G2O secure Innovation Continuity Loan from Innovate UK
G2O Water Technologies, the leading provider of graphene oxide membrane coatings designed to significantly reduce the cost and environmental impact of water filtration, have successfully secured an Innovation Continuity Loan from Innovate UK, the UK’s innovation agency, to accelerate commercialisation of its transformational product for treatment of produced water in the oil industry.
Innovate UK drives productivity and economic growth by supporting businesses to develop and realise the potential of new ideas. They connect businesses to partners, customers and investors that can help them turn ideas into commercially successful products and services and business growth. They fund business and research collaborations to accelerate innovation and drive business investment into R&D.
Innovate UK’s Innovation Continuity Loan scheme aims to provide finance for later-stage innovation projects that have a clear route to commercial success and economic impact. Loans are aimed at innovative micro, small and medium-sized businesses or third sector organisations across a range of sectors.
The Innovation Continuity Loan provides G2O with close to £900k of funding, that G2O will utilise to bring this transformational technology to market with its strategic partners and enable end-customers to realise significant reductions in energy consumption, extended equipment lifetime and improvements to operational efficiency.
Chris Wyres, CEO commented, “We are delighted to have received the support from IUK for the commercialisation and roll out of our transformational solution for the oil industry. Vast quantities of wastewater are produced during the oil extraction process and the management of produced water is one of the most challenging issues facing the sector. We are looking forward to working with our partners to deliver a solution that significantly reduces both the cost and environmental impact of produced water treatment.”