Claros Technologies, Inc. Raises $22 Million to Accelerate PFAS Destruction and Analytical Technologies

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May 28, 2024, 11:15 ET

MINNEAPOLIS, May 28, 2024 /PRNewswire/ -- Claros Technologies, Inc. (ClarosTech™), the leader in PFAS analytical and destruction technologies, announced today that it has raised $22M in new funding co-led by Ecosystem Integrity Fund and American Century Investments. This financing will allow ClarosTech™ to continue scaling the research, development and market penetration of its UV-photochemical PFAS destruction technologies, its durable anti-viral, anti-bacterial, anti-odor and broad spectrum UVA and UVB bio-based functional materials technologies and its ISO/IEC 17025:2017 analytical laboratory.

Additional investors include Capita3, Children's Minnesota, Kureha America Inc., Open Door Foundation, F. R. Bigelow Foundation, other corporate investors, several individual investors alongside incumbent investors Groundswell Ventures and the University of Minnesota.

"Our commitment to PFAS destruction is not just about environmental responsibility, but also about sustainability. By developing and commercializing cutting-edge solutions to PFAS pollution, we're positioning ourselves at the forefront of a growing market. As the demand for sustainable, scalable, cost competitive chemistries and industrial processes increases, we believe our technologies can be part of ensuring long-term success for our customers, partners and the planet." said Michelle Bellanca, ClarosTech™ CEO and co-founder. "This $22M over-subscribed fundraise is a testament to the trust and commitment from a syndicate of investors that believe in Claros' technology, commercialization strategy and vision for a cleaner and safer world. With this support, Claros is poised to revolutionize the landscape of PFAS destruction and safeguard our environment for generations to come."

Since its prior financing in 2021, ClarosTech™ has successfully:

Scaled its PFAS destruction solution to field deployable units and is working with industry-leading manufacturers and other stakeholders to provide sustainable and effective solutions to remediate PFAS pollution in wastewater. Confirmed by internal, independent third-party and customer laboratories, ClarosTech™ has proved 99.99% destruction and defluorination performance on all PFAS types including long, short and ultra-short chain PFAS;
Built a world class ISO/IEC 17025:2017 analytical laboratory; and
Commercialized its durable functional material chemistries from bio-based sources, allowing for durable (wash-safe) anti-bacterial, anti-odor, anti-viral and broad spectrum UVA and UVB properties in textiles and other substrates.

"PFAS chemicals represent a monumental and increasingly urgent societal challenge. They are ubiquitous in manufactured products, have serious environmental and human health impacts and are persistent in the environment. Industrial producers are finally being held accountable for this pollution: settlements from PFAS litigation in the US are approaching $20 billion; the US EPA has begun regulating PFAS in drinking water; and CERCLA has designated PFAS chemicals as hazardous waste," said Sasha Brown, Partner at Ecosystem Integrity. "We are proud to partner with Claros, which provides the most efficacious and cost-effective method of eliminating PFAS and analyzing the contents of effluent for industrial customers. Claros' analytical, modeling and destruction capabilities are essential tools to tackle the critical imperative of halting PFAS pollution."

PFAS (perfluoroalkyl and polyfluoroalkyl substance or "forever chemicals") are a family of over 15,000 chemical compounds used in everything from semiconductor manufacturing to the production of clothing, furniture and food packaging. PFAS chemicals are ubiquitous and linked to cancer, thyroid disease, kidney dysfunction, birth defects, autoimmune disease and other serious health problems. Today, ChemSec estimates a $17.5 trillion annual societal cost of PFAS in our global economy. Current methods of PFAS elimination do NOT permanently solve the problem and instead perpetuate an infinite PFAS life-cycle by returning the original or concentrated PFAS back into the environment through dilution in wastewater treatment facilities, landfill disposal, incineration or deep well injection. None of these are sustainable or provide finality to liability concerns. AECOM estimates a global PFAS opportunity (replacement mitigation) of $250B and in April 2024, the Biden Administration passed the first regulations and limits on PFAS in drinking water.

About ClarosTech™

Founded from technical research developed at the University of Minnesota, ClarosTech™ is harnessing green chemistry and advanced material science to solve our global human health PFAS pollution crises. ClarosTech™ offers the first truly closed-loop PFAS contamination solution that permanently destroys ALL types of PFAS (long, short and ultrashort chain) and the greatest number of compounds compared to any other technology, is poised to be the lowest cost solution and requires minimal energy usage. ClarosTech™ is led by CEO and co-founder Michelle Bellanca, who prior to founding ClarosTech™ identified, operated and scaled technologies at 3M, IBM and the Japanese Government's Ministry of International Trade & Investment. Michelle most recently served as Managing Director of 3M's Strategic Corporate Ventures - Asia Pacific, investing in early-stage platform technology companies. For more information, please visit www.clarostechnologies.com

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SOURCE Claros Technologies, Inc