(don't) Waste Water! | Water Tech to Solve the World

Antoine Walter
  • 4.7 (11)
  • NATURAL SCIENCES
  • UPDATED WEEKLY

❓ Ever wondered how the #WaterIndustry was reacting to our World's Water Challenges? Water Scarcity? #SDG6? PFAS? Climate Change? Circular Economy? Digitization and Smart Water? 💪 Get the Water Market pulse for free. In one hour per week, while you do the dishes! 📈 We talk water investment, water tech, water entrepreneurship and water market with entrepreneurs, thought leaders, book authors, scientists, investment funds, VCs, and C-Level experts from water majors. ➡️ Leverage their insights, advice & experience and ensure to stay on top of best practices 🗓️ Tune in every Wednesday (don't miss out! 😅) 🌐 Find all the detailed episode notes, interviews, infographics, and more at http://dww.show Currently in its 10th Season, the "(don't) Waste Water" podcast has already welcomed around 250 guests from Water Majors (SUEZ, Veolia, Jacobs, Xylem, Kemira, Evoqua, Aquatech, SKion Water...), Scale-Ups (Cambrian Innovation, Epic Cleantec, Gradiant, Liqtech, 374Water, Gingko Bioworks...), Start-Ups (Puraffinity, KETOS, 120Water, ZwitterCo, Membrion, Source...), Universities (Berkeley, the Columbia Water Center), Investment Funds (Sciens Water, Mazarine, Burnt Island Ventures...), Business Accelerators (Imagine H2O, Elemental...), Book Authors (Seth Siegel, David Sedlak, David Lloyd Owen...) or Market Intelligence Companies (BlueTech Research, Global Water Intelligence, World Bank, OECD, Isle Utilities...). Or simply water legends like Gary White, Mina Guli or Andrew Benedek! On the "(don't) Waste Water" podcast, I strive to make the Water Industry easy to understand for everyone, starting with water professionals, executives, and investors. Hence, he opens the microphone to seasoned, inspirational water experts to discuss their field of excellence. No one can claim an all-around in-depth understanding of a matter as complex as Water. But piece by piece, you can rebuild the puzzle. With curiosity, patience, and passion, Antoine Walter explores topics such as Advanced Treatment Technologies, Water-Energy Nexus (Hydrogen, Lithium...), PFAS removal, Nature-Based Solutions, Wastewater Reuse, Distributed Water Treatments, Water Finance, and Water Entrepreneurship. I actually firmly believe that regular listeners of the "(don't) Waste Water" podcast may, in the end, claim a "Water MBA!" A particular field of interest is how innovation forms, grows and gets widely adopted in a complex and conservative field like the Water Industry. This may be one of the keys to achieving the United Nations Sustainable Development Goal n°6 - #SDG6. Oh, and in short, about me: I'm a water engineer turned avid student of the water business, market, finance, and tech. I'm married, a happy father of three, and I'm French (nobody's perfect 😅). Hosted on Ausha. See ausha.co/privacy-policy for more information.

  1. Data Center Consumption DOESN'T Matter... But Discharge Does! (AI Water Footprint)

    5D AGO

    Data Center Consumption DOESN'T Matter... But Discharge Does! (AI Water Footprint)

