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CFT concludes first closing of $1.5 million in new round of financing led by Dow Venture Capital group
Clean Filtration Technologies, Inc. (CFT) announced that it has concluded a first closing of $1.5 million in a new round of financing led by The Dow Chemical Co. through its Venture Capital group. An additional and final closing is anticipated in 2010 that will bring the total investment to $3 million.
CFT is the company behind the CFT Turboclone hydroclone system, a patented water filtration device designed to efficiently reduce total suspended solids from difficult-to-filter water. Reducing this particulate matter produces a consistent feed stream that is suitable for numerous applications such as wastewater reuse, potable water processing, industrial processing and agricultural irrigation, according to CFT. The CFT Turboclone filtration device utilizes both hydroclone and cross flow filtration technologies. This combination creates a treatment solution for difficult-to-filter feed waters, such as those from many surface or water reuse sources.
In addition to investment support from Dow Venture Capital, the Dow Water & Process Solutions business said it is excited about the potential of the CFT Turboclone system as a separation device for various water treatment applications, including those that utilize ultrafiltration. Commercial supplies of CFT Turboclone systems will be available in the second half of 2010 for customers in the U.S. and Mexico.
"We are delighted that Dow recognizes that the CFT Turboclone filtration system has the potential to make a major and sustainable impact on the industry," said John Mallard, Clean Filtration Technologies’ CEO. “This investment by Dow enables us to accelerate our full commercial introduction of this exciting new technology. We welcome the opportunity to work with Dow in this area."
“Part of our investment strategy is to support portfolio companies not only with financing but also with access to Dow's industry expertise, R&D and manufacturing organizations for technology development, and the significant brand equity and validation of a Fortune 50 company,” said Monty Bayer, global director, Dow Ventures & Business Development, Licensing and Venture Capital. “Resources like these can be vital to a young company's progress. CFT is a company that we are excited to help support.”