Wednesday, October 17, 2007
Altela, Inc. Receives $7.1 million in Series A Investment
ALBUQUERQUE, N.M. -- 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. Link.
Posted by Vince at 11:30 AM