    What Is the Real Water Problem Behind AI Data Centers - and Where Is the $1.3 Billion Opportunity? AI Water seems to concern everybody, while data center water treatment is the fastest-growing industrial water vertical in the world - $1.35 billion in 2025, growing at 13.3% per year. But the media is chasing the wrong story. The real problem isn’t consumption volume — it’s the concentrated industrial wastewater that cooling towers produce. This episode maps the opportunity most investors are missing. A 🌶️ KEY SPICES 🌶️ 💧 American lawns consume 49 times more water than every AI data center in the US combined - so why is the media only alarmed about servers? 🏭 Cooling towers evaporate pure water and discharge “blowdown” - industrial wastewater concentrated at 3-5x intake levels that almost nobody covers 💰 Ecolab acquired CoolIT Systems for $4.75 billion at 25x revenue, assembling a $10.5 billion integrated stack from resin to chip to managed service 📉 Zero hyperscalers (Google, Microsoft, Amazon, Meta) have acquired a single water treatment company despite spending $50B/year on data center construction 📊 The EU has capped data center water usage at 0.4 L/kWh in water-stressed areas — the installed base runs at 2.3-3.8, creating a 6-10x compliance gap 🥜 IN A NUTSHELL 🥜 Why do American lawns matter in a video about AI water? Turfgrass consumes roughly 12 billion cubic meters per year, 49 times more than all US data centers combined — context that reframes the media’s breathless AI-water coverage. What is “blowdown” and why should investors care? Evaporative cooling towers discharge concentrated wastewater at 3-5x intake levels containing salts, silica, and treatment chemicals — this industrial waste stream scales linearly with every hyperscale facility under construction, creating a $1.35 billion treatment market growing at 13.3% per year. Why did Ecolab pay $4.75 billion for CoolIT at 25x revenue? Liquid cooling eliminates evaporation but creates a new treatment market for closed-loop fluid chemistry, and Ecolab has spent $10.5 billion since 2021 assembling the only complete stack from ion exchange resin to GPU cold plate to managed service contract for AI Water Why haven’t hyperscalers acquired a water company? Google, Microsoft, Amazon, and Meta have vertically integrated into chips, power, and fiber — but zero water acquisitions appear in the global M&A record, even as institutional capital poured $13.5 billion into water deals in 2025 alone. #️⃣ Mentioned Links #️⃣ 📌 Arthur D. Little: “AI’s Hidden Dependencies” report: https://www.adlittle.com/sites/default/files/2026-01/BLUE_SHIFT_AI_hidden_dependencies.pdf 📌 GWI's data center rubric: https://www.globalwaterintel.com/industries/data-centres 📌 Ecolab CoolIT acquisition announcement: https://tinyurl.com/fa34yeht 📌 The Ecolab/Ovivo deal, decoded: https://www.youtube.com/watch?v=i1o78cgd5Hs 📌 My deep dive on H2O Innovation (and what we learn about platform building): https://www.youtube.com/watch?v=LOvJK8BnOJo Hosted on Ausha. See ausha.co/privacy-policy for more information.

    26 min
  2. Why a Broke Football Club Spent Millions on Water (Gucci's Water Reuse Strategy)

    APR 8

    Why a Broke Football Club Spent Millions on Water (Gucci's Water Reuse Strategy)

