Late last November, Evonik Industries AG (Essen, Germany; www.evonik.com) made a second investment in HPNow (Copenhagen, Denmark; www.hpnow.eu) through its venture capital unit. Evonik participated in the first financing round of the start-up as early as 2017. The London-based venture capital specialist AP Ventures (London, U.K.) was the co-investor for this latest €5-million financing round.
HPNow has developed a modular generator, called HPGen, that produces hydrogen peroxide directly on site by a patented electrochemical technology. This technology makes it possible to use H2O2 even in places to which transport has been uneconomical or even impossible until now. The system only requires electricity, water and air.
To date, HPNow mainly focused on water-treatment in agricultural applications, such as drip irrigation, and more recently in dishwashers. Following its successful entry into the agricultural market, HPNow is now also entering markets for the treatment of industrial wastewater with high oxygen demand, for advanced oxidation in municipal water treatment, and for use in cooling systems.