NanoH2O Acquired by LG Chem
The Company confirms previous reports of purchase by Korean chemical giant
EL SEGUNDO, Calif., May 12, 2014 /PRNewswire/ — NanoH2O, manufacturer of the most efficient and cost-effective reverse osmosis (RO) membranes for seawater desalination, announced it has been acquired by LG Chem. LG Chem is based in Seoul, Korea, and ranks as one of the leading chemical companies in the world. The sale was finalized April 30, 2014.
“We are extremely pleased to join LG Chem,” said Jeff Green, founder and CEO of NanoH2O. “What began as an innovative idea in a university lab just nine years ago is now part of a $22 billion dollar leading global chemical company with vast manufacturing, R&D and commercial resources. The acquisition will only serve to accelerate the delivery of innovative and energy-efficient membrane technologies to our customers and the desalination industry.”
“NanoH2O, with its unique membrane technology, has rapidly established itself as a leading RO membrane manufacturer in the growing desalination industry,” said Jin Soo Park, Vice Chairman and CEO of LG Chem. “We understand the gravity of water scarcity and its importance not just to our business, but across the globe. LG Chem is committed to supporting sustainable, energy-efficient technology platforms that lower the cost and increase the availability of fresh water.”
After several years of intense research and development, NanoH2O’s commercial success began with the official market introduction of its thin-film nanocomposite QuantumFlux RO membranes in early 2011. The Company grew rapidly, with more than 150 desalination plants operating its innovative seawater RO membranes. Collectively, NanoH2O’s installed base produces over 300 million liters of water per day across 36 countries. It is this exceptional growth and proven technology that distinguished NanoH2O among its competitors and captured the attention of world-class investors such as Khosla Ventures, Oak Investment Partners, BASF Ventures, Total Energy Ventures and Keytone Ventures.
NanoH2O will maintain operations from its headquarters in Los Angeles, California, and from its sales offices throughout the Americas, Europe, Middle East and Asia. Customers can rely on the quality and support expected from NanoH2O while benefiting from the global scale and technology leadership of LG Chem.
NanoH2O designs, develops, manufactures and markets reverse osmosis (RO) membranes that lower the cost of desalination. Based on breakthrough nanostructured materials and industry-proven polymer technology, NanoH2O’s QuantumFlux membranes dramatically improve desalination energy efficiency and productivity. QuantumFlux seawater reverse osmosis (SWRO) membranes, Standard 61 certified by NSF International for the production of drinking water, deliver the highest flux and the highest salt rejection of any SWRO membrane on the market. QuantumFlux membranes are available in standard 8-inch (20 cm) diameter elements that fit easily into new and existing desalination plants, purifying water from a broad range of sources with improved productivity and water quality. NanoH2O is headquartered in Los Angeles, California, and is a wholly owned subsidiary of LG Chem. For more information, visit www.nanoh2o.com.
About LG Chem
LG Chem, Ltd. is a globally diversified chemical company which operates three main business units: Petrochemicals, IT & Electronic Materials, and Energy Solution. The chemical business manufactures a wide range of products, from petrochemical goods to high-value added plastics. It also extends its chemical expertise into high-tech areas such as electronic materials, water desalination and rechargeable batteries for electric vehicles and ESS. For more information, please visit the LG Chem website at www.lgchem.com
SOURCE NanoH2O, Inc.