Aquam Corp., a cleantech company based in Miramar, has received $26 million in growth capital from NewWorld Capital Group LLC, a private equity firm with an environmental focus.
A fund advised by Credit Suisse also participated in the funding round.
Aquam, which deploys technologies to assess and mitigate issues caused by aging water and energy delivery infrastructure, plans to use the money to further product development and expand the geographic reach of the company's key businesses, including some it has acquired in the past two years: pipe-lining installation provider Specialized Pipe Technologies, water usage data provider Aquam Water Services and pipeline assessment and inspection specialist Aquam Pipe Diagnostics (formerly JD7).
"This investment enables us to remedy toxic lead levels in drinking water, rehabilitate natural gas and water lines, and expand to address other systemic issues emerging around the world," CEO Dan Squiller said in a statement announcing the funding. Squiller was appointed chief executive of the firm in June of this year.
In addition to its San Diego offices, Aquam has 20 locations in the U.S., Canada, the United Kingdom and Ireland. According to its website, the company has more than 250 employees.