Fund II's first investment

Swirltex, headquartered in Calgary, Canada, uses its patented membrane filtration technology to treat difficult wastewater in various applications for potential re-use. 2022 was a pivotal year for Swirltex, with a 10x increase of revenue vs. 2021. 2023 has been very busy, highlighted by the delivery of the ARC Resources treatment system, and the project award of a large US-based customer.

2022 was a banner year for Swirltex, delivering revenues of approximately USD 2.5M. The highlight was the completion and delivery of the ARC Resources treatment system. Final commissioning and full-scale operations will begin in June. Initial operation and water quality data received continues to show the value of the technology.

In the first 5 months of this year Swirltex has added 4 new hires. Engineering added staff to support project management and commissioning efforts, and to capitalize on our success at ARC and another US-based customer, Sales & Marketing also increased their headcount. Furthermore, we are very pleased that Dominik Elsaesser, former CTO of Pentair has joined Swirltex’s board of directors.

The sales funnel is growing with a list of commercial opportunities expected close within the next 12-18 months. A major project in the US has been awarded in early May, adding US $ 1.8 to Swirltex’ book of business. This is Swirltex’ first large-scale US-based project and a jumping-off point into the US market. Project kick-off will be in early June with system delivery expected in Q1/Q2 2024 (exact schedule still TBD). The forecast is for 2023 revenues to be more than 3x 2022 revenue.

Please contact Mazarine if you would like an intro to Swirltex.