Thursday 18 January 2018

Money pours in for Irish rain firm

Ozone Industries has raised an additional €500,000 from investors
Ozone Industries has raised an additional €500,000 from investors
John Mulligan

John Mulligan

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.

Irish Independent

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