Nanotechnology investor Nanostart's (OTCQX: NASRY) portfolio company ItN Nanovation AG has been selected as one of the winners in a competition sponsored by the German federal government called "Germany: Land of Ideas".
ItN Nanovation, which was founded in 2000, develops ceramic products, such as filtration systems and coatings, for large industrial customers. The filtration products 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 as protective and catalytic coatings in various industries - from baking ovens to aluminum foundries to coal-fired power plants.
The company's water treatment technology, which is based on its nanoceramic flat filter membrane system, was selected as one of the 365 winners of the competition. Some 2,200 entries were received for the annual German competition this year.
The company said the award presentation noted: “Nanovation is revolutionizing water treatment and is a superb example of inventiveness, creativity and the richness of ideas within Germany. With this pioneering idea of using nanoparticles for filtration, an entirely new outlook has been opened for providing clean water to all mankind."
In late November, ItN was awarded a major follow-on contract in Saudi Arabia for its water filtration systems, worth almost US$1.1 million.
Frankfurt-based Nanostart has portfolio companies spanning the globe from Silicon Valley to Singapore. The firm provides venture capital financing for nanotechnology companies in various growth phases with a focus on industries such as cleantech, life sciences and IT/electronics.