    Why Did a Broke Football Club Owned by Gucci's Family Invest Millions in Water Reuse? Stade Rennais, the French football club owned by the Pinault family behind Kering (Gucci, Balenciaga, Bottega Veneta...), buried a €1.5 million closed-loop water system under its renovated La Piverdière training complex in February 2025. This investment, during French football's worst financial crisis, reveals a widening gap between what water costs and what water is truly worth - using water reuse as its vehicle. 🌶️ KEY SPICES 🌶️ ⚽ How French football's TV rights collapsed from €1.1B to €142M — a 90% decline that's forcing clubs to cancel flights and lay off staff 💧 Why a closed-loop water system with a 20-year payback was approved during an existential financial crisis (and what water reuse enables) 🏗️ The three hidden "currencies" — drought insurance, brand equity, and regulatory preemption — that never show up on a utility invoice 📉 Why a €14M goalkeeper depreciates 43% in a year while the pipes beneath him appreciate for decades 💰 How BCG projects $7 trillion in returns from $1 trillion in water infrastructure investment, yet less than 1% of climate tech VC flows to water 📊 The 10-100x gap between what water costs (€4.70/m³) and what water is actually worth 🥜 IN A NUTSHELL 🥜 Why did Rennes invest in water during a financial crisis? The Pinault family signed off on a €1.5-2M closed-loop water system not for the €100K/year savings, but for drought insurance, brand alignment with Kering's sustainability thesis, and regulatory positioning ahead of France's Plan Eau. How bad is French football's financial situation? TV rights revenues collapsed from €1.1 billion to roughly €142 million per year after the Mediapro deal fell apart, and the financial watchdog projects combined Ligue 1 and Ligue 2 losses of €1.2 billion for 2025 alone. What's the connection between Gucci and water infrastructure? Kering's tanneries must cut absolute water consumption 35% by 2035, making the football club's water loop a visible demonstration that the Pinault ecosystem practices what the luxury division preaches. Why is water so underpriced? France charges €4.70 per cubic meter regardless of the customer's actual value at stake, creating a 10-100x gap between price and worth — a structural underpricing that BCG's 7:1 return ratio confirms across global water infrastructure. Is water a good investment opportunity? Despite a projected 7:1 return ratio, less than 1% of climate tech venture capital goes to water while energy captures 25% with only a 6:1 ratio — a structural imbalance that early-stage reuse deals are starting to correct. #️⃣ Mentioned Links #️⃣ 🔗 Podcast Episode: Water's Place in the Global Economy with Nicolas Lei Ravello https://www.youtube.com/watch?v=k5Ayc94bNf0 🔗 Podcast Episode: Amazon and Water https://www.youtube.com/watch?v=jN6sHC45DRo Hosted on Ausha. See ausha.co/privacy-policy for more information.

    17 min
  3. By 2050, Clean Water Will Cost You $3'700 a Year (I Recalculated the US EPA Numbers)

    APR 1

    By 2050, Clean Water Will Cost You $3'700 a Year (I Recalculated the US EPA Numbers)

    How Much Does The USA Really Need to Fix Its Water Infrastructure? And Why Is Nobody Talking About the Real Number? (Hint: the US EPA has it wrong!)I built a bottom-up predictive model spanning 32 federal datasets, 433,000 water systems, and 15.1 million regulatory violations to determine the true cost of bringing US water infrastructure back to shape. The answer: $3.9 trillion over twenty years (that's three times the EPA's official estimate of $1.25 trillion)🌶️ KEY SPICES 🌶️📊 A model reproducing the US EPA's own $625B drinking water estimate with 0.00% deviation - then extending it to domains the surveys structurally omit🔧 $1.63 trillion in physical pipe failures that no federal survey captures - cast iron mains break 10x more than modern plastic🏚️ 5,112 wastewater plants "rotting in place" serving 22 million Americans - the US EPA says $8.5B, the real number is $80B💰 Full cost-recovery requires a $26/m³ tariff - roughly $310/month per household, which is 4.4x today's rate (will anyone pay for that?)🧪 $139 billion for PFAS compliance, absent from all current federal estimates (no scandal, makes sense!)📈 PE-backed platforms (CSWR, Nexus Water Group, Inframark) are silently consolidating the fragmented utility tail (and it's a good thing!)🥜 IN A NUTSHELL 🥜**How big is the real infrastructure gap?** The combined water and wastewater need is $3.9 trillion over twenty years, three times the EPA's $1.25 trillion official estimate.**Why is the EPA's number so low?** The surveys ask utilities what they plan to spend, not what aging infrastructure physically demands - and they cover only 891 of approximately 39,500 small water systems.**What about pipes?** One-third of America's 2.2 million miles of water mains are over 50 years old, and 860,000 miles need replacement at roughly $1 million per mile - a $1.6 trillion bill the surveys entirely miss.**Is the gap closing?** No - drinking water coverage stays locked at 28 cents per dollar across every twenty-year window, and wastewater coverage actually deteriorates from 16 to 14 cents per dollar by the 2040s.**Where does this leave investors?** Consolidation is accelerating - American Water Works and Essential Utilities are merging into a $63 billion entity, PE platforms are rolling up rural systems, and water tariffs grow at 4.77% annually, well above inflation.#️⃣ Mentioned Links #️⃣Water Finance: https://www.youtube.com/watch?v=sd2tCuwMKfkPFAS: https://www.youtube.com/watch?v=sd2tCuwMKfkUtah State University 2023 Break Rate Study: https://engineering.usu.edu/news/main-feed/2024/new-report-says-lack-of-funding-for-critical-water-mains-is-452-billion-over-260000-breaks-annuallyASCE 2025 Infrastructure Report Card: https://infrastructurereportcard.org/Global Water Intelligence's tariff survey: https://www.globalwaterintel.com/documents/tariff-survey-2025 Hosted on Ausha. See ausha.co/privacy-policy for more information.

