UCD-founded wasterwater purification spinout OxyMem has been bought by DowDuPont, already one of its shareholders.
OxyMem, an Ireland-based membrane-aerated biofilm manufacturer spun out of University College Dublin, has been acquired by speciality chemicals and materials supplier DowDuPont for an undisclosed sum.
The deal resulted from an option agreement held by DowDuPont and is expected to close before the end of this year.
Founded in 2013, OxyMem has developed a secondary wastewater treatment technology comprising membrane-aerated biofilm reactors that operate within existing systems to break down bacteria with oxygen bubbles.
The technology is intended to reduce energy usage and costs compared with existing systems, and will complement another acquisition by DuPont made earlier this year to enhance the firm’s secondary wastewater purification range.
DuPont already owned a 31% stake in the spinout having invested in 2016 through a precursor unit called Dow Chemical Company.
OxyMem was also backed by oil producer Saudi Aramco’s Energy Ventures division in mid-2017, according to media reports.
The spinout’s co-founders include Eoin Casey, professor and head of UCD’s School of Chemical and Bioprocess Engineering, and Eoin Syron, an assistant professor in the same department.