University of Melbourne welcomes Rubicon Water's listing on ASX
The University of Melbourne welcomes news that Rubicon Water will debut on the ASX on 2 September, aiming to raise $42.6 million at a market capitalisation of $171.9 million.
Established in 1995, Rubicon Water is a Melbourne-based company with a vision to sustainably increase global food and fibre production through improved water use efficiency.
Rubicon delivers advanced technology to managers of gravity-fed irrigation networks and irrigation farmers, enabling them to manage their water resources with unprecedented levels of efficiency and control.
The University has a long-standing relationship with Rubicon, partnering with them to develop Total Channel Control® (TCC), a system for automating irrigation that enables up to 90 per cent of distributed water to reach farms, saving billions of litres of water a year globally.
This relationship formed in 1998 with the research input of Professor Iven Mareels and Professor Erik Weyer, evolving to include Professor Michael Cantoni and Professor Andrew Western, as well as other academics in the Faculty of Engineering and Information Technology.
The University now jointly owns the intellectual property of many patents with Rubicon, with ongoing collaborative research and development.
Professor Mark Cassidy, Dean of the Faculty of Engineering and Information Technology said: “From the initial project work on river water flow, to our extensive research and technology collaborations across the Faculty, we hope to further build our relationship and contribute to Rubicon Water’s innovations in water management over the coming years.”
Rubicon’s IPO is another strong example of the University’s commitment to research commercialisation and building relationships that support this goal.
“The University is proud of our long-standing relationship with Rubicon, and the joint opportunity to develop cutting edge technology that is reshaping agricultural practices across the globe,” said University of Melbourne Executive Director Research, Innovation and Commercialisation, Ken Jefferd.
“Rubicon is an example of how commercialising research can be for the benefit of society, and the kind of venture the University of Melbourne is committed to supporting.”