    34 min
  4. Forget Russia & Qatar: Europe has a New Gas Source (spoiler: it's wastewater biogas)

    MAR 27

    Forget Russia & Qatar: Europe has a New Gas Source (spoiler: it's wastewater biogas)

    Can Europe's Sewage Plants Replace Russian Gas? (aka: the €1.9 Billion Biomethane Opportunity) Europe's wastewater treatment plants are sitting on a massive untapped energy reserve. With the right upgrades, roughly 1,900 facilities across Europe could produce 13.4 billion cubic meters of biomethane per year — matching Russia's remaining pipeline gas deliveries in 2024. Let me break down the economics, the technology, and the investment landscape driving this shift. 🌶️ KEY SPICES 🌶️ ⛽ One oil price spike dropped profitable plant thresholds by 15-47% and made ~600 additional facilities viable for biomethane grid injection overnight 📊 Only 30% of cost-competitive plants have installed grid injection equipment — Denmark leads at 88%, Poland trails at 6.7% ⚖️ The EU's recast Urban Wastewater Treatment Directive mandates energy neutrality by 2045, creating a regulatory demand floor independent of gas prices 🏭 Cambi's thermal hydrolysis revenue trajectory points to their first €100M year, with EBITDA jumping from near-zero to €20M in two years 💰 NextGen biogas companies are funded by energy infrastructure capital (ENGIE, Pennybacker, Hitachi), not water-focused VCs 🥜 IN A NUTSHELL 🥜 Why did 600 European wastewater plants suddenly become profitable gas producers? The Iran-triggered gas crisis pushed TTF prices from €32 to €60 per MWh, dropping minimum viable plant sizes by 15-47% and making biomethane grid injection economically attractive across most of Europe. How much gas could European wastewater produce? Europe's ~1,900 unequipped wastewater plants could produce 13.4 billion cubic meters of biomethane per year, equivalent to Russia's 2024 pipeline gas to Europe, worth €1.9 billion annually. What is the regulatory driver behind this shift? The EU's November 2024 recast of the Urban Wastewater Treatment Directive mandates energy neutrality for all European wastewater utilities by 2045, making biogas production a compliance requirement regardless of gas prices. Who is winning in the biogas technology space? Cambi leads thermal hydrolysis with revenue potentially reaching €100M, while Veolia and SKion Water pursue platform approaches. Anaergia's bankruptcy serves as a cautionary tale that timing matters as much as thesis. Where is the investment capital coming from? Energy infrastructure funds and corporate venture arms (ENGIE New Ventures, Pennybacker Capital, Hitachi) dominate NextGen biogas funding, while traditional water VCs remain largely absent from the space. *** Europe faces a significant energy challenge, highlighted by a potential natural gas shortage following recent events. This situation underscores the broader global energy crisis and its impact on energy markets. We also touch upon the unusual idea of Europe's sewage as a potential gas source, a concept that could impact oil and gas discussions moving forward. The discussion includes analysis from the International Energy Agency regarding supply disruptions and an update on the iran war. Hosted on Ausha. See ausha.co/privacy-policy for more information.

