Paris-based medical oxygen player NOVAIR Group (NOVAIR) is set to cause a ‘disruption’ in the global medical oxygen market following a €26m investment by global investment group Eurazeo via Nov Santé Actions Non Cotées, a fund managed by the company.
The funding will help NOVAIR to accelerate its ambitions to transform the global medical oxygen market by the global deployment of its flagship product, a medical oxygen generator for healthcare facilities.
Already installed in ‘several thousand’ hospitals internationally, NOVAIR claims its product allows healthcare institutions to produce their own medical oxygen, thereby mitigating the need for truck delivery, causing a reduction in its carbon footprint.
Commenting on the investment, Bernard Zenou, President, NOVAIR, said, “We are very pleased to have a partner such as Eurazeo at our side to participate in our ambitious expansion plan, in the perspective of a disruption of the global medical oxygen market.”
“Our ambition is to be the major player in this paradigm shift,” he added.
This ambition could be realised following global oxygen supply shortages as a result of the ongoing Covid-19 pandemic.
NOVAIR stated that since the beginning of the international health crisis more than 40 countries in Europe, Africa, South America and Asia have seen installation of its oxygen generators.
Arnaud Vincent, Managing Director, Nov Santé Actions Non Cotées said that, together, the companies will have the ambition to create a ‘true French champion’.
Operating in more than 115 countries, NOVAIR’s double-stage technology allows the production of up-to 99.5% pure oxygen.