Arvia Technology Ltd secures £3.8m investment to develop its nuclear and water business using its organics destruction technology.
Arvia’s existing investor MTI Partners, investing out of its UMIP Premier Fund (UPF), two new investors Sustainable Technology Investors Limited (STIL), Park Walk Advisors and a number of smaller existing shareholders have invested £3.8m in an all-equity deal.
Arvia Technology is a University of Manchester spin-out company that has commercialised its technology to destroy organic substances that are either dissolved or dispersed in water. The company has made great strides developing its application to destroy radioactive oils, in collaboration with Magnox at Trawsfynnyd Power Station. Radioactive oils are difficult and often impossible to treat and at present are often simply stored, which is not a sustainable solution.
Arvia Technology is also performing a number of field trials in the municipal, industrial and swimming pool water markets, with its partners. In these water markets Arvia’s technology offers a low energy, chemical free and waste-stream free organics destruction solution.
This investment enables Arvia to grow its business in both of these activities, each representing a substantial commercial opportunity. Jim Totty and Gordon Lawson will join Mark Rahn as investor directors on the Arvia board.
MTI’s Managing Partner, David Ward, commented “Arvia was the first spin-out investment from the University of Manchester that MTI invested in from the UPF. The company has been a fantastic role model, using MTI’s initial series of investment monies to expand and professionalise its management team and to gain revenue traction by delivering commercial solutions to market. A more substantial funding round to support and accelerate growth was the next logical step and we are delighted to welcome the new investors that have joined us in putting together this new investment and share our view of both the substantial progress the company has made and its future potential”.
Jim Totty of STIL said “One of the biggest challenges of industrial energy efficiency and waste management is to find an alternative solution to energy intensive, high cost, high temperature, and environmentally unfriendly waste incineration processes. Arvia offers an ambient temperature and energy efficient disposal solution for toxic organic wastes in many industrial sectors, and in particular solves a key unmet market need globally for the disposal of radioactive oils. We are delighted to be backing Martin Keighley and his team as they continue to build Arvia’s business in its target industrial markets.”
Alastair Kilgour of Parkwalk said “We believe Arvia is developing a unique breakthrough technology which will help speed up the destruction of difficult to treat oily wastes from nuclear plants and could have significant benefits in eliminating certain wastes in the Water Industry. Arvia Technology Ltd will enhance the portfolio of companies Parkwalk Advisors is building in the UK University Technology Spin-out companies through its series of specialist venture funds with EIS tax benefits.”
The legal advisors on the deal were 3volution LLP, based in Leeds UK, and Laytons Solicitors LLP in ManchesterUK.