WaterFX, the company planning to build a $30 million, commercial solar-powered water desalination plant in western Fresno County is hoping to attract investors by selling stock through a state-registered direct public offering (DPO) – essentially a regulated form of crowdfunding.
The company, which currently is operating a pilot desalination plant in the Panoche Water District, is hopping to raise $10 million by offering up to 2 million shares of preferred stock at $5 per share through the DPO. The stock offering is open for a year, and investment is currently open only to qualifying California residents.
Purifying Agricultural Wastewater with Solar Energy
Their pilot-scale desalination plant operates like a giant still- a 377-foot-long parabolic mirror called the SkyTrough reflects and focuses the sun’s rays on an oil-filled pipe running the length of the mirror, heating it up. This superheated oil then flows to a treatment plant which boils salt-tainted agricultural irrigation runoff water. The resulting steam is condensed and collected- it’s pure, clean water. And the leftover briney residue, full of salts and minerals, can be further processed for resale.
Currently in the planning stages, the commercial-scale plant would include 35 SkyTroughs and is expected to be capable of treating enough irrigation runoff water to produce about 700 million gallons of water per year in its first phase, enough water to supply over 2,000 families for 18 months, with a later second phase doubling its capacity. The company already has a contract with the Panoche Water District to buy the treated water.