Clean technology company Clarizon has received a £615,000 phased investment from the Finance for Business North East Technology Fund to bring its water treatment and cleaning technology to market.
Clean technology company Clarizon has received a £615,000 phased investment from the Finance for Business North East Technology Fund to bring its water treatment and cleaning technology to market.
Founded in 2005 after spinning-out from Newcastle University, Clarizon scientists have developed an electrochemical cell technology that generates ozone directly into water – a technology that has the potential to be used in large-scale water treatment and industrial cleaning processes. The company aims to launch the technology, which reduces the discharge of chemicals into the environment, onto the market within the next 12 months.
The company has been given an initial £115,000 from the Finance for Business North East Technology Fund, which is managed by the IP Group, with the rest to be invested in two tranches after certain goals are reached.
The investment follows a £100,000 financing round from the North East Equity Matching Fund (NEEMF) in early 2008. During that round, Clarizon also secured a further six-figure funding from other financial sources including a private investor, Robin Rae, MD of Edinburgh-based investment company Jaroscope and the company directors.
Clarizon’s electrochemical technology claims to be a cheaper and more environmentally friendly alternative to the current industry-standard method of cold corona discharge (CCD).
Led by Clarizon managing director Clive Dyson, the company says its patented technology will initially be targeted for use in small applications, white goods, drinks line cleaning and sterilisation, and surface and water sanitisation for the food and medical industries.
The North East Technology Fund is a £25 million venture capital fund dedicated to investing in technology businesses, which are based in, or are willing to relocate to, the North East of England. The European Investment Bank, ONE North East and European Regional Development Funds back the fund.
