Vaperma, maker of the Siftek membrane system used to drain water from ethanol, brought in a $5.5 million tranche of a $17.2 million second round of funding. The money will go toward the Quebec City company’s first shipments of filters and additional product research, reports VentureWire.
The filtration system — also capable of separating out nitrogen and oxygen for industrial purposes — will be sold for between $5 and $10 million. Vaperma is already testing two of the products in Canada and Brazil, and claims that they could eventually save 7 cents for every gallon of ethanol by shaving some of the cost off the expensive de-watering process.
The round included investments from Low Carbon Accelerator (which kicked in $2.3 million), Volvo Technology Transfer, Emerald Technology Ventures, BDC Capital and Fonds d’investissement en developpement durable (FIDD).