Kape Technology Inc. says it is looking for a new business partner to help bring its new technology to the market.
The company announced Monday it is partnering with the tech incubator The Hive, a venture capital firm in London, to help it bring its advanced water desalination technology to market.
“We have been exploring how to do this for a long time and the Hive has been a really great partner,” said Dave Chasnoff, CEO of Kape.
“We have a lot of technology in our pipeline that could help us get this going.”
Chasnoffs company, Chasni Inc., said it has secured a five-year, $6 million loan from a number of investment banks, including BNY Mellon, UBS and Goldman Sachs, and is working to raise capital.
The company is also working with a number, including Citi, J.P. Morgan, BNP Paribas, Credit Suisse and Goldman.
The Hive said it had raised $8 million in funding as of Sept. 30.
Kape says its technology could be used in “any industry” from agriculture to food production, energy to water treatment and consumer goods.
“This is something that’s really exciting to do, and we’ve been looking for the right partner to take on this project,” said Chasny.
Kapos new technology is based on technology it has developed in the lab.
It’s been designed to produce water from waste water in the ocean or a river, and then run it through an electrochemical filter to remove the carbon dioxide.
This carbon dioxide then flows into the ocean.
Chasney said this is a key technology that could be applied to the manufacture of solar panels, batteries and other things.
The technology is already being used in China, where Chasno said he’s met with local officials to work with the country on water technology.
Kappos water desalinization technology is being tested in the U.S. as well.
A company called Peltor Technologies has been testing a prototype of the technology in the Gulf of Mexico, Chassnoff said.
Chasny said the Hive and Kape were interested in working together to bring the technology to Canada.
“The Hive is a really wonderful place to be working with people that are really committed to innovation, and I think it’s a great platform to do that,” he said.