De.mem Ltd (ASX:DEM) has successfully completed a placement to institutional and sophisticated investors to raise $2.5 million at $0.265 per share.
The company plans to use this fund to support and accelerate technology development and growth opportunities both in Australia and international markets.
De.mem is a decentralised waste-water treatment business that designs, builds, owns and operates customised industrial waste water treatment systems for its clients.
The company has licensed proprietary technologies from its partner in research & development, Singapore’s Nanyang Technological University (NTU).
De.mem has opened a new manufacturing facility in Singapore for the production of innovative nanofiltration membrane and other types of hollow fibre membranes.
The company has also commenced pilot testing of nanofiltration membrane at selected sites in Vietnam and Singapore ahead of a planned commercial market launch of the technology later this year.
Significantly, the company has signed contracts worth over $1 million since August 2017, which includes projects in Australia worth $550,000 and sale of a water treatment plant in Vietnam for $500,000.
De.mem is well funded with a cash balance of circa $1.9 million as at the end of the September quarter.