Heartland Technology Partners LLC, a global water technology company that develops products to solve wastewater problems, has closed a $12 million equity round.
The growth capital round included existing and new investors. Proceeds from the investment will be used to accelerate Heartland's commercial growth, product line expansion and inroads into key global markets.
"We are delighted by the confidence our investors have in our team, technology and strategy," says Earl Jones, CEO of Heartland. "Moreover, it couldn't be more gratifying to know that our investors, individually and collectively, share our passion for improving the environment while building a great company."
Heartland also intends to use a portion of this latest capital raise to invest in providing customers with the option of procuring Heartland's wastewater treatment products through long term service contracts as opposed to only having the option to purchase capital equipment.
"This move will mean greater flexibility for our customers who will have the option of securing our waste water treatment solutions without having to outlay significant capital," Jones said. "It will also benefit the company by enhancing its customer relationships and providing a recurring revenue stream that will enhance our overall value."
Concurrent with the new investment, Heartland has also reorganized its corporate structure and established a new world headquarters in Waltham, Mass., a suburb of Boston. In addition, the company is implementing a name change to Heartland Water Technology Inc. in order to emphasize its focus on providing solutions that address difficult-to-treat waters.
Source: Heartland Water Technology