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The Portfolio

I-PHYC – MICROALGAE AGAINST CONTAMINANTS

The British company I-Phyc was FMG Circular Invest’s first investment. The company is
part of the phosphorus removal focal area, as they have devised a solution for removing
phosphorus and ammonia from wastewater. I-Phyc uses LED lighting to allow microalgae
naturally occurring in watercourses to thrive and capture contaminants in wastewater.

“I-Phyc is an early-stage company,” says Stephen Childs. “So far, their solution is being
used in smaller treatment plants in rural areas. In September, they completed their first
pilot plant in the UK. We’re now waiting for new results to see the effect of their method.”

SPEC-IMAGING – LIQUID ANALYSIS BRINGS CLARITY TO TURBID WATER

Spec-Imaging has developed a new type of spectrophotometer, a technology for liquid
analysis. Unlike more conventional methods in which the concentration of a specific
substance in a turbid liquid sample can only be analyzed after dilution, the company’s
technology is able to analyze the concentration of a specific substance even in turbid
liquids.

“Spec-Imaging’s first handheld device is now available for sale,” says Mikael
Helmerson. “In addition, they’re also developing an inline solution. This means that the
same technology is used for continuously reading values in pipes through which the
liquid passes.”

In 2023, Spec-Imaging received support from Swedish innovation agency Vinnova to
finance a research and innovation project regarding their ‘inline’ solution. The project is
being carried out in collaboration with Lund University and Nordvästra Skånes Vatten
och Avlopp’s test bed RecoLab in Helsingborg.

AQUA GREEN – RECYCLING SLUDGE AND USING IT FOR ENERGY

FMG Circular Invest invested in the Danish company Aqua Green in 2023. The company
covers all the focal areas of the investment initiative. Sludge is formed during the
water treatment process as Feralco’s water treatment chemicals bind to dirt and
contaminants in the contaminated water. In cases in which the water being treated is
contaminated with PFAS, the sludge formed during the water treatment process will
also be contaminated. In countries that have regulations governing the management
of PFAS-contaminated sludge, it is costly for wastewater treatment plants to dispose
of the sludge. Aqua Green has developed a patented pyrolysis technology that breaks
down PFAS.

“Aqua Green’s technology allows the sludge to be used to generate energy, enabling
the process to run itself and generate a net surplus that can be sent to the district
heating network,” says Filip Schager. “The sludge also produces biochar, which is high in
phosphorus and can be used as a fertilizer in the fields. Instead of paying to dispose of
the sludge, Aqua Green’s technology allows treatment plants to monetize it.”

ACWA – ROBOTICS IMPROVES WATER SUPPLY NETWORKS

FMG Circular Invest’s latest investment – in the French company Acwa – was made at
the end of 2023. They have developed a robot that is used in the water supply networks
that provide communities with drinking water. Using sensors and cameras, the robot can
check the quality of the pipes and detect damaged and weakened sections.

“Acwa is an interesting early-stage company supplying innovative technology,” says
Ludovic Huitorel. “Water supply networks in Sweden and Europe are old and neglected.
Depending on the geography, 20–40 percent of the water produced is lost due to pipe
leakage. The robot identifies the exact location of damage and wear, allowing repairs
and preventive maintenance to be carried out without digging up kilometres of pipes.
This saves time, money – and ultimately water.”

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