company, Itron Inc, to accelerate the take up of its ‘intelligent’ water control system around the globe, said it had secured the new tranche funding from existing investors Naxos Capital Partners and Nemadi Advisers, as well as new investor Ombu Group. It will help fund its research and development (R&D) activities in the UK and provide “additional commercial and technical support for its growing global network of partners and resellers”, i2O Water said.
i2O’s smart pressure management system allows water companies to optimise water pressure by remotely monitoring and automatically controlling pressure reducing valves (PRVs) and pumps in their networks. The company says it not only reduces water leakages by up to 30 per cent, but cuts down the number of times pipes burst and extends the lifetime of assets. Operational costs are also reduced as is energy usage.
“This funding round […] enables us to respond to more of our customers’ needs and help them address the urgent challenges of supply resilience and water scarcity,” said Stephen Bold, the new chairman of i2O.
Water leakages
i2O claims its ‘Smart Pressure Management’ technology is now used by 66 water companies and utilities around the world, helping to save 235 million litres of water every day and ensure supply to many millions of people.
The company launched the latest version of its smart pressure management system in March of this year, claiming it gives utilities control of all levels of pressure management “within one unified solution”.
The latest financing round means i2O has now secured a total of £31 million in seed and venture capital funding since it was founded in 2005.
i2O’s smart pressure management system allows water companies to optimise water pressure by remotely monitoring and automatically controlling pressure reducing valves (PRVs) and pumps in their networks. The company says it not only reduces water leakages by up to 30 per cent, but cuts down the number of times pipes burst and extends the lifetime of assets. Operational costs are also reduced as is energy usage.
“This funding round […] enables us to respond to more of our customers’ needs and help them address the urgent challenges of supply resilience and water scarcity,” said Stephen Bold, the new chairman of i2O.
Water leakages
The UN estimates 1.6 billion people currently live in countries classified as ‘water stressed’ and the problem is exacerbated by leakages in the water network. In Manila, the capital of the Philippines, leakages are as high as 40 to 50 per cent across the water network. In the UK, almost a quarter of water is lost across the network through water leakages.
i2O claims its ‘Smart Pressure Management’ technology is now used by 66 water companies and utilities around the world, helping to save 235 million litres of water every day and ensure supply to many millions of people.
The company launched the latest version of its smart pressure management system in March of this year, claiming it gives utilities control of all levels of pressure management “within one unified solution”.
New customers
Through its deal with Itron, i2O can now reach 8,000 customers new in over 100 countries.
The latest financing round means i2O has now secured a total of £31 million in seed and venture capital funding since it was founded in 2005.
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