Maynard, MA – (April 22, 2014) – Ecochlor, Inc. announced today that it has completed a $10 million equity financing to support its growth into the burgeoning ballast water treatment market. Since its formation in 2001, Ecochlor has raised over $22 million in equity.
Charlie Miller, Ecochlor’s Chairman and CEO, commented that “we are pleased to have the support of both new and existing investors in this recent financing. With this additional capital, Ecochlor is poised to take full advantage of the opportunities in the emerging ballast water treatment market by adding further sales and engineering resources to accelerate growth.”
The Ecochlor® BWTS uses a two-step process to treat ballast water – filtration followed by disinfection with the well-known biocide, chlorine dioxide. The system’s effectiveness is not impaired by variations in salinity, temperature, turbidity, organics, and vibration, which can impact other treatment options. Furthermore, the small size, low power, and low maintenance characteristics of the Ecochlor system make it ideally suited for installation on the world’s largest ships. With its simple design, the Ecochlor system reduces complexity and time in the installation process, which makes it an excellent choice for use on both new and currently existing ships.
Janney Montgomery Scott LLC acted as Ecochlor’s financial advisor and sole placement agent to Ecochlor.
About Ecochlor, Inc.
Ecochlor, Inc. is an emerging growth company that provides solutions to shipowners worldwide, allowing them to comply with new standards regulating the quality of water discharged from a ship’s ballast tanks. These standards have created a rapidly growing market for protecting the world’s oceans from the ecological threat of invasive marine species being transferred from one environment to another. Some estimates place the size of the market at approximately $40 billion over the next 10 years. Ecochlor is privately held and has operations in Massachusetts and Connecticut along with corporate partners throughout the world. For more information on Ecochlor® BWTS access the company website at www.ecochlor.com
About Janney Montgomery Scott LLC
Established in 1832, Janney Montgomery Scott LLC is a leading full-service financial services and investment banking firm serving individual, corporate, institutional and government clients. Janney is an independently operated subsidiary of The Penn Mutual Life Insurance Company, the seventh largest mutual insurance company in the nation based on capital, and is a member of the New York Exchange, Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). www.janney.com