Business
Companies that have been formed on the back of CORA's success are detailed below.
Modern Water
Modern Water plc was formed in November 2006. This was rapidly followed by recruitment of a highly experienced water industry management team who raised a further £30m to support the commercialisation of the technology and expansion of activity in key overseas markets.
The new entity was floated on the London Alternative Investment Market (AIM) for a market value of £70m in June 2007.
Surrey Aqua Technology was then incorporated in to Modern Water who now own and are developing this exciting leading edge desalination technology. At the time of writing Modern Water has two commercial plants and one proving plant in operation in Gibraltar and Oman.
Modern Water’s proving plant in Gibraltar, the first of its kind in the world to use the Company’s Manipulated Osmosis Desalination technology, is performing ahead of expectations. The Modern Water plant began supplying water directly into Gibraltar’s potable water distribution system in early May 2009. The water being produced has been thoroughly quality tested by the client and verified by a third party expert for approval to supply the public.
The Oman desalination plant is also operating ahead of expectations and an evaporative cooling system proving plant has been installed in Oman this year. An agreement has also been reached with Oman based Omzest to assist with market development.
More information on Modern Water can be found here www.modernwater.co.uk
Surrey Aqua Technology Ltd
Surrey Aqua Technology was created as a spin out company from the University of Surrey to develop the manipulated water technology and was then incorporated in to the venture capital backed Modern Water plc to commercialise the technology and expand into important overseas markets.
Surrey's manipulated osmosis technology has the potential to make a global impact in reducing the carbon footprint of desalination plants whilst also enabling greater access to fresh water supplies. The speed with which the technology has been brought to market is impressive. Surrey Aqua Technology was formed on November 2006, and in the space of less than Modern Water plc has established an internationally qualified management team, raised £30m, and commenced commercial scale proving plant operation.
It also represents an excellent case study of success within the UK research and innovation system, with high quality research backed by the Royal Society Brian Mercer Award coupled with strong support by UK venture partners.
