KMX Technologies announces the close of an over-subscribed investment round from world-class leading water and critical mineral investors. The round was led by PureTerra Ventures with funds from the European Investment Fund (EIF), and included TETRA Technologies, Inc. (“TETRA”) (NYSE: TTI), a leader in produced water recycling and critical mineral development. The round also included participation from Archer Private Investments, an early major investor, and other existing investors.
The funds will allow KMX to accelerate the commercialization of the company’s ground-breaking proprietary vacuum membrane distillation (VMD) technology. KMX is helping some of the most innovative companies address growing global water challenges, while also creating opportunities to monetize critical minerals in the process.
“I’ve always seen VMD as a Ferrari looking for a garage,” says Alexander Crowell, Partner at PureTerra Ventures. “It’s a remarkable technology that hadn’t yet found a feasible practical application. The technical team at KMX has done an exceptional job of adapting VMD to meet the needs of sectors actively seeking water recovery solutions. In lithium extraction and concentration, as well as produced water management, nearly all the water used has traditionally been lost. With KMX’s solution, these sectors can now recover almost all of that water. This is a significant leap forward, addressing major global environmental challenges and aligning with PureTerra Ventures’ mission of clean water for all. We are thrilled to join the board and support KMX in making a profound positive impact.”
As part of the accelerated commercialization, TETRA and KMX are in the design phase of building an additional mobile commercial unit for TETRA to deploy as part of the company’s leading beneficial reuse solution. The new system is expected to be delivered in mid-2025.
Brady Murphy, TETRA’s President and Chief Executive Officer stated, “The industry is in need of a solution to address the environmental challenges posed by the significant volumes of produced water. We are pleased to be partnering with KMX to bring a solution to the industry that combines our extensive produced water treatment expertise, R&D talent and one of the industry’s most extensive networks of resources and customer relationships. We believe the combined efforts of TETRA and KMX will address a sizeable and important part of the produced water for beneficial reuse market.”
With this new funding, KMX will also accelerate its diversification into new industries of strategic importance as well as new regions facing water challenges and mineral opportunities.
Zachary Sadow, KMX CEO said, “The backing from these investors is a transformative event for the company. With their support, KMX is now positioned to solve some of the most crucial water challenges while also capitalizing on emerging critical mineral opportunities.”
KMX is pleased to welcome to its Board of Directors Alexander Crowell, Partner at PureTerra Ventures, and Elijio Serrano, CFO of TETRA.
