STOCKHOLM (Reuters) - Orbital Systems, which makes water-saving showers, said on Wednesday it had raised 15 million pounds ($18.7 million) from a group of investors including its board member Niklas Zennstrom, co-founder of Skype, to finance its expansion plans.
Founded five years ago by Chief Executive Mehrdad Mahdjoubi, who initially developed its water-recycling technique for NASA’s Mars mission project, the company said its investors also included fashion retailer H&M’s (HMb.ST) Chief Executive Karl-Johan Persson.
Sweden-based Orbital has so far raised a total of 25 million pounds from backers including former Tesla (TSLA.O) executive Peter Carlsson, also a board member.
It says its shower, which via a built-in purification system reuses the same batch of water over and over again, enables water savings of 90 percent compared with a conventional shower.
“For our next growth phase we’ll focus on getting Orbital showers into every home that wants to save on ... water, energy and money,” Mahdjoubi said in a statement.
($1 = 0.8043 pounds)
Reporting by Helena Soderpalm; Editing by Anna Ringstrom and David Holmes