By: Senior staff writer – Easton Ellsworth

GigaOM’s earth2tech has good news for green investors and green tech startup fans alike: Oasys Water, a Cambridge, MA-based company, says it has created a series of water treatment products that make water clean at a significantly lower cost than other methods.

Okay, actually that’s not the latest and greatest news. The latest and greatest news from Oasys Water is that it has just closed an initial financing round of $10 million, led by Flagship Ventures, Advanced Technology Ventures and Draper Fisher Jurvetson.

Basically, Oasys Water’s products are able to take ordinary seawater and waste water and treat them to produce clean potable water. Sound tasty?

Oasys’s technology is called EOTM, or Engineered Osmosis, and it’s meant to be used both abroad and at home – for instance, to help alleviate California’s awful drought conditions.

According to the Oasys team, the $10 million in fresh funds will help it improve its technology. Good call.

With the Obama administration and its new economic stimulus package in place, and with the prevailing economic conditions in the U.S. and “green” being the new black, it’s high time a tech startup got significant funding to pursue something connecting “clean” and “water” together.

If Oasys can make its products appealing to commercial as well as consumer audiences, it may be able to gain a foothold that will be hard to relinquish as competitors try to play catch-up.