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Posted: Nov 29, 2010
Nanostart-held ItN Nanovation Receives Major Follow-on Order in Saudi Arabia
(Nanowerk News) ItN Nanovation AG, a portfolio company of Nanostart AG, has been awarded a major follow-on contract in Saudi Arabia for its CFM SystemsŪ nanoceramic flat filter membrane system.
The same customer who placed an initial order for this breakthrough water filtration technology in May of this year has now signed a follow-up contract approximately twice the size of the first order. It is expected that the new order, which totals almost USD 1.1 million (approx. EUR 0.8 million), will be reflected in the company's financial results for the first quarter of 2011. Furthermore, following the demonstrated success of the first project, ItN Nanovation was able to reach agreement on higher pricing.
The follow-on order is strong testimony to the superior technical performance and operating economics of CFM SystemsŪ. Even with this major second order, less than half of the water treatment plant will be outfitted with CFM SystemsŪ flat filter membranes, and thus the company sees excellent prospects for additional major orders from the customer in the coming quarters, which are already under discussion. Within this arid region are a number of similar water treatment plants which would likewise be highly suitable for CFM SystemsŪ.
Nanostart AG, headquartered in the German financial capital of Frankfurt, is the world's leading nanotechnology investment company, with portfolio companies spanning the globe from Silicon Valley to Singapore. The company provides venture capital financing for nanotechnology companies in various growth phases with a focus on innovation-driven industries of the future such as cleantech, life sciences and IT/electronics. Through its subsidiary and venture capital fund in Singapore, Nanostart is proud to be the investment partner of the Singaporean government. For further information about the company, please visit www.nanostart.de.
About ItN Nanovation
ItN Nanovation AG, founded in 2000, is one of the leading nanotechnology companies in the world, developing innovative ceramic products, such as filtration systems and coatings, for large industrial customers. The nanoscale powder needed for those products is manufactured by the company itself. The filtration products from ItN Nanovation can be used for drinking water purification, waste water treatment, as beverage filters and for the separation of oil and water. Ceramic coatings based on nanotechnology are used in a variety of ways as protective and catalytic coatings in various industries: from baking ovens to aluminum foundries to coal-fired power plants. The company's success is founded on an extensive product portfolio, combined with comprehensive development and application know-how. For further information about the company, please visit www.itn-nanovation.de.