A University of Manchester spin-out company has raised £3.8m in new funding to develop its nuclear and water business.
Arvia Technology's existing investor MTI Partners, using its UMIP Premier Fund, new investors Sustainable Technology Investors and Park Walk Advisors and some smaller shareholders have all invested £3.8m in an all-equity deal.
Arvia has created technology which destroys organic substances that are either dissolved or dispersed in water.
Working with nuclear sites operator Magnox at Trawsfynydd Power, in Gwynedd, it has developed its application to destroy radioactive oils.
The oils are difficult or even impossible to treat and presently are often simply stored, which is not considered to a sustainable solution.
It is also performing field trials in the municipal, industrial and swimming pool water markets in which Arvia's technology is said to offer a low energy, chemical free and waste-stream free organics destruction solution.
The investment will enable the business to progress its research in both of these fields as they are believed to represent a substantial commercial opportunity.
Jim Totty, invest manager with Sustainable Technology Investors, and Gordon Lawson from Park Walk Advisors will join Mark Rahn from MTI Partners as investor directors on the Arvia board.
Legal advisers on the deal were 3volution, based in Leeds UK, and Laytons Solicitors in Manchester.
Source: Insider Media