Money pours in for Irish rain firm
Published 17/06/2016 | 02:30
An Irish company that has been developing a rainwater collection device for use by households and businesses has raised an additional €500,000 from investors.
Ozone Industries is backed by shareholders including Danu Advisory Partners, which is controlled by Setanta Sports co-founders Michael O'Rourke, Leonard Ryan, and Mark O'Meara.
Based in Co Wicklow, Ozone has raised close to €6m since it was founded in 2010. Last year, it raised €1.5m from existing investors. They've also stumped up funds in the latest round.
Among the investors is a company called Hopeford, which is controlled by Henry and Marie Bolger. They are part of the family that owns Dublin-based engineering firm Modern Plant.
The latest set of publicly available accounts for Ozone show that it incurred a €1.1m loss in 2014. That brought its accumulated losses to €3.7m.
Ozone Industries trades as Rainsafe.
Earlier this year, it began a collaboration with the Dublin Dental University Hospital at Trinity College installing one of its machines there to generate potable water from rain. A Rainsafe system has also been installed at the University of Exeter under a European Union innovation programme.
Ozone expects to start a full launch of its Rainsafe products to the market in September. Its system is targeted at commercial, residential, agricultural and other users.