• Funds to be used to accelerate commercialization and diversification
• PureTerra Ventures and TETRA Technologies to join KMX Board of Directors
• New KMX mobile treatment system expected for delivery to TETRA in mid-2025
• Investment co-funded by the European Union, led by PureTerra Ventures
August 19, 2024 – KMX Technologies announces the close of an over-subscribed investment round from world-class leading water and critical mineral investors. The round was led by PureTerra Ventures with funds from the European Investment Fund (EIF), and included TETRA Technologies, Inc. (“TETRA”) (NYSE: TTI), a leader in produced water recycling and critical mineral development. The round also included participation from Archer Private Investments, an early major investor, and other existing investors.
The funds will allow KMX to accelerate the commercialization of the company’s groundbreaking proprietary vacuum membrane distillation (VMD) technology. KMX is helping some of the most innovative companies address growing global water challenges, while also creating opportunities to monetize critical minerals in the process.
“I’ve always seen VMD as a Ferrari looking for a garage,” says Alexander Crowell, Partner at PureTerra Ventures. “It’s a remarkable technology that hadn’t yet found a feasible practical application. The technical team at KMX has done an exceptional job of adapting VMD to meet the needs of sectors actively seeking water recovery solutions. In lithium extraction and concentration, as well as produced water management, nearly all the water used has traditionally been lost. With KMX’s solution, these sectors can now recover almost all of that water. This is a significant leap forward, addressing major global environmental challenges and aligning with PureTerra Ventures’ mission of clean water for all. We are thrilled to join the board and support KMX in making a profound positive impact.”
As part of the accelerated commercialization, TETRA and KMX are in the design phase of building an additional mobile commercial unit for TETRA to deploy as part of the company’s leading beneficial reuse solution. The new system is expected to be delivered in mid-2025.
Brady Murphy, TETRA’s President and Chief Executive Officer stated, “The industry is in need of solutions to address the environmental challenges posed by the significant volumes of produced water. We are pleased to be partnering with KMX to bring a solution to the industry that combines our extensive produced water treatment expertise, R&D talent and one of the industry’s most extensive networks of resources and customer relationships. We believe the combined efforts of TETRA and KMX will address a sizeable and important part of the produced water for beneficial re- use market.”
With this new funding, KMX will also accelerate its diversification into new industries of strategic importance as well as new regions facing water challenges and mineral opportunities.
Zachary Sadow, KMX CEO said, “The backing from these investors is a transformative event for the company. With their support, KMX is now positioned to solve some of the most crucial water challenges while also capitalizing on emerging critical mineral opportunities.”
KMX is pleased to welcome to its Board of Directors Alexander Crowell, Partner at PureTerra Ventures, and Elijio Serrano, CFO of TETRA.
About KMX Technologies
KMX Technologies is solving the most critical environmental and energy challenges of the 21st century. Through its proprietary membrane distillation technology, the company sustainably sources critical minerals necessary for next generation supply chains and infrastructure, is advancing wastewater treatment, and is accelerating energy storage with its direct lithium recovery enhancement processes.
About PureTerra Ventures
PureTerra Ventures holds a unique position as the exclusive investment firm focused solely on disruptive water technologies. With a deep understanding of the global water sector, we recognize the urgent need to address the water crisis while embracing the opportunities for innovative solutions. Leveraging our entrepreneurial experience, network, and extensive pipeline of disruptive water technologies, we are ideally positioned to catalyze investment solutions and address water challenges globally. Founded in 2017, our vision of “Clean Water for All” drives our commitment to making a meaningful impact.
About European Investment Fund
The European Investment Fund (EIF) Is a specialist provider of risk finance to benefit small and medium-sized enterprises (SME) across Europe, and is part of the EIB Group. Its shareholders are the European Investment Bank (EIB), the European Union, represented by the European Commission, and a wide range of public and private banks and financial institutions. The EIF carries out its activities using either its own resources or those provided by the European Investment Bank, the European Commission, by EU Member States or other third parties. By developing and offering targeted financial products to intermediaries, such as banks, guarantee and leasing companies, micro-credit providers and private equity funds, the EIF enhances SMEs access to finance.
About TETRA Technologies
TETRA Technologies, Inc. is an energy services and solutions company focused on developing environmentally conscious services and solutions that help make people’s lives better. With operations on six continents, the Company’s portfolio consists of Energy Services, Industrial Chemicals, and Lithium Ventures. In addition to providing products and services to the oil and gas industry and calcium chloride for diverse applications, TETRA is expanding into the low-carbon energy market with chemistry expertise, key mineral acreage, and global infrastructure, helping to meet the demand for sustainable energy in the twenty-first century. Visit the Company’s website at www.onetetra.com for more information.
About Archer Private Investments
Archer Private Investments manages alternative investment allocations of family members across both private market funds & private companies.
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For further information, please contact info@kmxtechnologies.com