A partner at KP confirmed that the firm had invested in Applied Process Technology (APT), which makes water-remediation technology, but did not share the dollar amount or other details.
There are no other water-related companies listed among the 15 companies in the “Greentech” portfolio on KP’s website.
“There’s a lot of nitrates in water, most of it from agriculture [and] fertilizers,” the KP partner said. “About 4,000 wells in the [California] Central Valley alone are closed … We believe with this new remediation process—which is a bio-film, a live filter—we could open up the vast majority of those and increase the water supply—not just in California, but nationwide.”
APT, which is based in Pleasant Hill, Calif., filed a document with the SEC in August 2007 showing that it had raised a little over $1 million of a targeted $8 million round. That document lists Kinetics Systems Inc., Rawson Investment and SEACOR Capital Corp. as beneficial owners of the privately held company.
APT has not yet filed a document with the SEC in connection with the investment from KP.
APT’s website says that the company has “raised over $10.5 million in equity funding to continue its commitment to developing truly innovative, cost-effective solutions to our client’s most difficult treatment needs.”
The website also notes that APT’s senior management team “is comprised of executives, engineers and scientists from the chemical, water, and environmental industries [who] collectively hold over 15 patents.”
An APT spokesperson said the company was holding off on making any comment about the KP investment until it received clearance from KP.