Water Generating Systems Announces First Closing of Series B Financing
By Business Wire News
Water Generating Systems LLC (WGS), an international research and development and marketing firm, announced today its first closing of Series B Financing, bringing the total amount raised to $21.45 million. This amount includes private investments and government contracts raised by its predecessor company, Marine Desalination Systems.
“This is a very significant milestone for the company,” said CEO Peter Ottmar. “It coincides with a formal announcement that we have solidified a critical partnership with our key engineering firm, Trident Maritime Systems, IMECO Division.”
WGS has established a two-year partnership with Trident Maritime Systems, an electrical and mechanical systems design, engineering and integration company based in Iron Mountain, Mich.
“As water becomes increasingly scarce in many areas of the world, IMECO is proud to be part of the Water Generating Systems team designing effective and affordable solutions to those living and working in these water-distressed regions of the world,” said Gary Schettler, President of Trident Maritime Systems, IMECO Division.
“Water has long been an underappreciated natural resource,” said Jim Kyle, a principal investor from Orion Capital Management, Inc. “Suddenly, the lack of water is grabbing headlines not only in normally arid parts of the world such as the Middle East but also in drought stricken areas such as California, Texas, and Florida in the United States and in Brazil. It is my hope that WGS’ industry leading technology can help provide some innovative solutions to the increasingly apparent needs in these diverse areas of the world.”
About Water Generating Systems (WGS)
WGS is an international product research and development and marketing company focused on the global needs of water sustainability and supporting technologies. Leveraging patented processes and innovative engineering approaches, WGS has developed a robust line of portable atmospheric water harvesting products.
About Trident Maritime Systems – IMECO Division
Trident Maritime Systems – IMECO Division is an electrical, mechanical and power systems design, engineering and integration company serving the naval shipbuilding, commercial shipbuilding, and offshore markets. The company’s offerings include HVAC and Refrigeration Systems, Fire Suppression Systems, Cargo Handling Systems, Underway Replenishment Systems, Electric Steering Systems, Electric Propulsion Systems, and other specialty products.
Water Generating Systems
Sarah Emmett, 401-575-7263
Director of Communications & Marketing