Nanotechnology investor Nanostart (OTCQX: NASRY) said Monday that its portfolio company ItN Nanovation (ISIN DE000A0JL461) has been awarded a major follow-on contract in Saudi Arabia for its water filtration systems, worth almost US$1.1 million.
ItN Nanovation, which was founded in 2000, develops ceramic products, such as filtration systems and coatings, for large industrial customers. The filtration products can be used for drinking water purification, waste water treatment, as beverage filters and for the separation of oil and water.
Ceramic coatings based on nanotechnology are used as protective and catalytic coatings in various industries – from baking ovens to aluminum foundries to coal-fired power plants.
The new order for the company’s CFM nanoceramic-based water filtration systems is double the size of the first order received in May of this year by the same customer, ItN Nanovation said.
Moreover, the company noted that because of the customer’s satisfaction with the first order, ItN was able to reach agreement on higher pricing.
According to ItN, even with the major second order, less than half of the client’s water treatment plant will be outfitted with CFM Systems flat filter membranes, and thus the company expects additional orders in the coming quarters, it said.
The company also anticipates the new order to reflect in its financial results for the first quarter of 2011.
Frankfurt-based Nanostart has portfolio companies spanning the globe from Silicon Valley to Singapore. The firm provides venture capital financing for nanotechnology companies in various growth phases with a focus on industries such as cleantech, life sciences and IT/electronics.