Semiconductor industry giant Micron Technology Inc. plans to explore how a New Mexico startup's technology may be able to help conserve water.
Micron (NASDAQ:MU) has announced an undisclosed amount of investment in Aqua Membranes, a water technology firm based in Albuquerque . A release from Aqua Membranes says the financing round was co-led by Micron and Clean Energy Ventures, a Boston-based investment firm that previously invested in the company.
Aqua Membranes offers elements that use reverse osmosis, a process used to remove unwanted particles from water. Its technology can be used to increase output for industrial processes, its website says. Craig Beckman, CEO of Aqua Membranes, said the design of the elements allows them to be more energy efficient.
Its technology may also be a "cost-effective way to improve on equipment already operating in Micron fabs while increasing water reuse," said Marshall Chase, Micron director of sustainability, in a statement. The investment is part of Micron's effort of "achieving 75% water conservation" in its semiconductor fabs by 2030, according to Micron.
The semiconductor industry produces electrical components for an array of electronic devices, using millions of gallons of water to do so. The industry has even faced potential threats due to drought, according to reporting from the Wall Street Journal.
As part of their partnership, Micron will work with Aqua Membranes to advance its technology for semiconductor fab use, which is especially complicated, according to Beckman. The partnership will provide Aqua Membranes with not only funding but also testing and configuration capabilities, he said.
Micron plans to begin a pilot program with Aqua Membranes’ tech in Boise, Idaho. If the program is successful, it could be expanded to fabs around the world, according to the company.
"They approached us and wanted to start utilizing the product [and] we had mentioned to them that certainly the semiconductor industry was on our radar screen," Beckman said. He declined to disclose the exact amount of the investment round but said it was worth millions of dollars.
The deal is also expected to lead to accelerated growth for Aqua Membranes. The company was planning to add two or three people to its staff this year, but now plans to bring on five or six, according to Beckman. The company's workforce currently stands at 10.
The investment round is one of several that Aqua Membranes has disclosed in recent years. In 2019, the company disclosed a $2.3 million round with 18 investors. That was followed last year with a $2.1 million round that was led by Clean Energy Ventures.
Temple Fennell, cofounder and managing director at Clean Energy Ventures, previously said Aqua Membranes has the most disruptive water technology the investment organization has found, Business First reported.
