Arvia Technology, a spin-out company of the University of Manchester, has acquired £3.8 million as investment from its present investor MTI Partners, new investors including Park Walk Advisors and Sustainable Technology Investors, and from several other small investors.
The company has planned to use the investment to further develop its water and nuclear business. The organics destruction technology of the company is already available in the market. Arvia had collaborated with Magnox at Trawsfynnyd Power Station to develop this technology. The organic substances including radioactive oils can be destroyed using this technology. Actually, radioactive oils cannot be destroyed or treated easily and are just stored, which presents a serious problem.
The company’s organics destruction technology provides a waste-stream free, chemical free and low energy destruction solution for the water markets. In addition, the company and its associates are conducting numerous field trials in the industrial, industrial and municipal water sectors.
According to David Ward, the Managing Partner at MTI, Arvia is the first company to secure investment from the UMIP Premier Fund (UPF) of MTI. Arvia has set out an example to others by utilizing MIT’s investment to professionalize and extend its management team and to gain profit by marketing its business solutions.
Jim Totty from Sustainable Technology Investors stated that finding an alternative solution for waste incineration processes, which employ high temperature, involve high cost and are not eco-friendly, is a challenge to the waste management and energy efficiency industries. However, Arvia has provided a disposal solution, which is energy efficient. This solution for toxic organic wastes can be applied in numerous industrial markets, including the untapped global market for disposing radioactive oils, he said.
Source: http://www.arviatechnology.com