CIT’s Virginia Founders Fund Invests in Micronic Technologies to Improve Water Purification Technology
January 15, 2019 10:15 AM
Patented technology cleans water from any source at less cost, more efficiently, and more effectively than any other technology on the market
Herndon, VA – Jan. 15, 2019 - The Center for Innovative Technology (CIT) announced today that the Virginia Founders Fund has invested in Bristol, VA-based Micronic Technologies, Inc., a developer of sustainable water purification technology. Driven by environmental, economic, and regulatory pressures, the wastewater zero liquid discharge (ZLD) market is moving towards a more sustainable future. To meet growing demand for technology that can clean water from any source, Micronic Technologies plans to use this investment from CIT to finalize the design and fabrication of their flagship product, MicroEVAPTM. The Company is currently executing its second development grant with the Tobacco Region Revitalization Commission where this investment qualifies as a match.
On average, a family in the United States will use more than 300 gallons of water per day at home. Between leaky and outdated systems, households waste over one trillion gallons of water each year – and that is just indoor, household waste. Additionally, 69 percent of water used in industries today is not reused. Micronic Technologies offers solutions for drinking water, such as disaster relief; wastewater treatment and reuse that includes industrial, oil and gas, and agricultural; and commercial wastewater processes, such as food and beverage and pharmaceutical. Micronic Technologies’ technology reduces wastewater volume by 95 percent, removes most contaminants by 99 percent, and is projected to cost 65 percent less than competitive technologies.
“Micronic Technologies was founded after a humanitarian trip to Peru where I witnessed the impact that living without clean water had on the lives and health of the people, especially young children,” said CEO and co-founder, Karen Sorber. “Twelve months later we started Micronic Technologies, determined to make a lasting impact on the world by creating a technology that could clean water from any source. We are grateful for the support of CIT and the Virginia Founders Fund, who are playing a major role in the advancement and implementation of our technology.”
This patented water purification technology cleans water from virtually any source more efficiently, effectively, and at a lesser cost than any other technology on the market, which currently rely on filters, chemicals, membranes, high pressures, and heat. The MicroEVAPTM field pilot system (ME-1) is has been tested with potential customers and shown the ability to purify and concentrate a range of contaminated water sources. It is being used to design ME-2 with an estimated throughput of 1500 gallons per day. With funding from the Virginia Founders fund, Micronic Technologies plans to place MicroEVAPTM at EPA’s National Risk Management Research Laboratory for evaluation, as well as customer pilot sites.
“Clean water is imperative in all corners of the world, and we see the potential for Micronic Technologies to have a huge impact on not only this sustainable water purification space, but on critical water resources,” said Thomas Weithman, Managing Director of CIT GAP Funds and Chief Investment Officer at MACH37. “Under the initial Tobacco grant, Micronic partnered with UVa-Wise allowing faculty and students to be involved in conducting water quality testing, creating simulations, and collecting data – giving students hands-on experience that will ultimately help grow future leaders to preserve a natural resource.”
The Virginia Founders Fund, the newest CIT GAP Fund that launched in 2018, focuses on companies with a female, minority or veteran founder, or other entrepreneurs located in regions outside of Northern Virginia to complement investment resources and entrepreneurial support programs emerging in the regional innovation communities around the Commonwealth. CIT believes that these often-overlooked communities will play an increasingly critical role in Virginia’s technology future, and that the fund will enhance accessibility to the company growth resources available through CIT’s large and growing investor network.
For more information, please visit https://www.cit.org/.
About Micronic Technologies
Based in Southwest Virginia, Micronic Technologies is the developer of MicroEVAP™, a sustainable water purification technology. MicroEVAP™ removes virtually all contaminants from practically any water source and cleans to potable water standards, in one pass and using no membranes, filters, or chemicals. For more information, please visit https://www.micronictechnologies.com/.
About CIT GAP Funds
CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, clean tech and life science companies with a high potential for achieving rapid growth and generating significant economic return for entrepreneurs, co-investors and the Commonwealth of Virginia. CIT GAP Funds’ investments are overseen by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel consists of leading regional entrepreneurs, angel and strategic investors, and venture capital firms such as New Enterprise Associates, Grotech Ventures, Valhalla Partners, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources. For more information, please visit www.citgapfunds.org.