Water Purifcation Co. Raises First Round

Environmental Operating Solutions Inc., a Bourne, Mass.-based water purification company, has closed its final tranche of its Series A round. No financial terms were disclosed, although VentureWire pegs the deal at $2.5 million. Stuart Mill Venture Partners led the round, with the Wolverine Venture Fund also participating.

 

PRESS RELEASE

 

Environmental Operating Solutions, Inc. (EOS) announced today that the company has closed the final tranche of an institutional financing round led by Stuart Mill Venture Partners. The Wolverine Venture Fund also participated in the financing. EOS is an environmental technology company that develops and markets green chemicals specifically engineered for the denitrification of wastewater, helping plant operators to meet increasingly stringent nitrogen discharge limits. Since completing the initial tranche of financing in March 2008, the company has added new manufacturing facilities in Portland, Oregon and Greenville, South Carolina to complement its existing facilities in Boston, Massachusetts and Baltimore, Maryland.

 

The company has also expanded its customer base from 185 to 220 wastewater treatment facilities. Investment proceeds will be used to expand sales and marketing activities, broaden the company's technical capabilities and support research and new product development.

 

About Stuart Mill Venture Partners (WWW.STUARTMILLVP.COM)

Stuart Mill Venture Partners, L.P. is a $20 million Northern Virginia-based fund investing principally in small- to medium-size companies with substantial growth prospects. The fund has a special focus on the clean technology sector but also considers investments in areas such as technology, travel/hospitality, and federal government services. In addition to providing growth capital, the fund offers experienced business guidance to its portfolio companies.

 

About Wolverine Venture Fund (WWW.ZLI.BUS.UMICH.EDU/WVF)

The Wolverine Venture Fund (WVF), the $3.5 million student-governed venture capital fund at the University of Michigan Ross School of Business, invests primarily in early-stage, emerging growth companies. Created in 1997 and administered by the Zell Lurie Institute, it is the only university-based venture fund of its kind in the United States. The 34 MBA students currently on the fund's board research companies, evaluate business proposals and make investment decisions. At this time the Fund has active investment in 10 firms.

 

ABOUT EOS (WWW.EOSENVIRONMENTAL.COM)

Environmental Operating Solutions, Inc. (EOS) is an environmental technology company providing innovative products for the purification of water. It's MicroC