Altela Inc., an Albuquerque-based provider of desalination technology and services, has raised $7.1 million in Series A funding. CCS Income Trust, a Canadian environmental and energy services company, led the deal.
Altela, Inc., a leading desalination technology and service company, recently completed the closing of its Series A investment raising $7.1 million. The investment will be used to expand the company's manufacturing plant and accelerate the introduction of its water-remediation products into new markets. $5.2 million was invested by a Canadian environmental and energy services company, CCS Income Trust, and $1.9 million was invested by existing Altela shareholders. Altela's Board of Directors and management believe that CCS is a strong new strategic partner for Altela, and will provide deep domain experience and significant new markets for the company's AltelaRain(SM) products. The $7.1 million investment values the two-and-a-half-year-old Albuquerque company at a post-close valuation of over $25 million.
CCS Income Trust is a leading environmental and energy services firm headquartered in Calgary, Canada. CEO Dave Werklund said, “Our partnership with the Altela team and its revolutionary water desalination technology represents a strategic fit for our continued growth and commitment to responsible, environmental stewardship.” Jim McMahon, V.P. of Business Development, added, “Altela has demonstrated in a very short time its ability to successfully bring its new AltelaRain(SM) technology to market to treat extremely challenged wastewater. CCS is excited about the opportunity to partner on the introduction of this waste-reduction technology in both Canada and the U.S.” Mr. McMahon joins the Altela Board of Directors.
“We are excited about our new partnership with CCS,” said Ned Godshall, CEO of Altela. “Canada leads the U.S. in its environmental stewardship in energy production and landfill waste management, and we are honored that they have chosen Altela as part of their strategic expansion into the U.S. Through CCS, we look forward to introducing our energy-saving water remediation and water desalination products into the Canadian markets where CCS has rapidly established itself as leader in clean energy production.” Matthew Bruff, co-founder and Altela Chief Development Officer added, “Demand for fresh water is outstripping sustainable supply worldwide. CCS Income Trust is a global visionary in environmental sustainability and Altela is extremely pleased to partner with such a world-class market leader. CCS' investment in Altela will enable significant expansion of Altela manufacturing in Albuquerque and accelerate introduction of our novel desalination products in new markets in both the U.S. and western Canada.”
About CCS Income Trust (http://www.ccsincometrust.com)
CCS Income Trust is a dynamic environmental services company based in Calgary Canada. CCS provides complete environmental and energy services waste management solutions to an ever-growing global market. As a growth-oriented company, CCS and its subsidiaries are committed to maximizing market potential by growing organically, geographically, and through complementary business acquisitions. CCS maintains its long-term comprehensive commitment to environmental stewardship by continually setting — and raising — industry standards.
About Altela, Inc. (http://www.altelainc.com)
Altela has developed a fundamentally new water desalination product, the AltelaRain(SM) system, that inexpensively removes 100 percent of the dissolved salts and other contaminants from highly challenged industrial waste waters and undrinkable brackish waters found throughout the world — representing the first new low-cost water desalination technology in the last 50 years. The company has assembled a strong intellectual property position and experienced management team and Board of Directors. By removing all contaminants from wastewater and brackish water on-site, Altela converts contaminated water liabilities into clean water assets, thereby solving our customer's environmental liability and high treatment/disposal costs.
Altela turns waste into water.
Contact: Shelley Barratt, (505) 923-4142