EL SEGUNDO, Calif. — NanoH2O, manufacturer of efficient and cost-effective reverse osmosis (RO) membranes for seawater desalination, announced it has been acquired by LG Chem, according to a press release.
LG Chem is based in Seoul, Korea and ranks as one of the leading chemical companies in the world, noted the release.
The sale was finalized April 30, 2014, the release reported, confirming previous reports of purchase by the Korean chemical giant.
“We are extremely pleased to join LG Chem,” said Jeff Green, founder and CEO of NanoH2O. “What began as an innovative idea in a university lab just nine years ago is now part of a $22 billion dollar leading global chemical company with vast manufacturing, R&D and commercial resources. The acquisition will only serve to accelerate the delivery of innovative and energy-efficient membrane technologies to our customers and the desalination industry."
“NanoH2O, with its unique membrane technology, has rapidly established itself as a leading RO membrane manufacturer in the growing desalination industry,” said Jin Soo Park, vice chairman and CEO of LG Chem. “We understand the gravity of water scarcity and its importance not just to our business, but across the globe. LG Chem is committed to supporting sustainable, energy-efficient technology platforms that lower the cost and increase the availability of fresh water."