DuPont (NYSE: DD) has announced that it has exercised its option to acquire full ownership of the UCD spin-out company OxyMem Limited in a transaction that will close before the end of 2019.
OxyMem, co-founded by Wayne Byrne, Professor Eoin Casey and Dr Eoin Syron, spun out from the UCD School of Chemical and Bioprocess Engineering in 2013. The company was aided in its development by the UCD innovation office, NovaUCD, and was able to access cutting edge technology and intellectual property through licence and equity arrangements with the university. NovaUCD is supported with funding through the Enterprise Ireland TTSI programme which has helped bolster research commercialisation capacity and practice throughout Ireland’s third level. TTSI is managed by KTI. The company
OxyMem develops and produces Membrane Aerated Biofilm Reactor (MABR) technology that offers unique treatment and purification of municipal and industrial wastewater and has more than 60 employees and one production site located in Athlone, Co. Westmeath. DuPont already owns 31 percent of the company and has exercised its option to acquire all outstanding shares of OxyMem for 100 percent ownership.
Speaking of DuPont’s decision, Wayne Byrne CEO, OxyMem Limited said “OxyMem has benefited from working with DuPont, as an investor, for the last four years. A world-class water business, DuPont helped us refocus our development efforts to advance our Membrane Aerated Biofilm Reactor (MABR) technology. With the ownership of DuPont, we look forward to scaling MABR to meet the growing demand for the treatment and purification of municipal and industrial wastewater.”
DuPont is a leader in water purification and separation technology including ultrafiltration, reverse osmosis and ion exchange resins. The FilmTec™ brand is recognized globally and known for consistent and reliable performance. Each of the acquisitions announced this year supports the company strategy to drive growth and innovation through access to new manufacturing capabilities, geographies and technologies.
Global Vice President and General Manager, DuPont Water Solutions, HP Nanda commented that “MABR is a new technology that offers unique and differentiated performance for secondary wastewater treatment over existing technologies. Wastewater is a fast-growing global market driven by industrial expansion, challenging water conditions and tightening regulations. Together with the MEMCOR MBR product DuPont is acquiring, this additional emerging technology provides more solutions for customers looking to reduce footprint and energy requirements for secondary wastewater treatment and enhances the performance of systems using other traditional water purification, reuse and recovery technologies.”
Tom Flanagan, UCD Director of Enterprise and Commercialisation congratulated the OxyMem co-founders and company team. He went on to recognise the university spin-out company’s origins saying “OxyMem, established to commercialise world-class UCD research outputs, is an excellent example of the quality of companies emerging from the University over the last number of years with the support of NovaUCD. While only established in 2013, OxyMem has already grown significantly, employing over 60 people, with a manufacturing site in Athlone and secured significant investment and major clients around the world.”
“I would like to wish the OxyMem team continuing success as part of DuPont as it scales to meet the growing global demand for the MABR technology to treat wastewater.”