Triton Format AG, a German provider of water solutions for the maritime, industrial and small municipal sectors, has raised €10.4 million in new VC funding. Zouk Ventures led the round, and was joined by Meidlinger Partners and company management.
Triton Format AG (“Triton”), a leading water solutions company, today announces the completion of a EUR 10.4 million round of financing to fund further organic growth and continue its successful buy-and-build strategy. The round was led by zouk ventures ltd (“zouk”), a European cleantech investor, and was joined by Meidlinger Partners, LLC (“Meidlinger”), a US based investor with a strong background in the water industry, and by senior management.
Triton is a leading provider of water solutions for the maritime, industrial and small municipal sectors. The company designs, assembles and installs water treatment modules ranging from low-energy desalination, to water management and waste water systems. Triton’s best-of-breed technologies help customers improve the economics and efficiency of core industrial production processes, and comply with tightening environmental constraints in increasingly water distressed areas. With its recent acquisitions in the maritime and industrial sectors, Triton has established an integrated water technology platform aimed at serving its customers across the entire water cycle. Triton serves clients in Europe, the Middle East, the USA and China.
In conjunction with this investment, Triton also announces the appointment of Dr. Hartmut Kacirek, CEO of the Triton subsidiary WAT GmbH, to Triton’s executive management team as Chief Technical Officer (CTO). In addition, Professor Alexander Zehnder and Felix von Schubert will join the company’s Supervisory Board. Professor Zehnder is a globally recognized water expert with decades of academic and applied experience in the water sector. He is also a member of zouk’s cleantech Industry Advisory Group. Felix von Schubert is a Partner at zouk.
Dr. Kacirek and Dr. Thomas Zubke-von Thünen, members of Triton’s executive management team, commented: “We are delighted with the commitment from our new investors and are keen to leverage their experience in building a world-class water company. This funding round will enable us to continue our buy-and-build strategy and become a leader in the fragmented water market.”
“Triton is a very exciting addition to zouk’s cleantech portfolio,” said Felix von Schubert. “zouk invested in Triton because we see significant growth potential for small and medium-sized water treatment and water efficiency systems. Triton has the right scalable platform to tackle a large underlying market. This is an impressive company and we look forward to working closely with the team.”
Professor Zehnder said: “Triton combines a highly valuable set of technical capabilities that clearly addresses customer needs in multiple industries. From what I have seen in the water space, this company clearly stands out has having a unique and promising growth strategy.”
“Triton presents an exciting opportunity in the water sector, and we are pleased to partner with zouk, a leading European cleantech investor, in this investment,” said Kevin Brophy, partner at Meidlinger. “We look forward to actively supporting Triton’s international expansion efforts, especially since Triton’s strategy aligns perfectly with our mission to promote a more sustainable environment and economy.”
Notes to editors:
About Triton Format
Founded in 1851, Triton-Format AG is a German water technology and solutions firm based in Norderstedt/Hamburg. The company has established a strong brand in the maritime sector and has recently expanded its capabilities to land-based applications. Today, Triton serves a diversified group of customers in the maritime and industrial sectors as well as small communities and resorts. Hallmark projects include sustainable solutions developed for Airbus Industries, SeaCloud Cruises and SiC Processing. For more information please visit www.triton-format.com
About zouk ventures
Founded in 1999, zouk ventures is a London based investment manager focusing on expansion stage capital in cleantech markets as well as renewable and environmental infrastructure opportunities. zouk currently manages two technology funds and invests in solar infrastructure projects through zouk Solar Opportunities Ltd. zouk has been a leading investor in the carbon market for over nine years and is a founding member of the Cleantech Venture Network in Europe. For more information please visit www.zouk.com
About Meidlinger Partners
Founded in 2008, Meidlinger Partners, LLC is a Philadelphia based private equity investment firm dedicated to capitalizing businesses that will make a meaningful contribution towards a more sustainable environment and economy. With expertise in the water and cleantech sectors, Meidlinger’s first fund, the Meidlinger Partners Sustainable Investments, LP, invests in and partners with businesses that are positioned to provide real solutions to the world’s growing water, energy and environmental challenges. For more information please visit www.meidlingerpartners.net