CarboNet™, a cleantech company looking to accelerate the world’s transition to recycled water, announced it has received $6 million USD in debt financing to fund working capital needs to support CarboNet’s steep growth trajectory, and to support the launch of its new class of chemistry to new markets. This round of funding was completed by Monashee Capital Corp. Since its inception in 2019, CarboNet™ has raised a total of CA$25.7 million in equity and debt financing.
Monashee represented a consortium of investors that includes prominent leaders from the most recognizable companies in the renewable energy, chemicals, fertilizer, and oil and gas industries.
CarboNet’s proprietary nanotechnology, the NanoNet™ Platform, powers the creation of novel chemicals for treating and recycling wastewater—saving 100 billion liters of water in just the last twelve months alone.
“Water recycling is rapidly becoming a global focus for transforming wastewater into a valuable resource in industrial processes, ” said Barry Yates, CarboNet™ President & CEO. He added “CarboNet™ has a proven track record of helping customers solve their most challenging water issues.”
CarboNet’s first product, NanoNet FeP™, commercialized in July 2020 in the Permian Basin to treat produced water for reuse. Today the company has over 65% market share of the total water being treated. CarboNet is rapidly expanding into new markets such as power generation, industrial wastewater processing, and mining.
“Our investment group is comprised of a diverse group of leaders and professionals in the industrial space,” says Kevin Budd, Monashee President. “We recognize the tremendous opportunity and potential for CarboNet’s technology platform and are excited to be a part of their growth and development as they set new standards for water treatment chemicals globally.”
CarboNet™ is a clean technology company creating a new class of chemistry focused on water treatment and recycling. Our NanoNet™ platform radically transforms how chemicals are developed, used, and impact the planet. We offer innovative solutions that allow customers across industries to recycle more, dispose less, and minimize hazardous chemicals. Learn more at www.carbonet.com.
About Monashee Capital
Monashee Capital Corp. is a corporate finance and advisory firm that has a focus primarily toward private companies. Monashee advises business owners regarding corporate strategy; succession planning; board governance; mergers, acquisitions and divestitures; and the raising of capital to support growth or other initiatives. Monashee also facilitates private investment in established businesses. It has the ability to be flexible regarding the type and form of investment structure and strives to be a preferred financing partner and trusted advisor. Learn more at www.monasheecapital.com.