Swedish cleantech company that develops water recycling technology to be used in domestic appliances, Orbital Systems has secured $23 million in a private placement. The funding saw participation from new investors in the Nordic real estate industry, including K2A, M2 Asset Management, Stena, Polar Growth (part of Polar Structure AB), and Vatio. The existing investors that participated include Niklas Zennström (board member), Peter Carlsson (board member), Investment AB Öresund, Philian AB, Formica Ventures AB, and C. Ehrnrooth Family Office.
The investment will be used to increase the pace of commercial expansion and expand its product offering. This will further establish Orbital as the only one on the market that can offer reduced water consumption without compromising on user comfort. The next Orbital product will be launched in 2022.
Founded in Malmo in 2012 by Mehrdad Mahdjoubi as a result of a project between NASA and Lund University, the company has earlier developed the world's most efficient shower system, ‘Shower of the Future’. This allows up to 90% water savings and 80% energy savings while at the same time increasing comfort and hygiene. Its showers have already saved one million litres of water since the end of 2014.
Mehrdad Mahdjoubi, Founder and CEO, Orbital Systems said: “With increasing water shortages globally and rising energy prices, there is an obvious momentum for Orbital and our solutions to save water and energy without compromising on comfort. This investment gives us the opportunity to scale up commercially and increase the pace of getting the world to use water smarter.”
The company has a global portfolio of more than 100 patents and showrooms in Malmö, Copenhagen, and Stockholm.
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