New investors to contribute significant expertise in the agriculture and wastewater utility sectors. BOURNE, Mass., - Environmental Operating Solutions, Inc. (EOSi) announced today that it had completed a $3.5 million venture capital financing to support the company's growth. Existing investor Stuart Mill Venture Partners was joined by new institutional investors MidPoint Food & Ag Fund and Meidlinger Partners.
Proceeds from the investment will be used to support growth of the company's MicroC™ line of non-hazardous, agriculturally-derived carbon sources for biological contaminant removal. MicroC™ Premium Carbon Sources are green chemicals that are used by municipal and industrial wastewater facilities, primarily for removal of nitrogen.
'EOSi has made significant progress since our initial investment in March 2008, particularly in adding new municipal and industrial customers, introducing its MicroCglycerin™ product and successfully implementing a nationwide build-out of its manufacturing and distribution network,' said Jeff Salinger, Managing Partner of Stuart Mill Venture Partners.
'With our focus on investments in the food and agriculture sector, we believe that our experience will enable the company to broaden and deepen its relationships with key agricultural raw materials suppliers,' said Andrew Ziolkowski, Managing Partner of MidPoint Food & Ag Fund. 'These relationships will be critical as the company rapidly grows sales of its existing products and identifies other agricultural materials to be used within new products.'
'We see significant growth in the company's core market for wastewater denitrification as regulators continue to implement more stringent nitrogen discharge permits in an effort to protect and restore critical ecosystems from the damages caused by nutrient pollution. Recent action by EPA to implement a mass-based daily limit for nitrogen and phosphorous in the Chesapeake Bay watershed highlights the future growth prospects within this market,' said Kevin Brophy, CEO of Meidlinger Partners. 'We look forward to adding value by helping EOSi navigate the regulated water and wastewater utility industry.'
'We are excited to add two new institutional investors to the company and look forward to continue expanding our customer base within municipal and industrial customer segments,' said Eric Stoermer, President & CEO of EOSi. 'In addition to supporting growth within our core market for biological nitrogen removal, we will utilize the capital to develop new products and pursue new application areas, including the application of our products within denitrification filters (and other 'fixed film' technologies), groundwater remediation and drinking water systems.'
MicroC™ Premium Carbon Sources offer the following advantages:
- Improved Safety: MicroCg™ and MicroCglycerin™ are completely nonflammable, nontoxic and 100% green products, made from natural, renewable sources of agricultural raw materials.
- Quality and Consistency: Manufactured to stringent quality specifications.
- Environmental Sustainability: Manufactured from abundant and renewable agricultural raw materials, sourced in the U.S.
- Price Stability and Cost Effectiveness: Readily available from domestic resources regardless of market conditions, minimizing the possibility of supply disruptions.
- Rapid Acclimation Period: Allows plant operators to optimize their dosing rates during plant start-up, maximizing nitrate removal while minimizing chemical costs.
- Multiple Applications: Used across a broad range of biological contaminant removal applications including nitrogen removal and BOD supplementation.