Aqualyng

completed

Aqualyng Holding AS (the Company) is a Norwegian water company that designs, builds, finances, owns, and operates seawater reverse osmosis (SWRO) desalination plants with its own proprietary energy recovery technologies and equipment. The proposed IFC investment is to support the Company’s expansion into the Chinese market by funding investments into new desalination projects in China as well as in the establishment of a manufacturing base for its proprietary technology and equipment sales. In 2008, the Company was awarded a 30-year Build Own Operate Transfer (BOOT) desalination project with a product capacity of 50,000 cubic meters per day in the Caofeidian Industrial Zone, one of China’s 13 pilot Eco-Cities with a planned area of 310 km2 in Tangshan City, Hebei Province. The plant will be one of the first commercial seawater reverse osmosis larger-scale plants in China to be in operation, and is planned to be expanded to 700,000 cubic meters per day. Water will be supplied to domestic and industrial customers within the industrial zone. The Company has also formed a joint venture with Beijing Enterprises Water Group Limited (BEWG), one of the top tier water companies in China in order to exclusively work on desalination projects in China and other Asian countries. Aqualyng will also form a separate joint venture for its technology and equipment manufacturing with a leading desalination contractor in China. This partnership will serve to commercialize and market the Company’s energy recovery device for SWRO and other technology.