Saltworks Gains Investments From Leading Canadian Energy and Mining Companies
Saltworks Technologies announced that they have received CDN$2.5 million in funding from Cenovus Energy Inc. (“Cenovus”, TSX, NYSE: CVE) through its Environmental Opportunity Fund. The fund assists companies to develop technologies that focus on water and energy efficiencies such as Saltworks’ breakthrough desalination process.
Saltworks also received an investment from Teck Resources Limited (“Teck”, TSX: TCK.A and TCK.B, NYSE: TCK). Teck is Canada’s largest diversified resource company, committed to responsible mining and mineral development with major business units focused on copper, steelmaking, coal, zinc, and energy.
“Investment from two premier Canadian firms in the energy and mining space demonstrates their commitment to energy efficiency as well as the potential that Saltworks’ innovative technology offers,” said Ben Sparrow, Chief Executive Officer at Saltworks.
Cenovus Energy is a Canadian, integrated oil company. Judy Fairburn, Executive Vice-President of Environment and Strategic Planning at Cenovus said, “Water is a precious resource and its availability is a critical issue around the world. The ability to convert saline water into usable fresh water could change how we use water in the oil sands and provide communities with sustainable, safe sources of water.”
Saltworks’ energy efficient desalination and saltwater treatment process uses its patented Thermo-Ionic™ technology. Thermo-Ionic removes salt from seawater and brackish water by harnessing low-temperature waste heat or solar energy to help drive the process. The technology greatly reduces the amount of energy required for desalination, providing significant cost savings to customers and a much lower impact on the environment. Saltworks has also co-developed a solid salt maker, which accepts Thermo-Ionic’s highly concentrated discharge and produces solid salt.
Saltworks’ scalable, robust desalination plants can provide benefits in coastal or inland operations. Saltworks’ product is specifically well-suited for inland operations as it desalinates industrial reject and brackish water with higher fresh water recovery and reduced environmental footprint.
The company’s facilities, located in Vancouver, encompass proprietary membrane and desalting device manufacturing, desalination system production, and Canada’s first fully- permitted seawater desalination plant with zero liquid discharge capability. The Saltworks team recently cut the ribbon on their factory and membrane manufacturing facility.