FRANKFURT & SAARBRÜCKEN, Germany--(BUSINESS WIRE)--Please replace the release with the following corrected version due to multiple revisions, which include a revised headline: Nanostart-held ItN Nanovation Completes Major Water Deal in Saudi Arabia (sted Nanostart-held ItN Nanovation Signs Major...).
The corrected release reads:
NANOSTART-HELD ITN NANOVATION COMPLETES MAJOR WATER DEAL IN SAUDI ARABIA
- Results far exceed expectations
- Water treatment throughput using company’s CFM Systems® membranes significantly higher than with conventional filtration technologies
- Superior performance, even at high temperatures and heavy metal concentrations
- Prefiltration with CFM Systems® improves reverse osmosis by 20%
ItN Nanovation AG (FSE:I7N), a portfolio company of Nanostart AG (OTCQX:NASRY), has successfully completed another major project in Saudi Arabia for its CFM Systems® nanoceramic-based filtration system for water purification. In addition to the incremental revenue impact of roughly EUR 0.8 million, the project is of great significance because it demonstrates how the company’s unique flat filter membrane technology has proven itself in day-to-day operation in terms of both economic and technical superiority. Results have surpassed the customer’s already high expectations.
The CFM Systems® filter units are used to pretreat water from deep wells so that it can be subsequently purified into clean drinking water using a reverse osmosis process. Tests have shown that prefiltration with CFM Systems® provides significant advantages over conventional polymer-based hollow fiber membranes and sand-based filtration, even at high temperatures and high iron and manganese concentrations in the water being treated. The CFM Systems® filter units also last considerably longer than conventional polymer membranes for prefiltration. In addition, their use extends the operating life of the downstream reverse osmosis membranes and ultimately serves to improve the quality of drinking water. A significant additional advantage is that drinking water throughput is increased by some 20 percent. This is of great importance because of the relatively high cost of reverse osmosis plants for water purification.
Because of its very limited supply of well water, and the practical issues at present of meeting its water needs from alternative sources, the Kingdom of Saudi Arabia places great importance on making the most efficient possible use of its groundwater resources. The country currently treats some one million cubic meters of drinking water each year using filtration technology. The demand for high-performance solutions is thus enormous. ItN Nanovation is, together with its Saudi partners, playing an active role in helping to meet this growing demand. Of particular commercial interest is the newly developed market for replacing aging sand-based filters with the more efficient CFM Systems®, which presents significant new revenue potential.
About Nanostart:
Nanostart AG (OTCQX:NASRY), headquartered in the German financial capital of Frankfurt, is the world’s leading nanotechnology investment company, with portfolio companies spanning the globe from Silicon Valley to Singapore. The company provides venture capital financing for nanotechnology companies in various growth phases with a focus on innovation-driven industries of the future such as cleantech, life sciences and IT/electronics. Through its subsidiary and venture capital fund in Singapore, Nanostart is proud to be the investment partner of the Singaporean government. For further information about the company, please visit www.nanostart.de.
About ItN Nanovation:
ItN Nanovation AG, founded in 2000, is one of the leading nanotechnology companies in the world, developing innovative ceramic products, such as filtration systems and coatings, for large industrial customers. The nanoscale powder needed for those products is manufactured by the company itself. The filtration products from ItN Nanovation 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 in a variety of ways as protective and catalytic coatings in various industries: from baking ovens to aluminum foundries to coal-fired power plants. The company's success is founded on an extensive product portfolio, combined with comprehensive development and application know-how. Further information about the company can be found at www.itn-nanovation.de.
Disclaimer:
This notice constitutes neither an offer to sell nor a solicitation of offers to purchase or subscribe to securities. There will be no public offering of securities of Nanostart AG in conjunction with the existing listing of its shares in the “Entry Standard” segment of the regulated unofficial market (Freiverkehr) on the Frankfurt Stock Exchange. This notice does not constitute a securities prospectus. Neither this notice nor the information contained within is intended for direct or indirect distribution within the Canada, Australia or Japan.