International Wastewater Systems, the private cleantech company that developed a system for recapturing heat from a building’s wastewater, has gone public.
The company began listing today on the Canadian Stock Exchange under the stock symbol IWS as a result of a reverse IPO with Amana Copper Ltd., a shell company. Its shares are currently trading at $0.51.
IWS developed the SHARC system, which extracts heat from a building’s wastewater before it goes into the sewer system, thereby reducing the building’s energy consumption.
The Sail building at the University of BC and Seven35 condos in North Vancouver are among the eight buildings that currently have SHARC systems installed in the Vancouver area. IWS has orders for 10 systems in Europe and the U.S., including one that is currently being installed at Borders College in Scotland.
“We were expanding so fast we just couldn’t capitalize it privately,” IWS founder and CEO Lynn Mueller explained.
IWS does its manufacturing in Port Coquitlam and in the UK. The company has been ramping up for about a year now, Mueller said.
“We’ve gone from two or three staff a year ago to 20 now, and we’re continuing to ramp up and hone our distribution on three continents. We’re now in Europe, we’re in North America and heading to New Zealand and Australia in two weeks to launch there.”
The company’s main product is the SHARC, although it has developed a smaller system for smaller buildings.
“We’re also working on introducing a water recapture unit, where we can recycle some of the waste (water) to do non-potable applications, like feeding toilets to flush – anything but drinking it, really,” Mueller said.