    26 min
  5. His First Two Inventions Made Billions - Number Three Just Went Live

    MAR 21

    His First Two Inventions Made Billions - Number Three Just Went Live

    How Did Pierre Côté Build Two Unicorn Water Technologies - and Why Is He Now Betting on Algae? Pierre Côté is arguably the most successful water technology inventor alive. With over 100 patents across four decades, he created ZeeWeed (the membrane that launched the $3.63 billion MBR market) and co-invented ZeeLung (anchoring the ~$500 million MABR market). Now in his seventies, he's co-founded AlgaFilm Technologies to tackle nutrient removal with algae biofilm. 🌶️ KEY SPICES 🌶️ 🧬 Two unicorn technologies from one inventor — ZeeWeed created the MBR category ($3.63B market), ZeeLung anchors MABR (~$500M and growing) 💰 $689 million exit — GE Water acquired Zenon in 2006 at 3.29x revenue, despite Zenon being loss-making 🌿 AlgaFilm's Algae Forest — patented inverted-cone photobioreactors with 12:1 surface-area-to-footprint ratio, claiming 80% energy reduction 📊 Forced regulatory demand — San Francisco Bay faces $10.8B in nutrient removal costs; Netherlands spending €2.8B in two years; 8,000+ US lagoons need upgrades 🏭 Competitive validation — Gross-Wen Technologies at TRL 9 with 30+ installations and $15M annual revenue proves the algae biofilm category ❄️ The winter test — Kingsville, Ontario demonstration (started March 10, 2026) will face a full Canadian winter, the single biggest unknown 🥜 IN A NUTSHELL 🥜 Who is Pierre Côté? A civil engineer from École Polytechnique de Montréal with a PhD from McMaster, who joined Zenon Environmental in 1989 and invented ZeeWeed — the immersed hollow-fiber membrane technology that created the commercially viable MBR market. What is AlgaFilm Technologies? A BC-based startup co-founded in November 2023 by Côté and Ahren Britton (former Ostara CTO) that grows algae as a fixed biofilm on engineered carriers to remove nitrogen and phosphorus from wastewater, replacing chemical dosing. Why does this matter now? Regulatory pressure is forcing massive non-discretionary spending on nutrient removal — $10.8 billion in San Francisco Bay alone — while the resource recovery market has inflected from $1.5 billion to $2.88 billion since 2020. What are the risks? AlgaFilm sits at approximately TRL 8, has just kicked off its first plant, and must prove winter uptime through Canadian conditions during its 12-month Kingsville demonstration. Who validates the category? Gross-Wen Technologies (Iowa, 2014) operates 30+ algae biofilm installations at TRL 9, with $15M annual revenue and operational profitability, proving the commercial viability of the approach. #️⃣ Mentioned Links #️⃣ - AlgaFilm Technologies: https://algafilm.com/ - Burnt Island Ventures blog entry: https://www.burntislandventures.com/blog/fsu1j27imhhsfnbyxi2k2udd30m57e - DWW — The Algae Revolution with Martin Gross (GWT): https://dww.show/the-algae-revolution-how-gross-wen-technologies-is-cleaning-our-water-through-natures-filter/ - My conversation with Andrew Benedek: https://smartlink.ausha.co/dont-waste-water/s5e12-how-to-be-alone-early-crazy-but-actually-right-the-history-of-zenon Hosted on Ausha. See ausha.co/privacy-policy for more information.

    33 min
  6. This French Lab Wants to Replace Every Pump in Desalination (ilion Water Technologies)

    MAR 16

    This French Lab Wants to Replace Every Pump in Desalination (ilion Water Technologies)

    Can 4 Volts of Electricity Replace 60 Bars of Pressure in Seawater Desalination? ilion Water Technologies is a 2025 spinout from the Physics Laboratory of the École Normale Supérieure in Paris. Their VIRO (Voltage-Induced Reverse Osmosis) technology claims to replace the high-pressure pump train in seawater desalination with an alternating electric field applied to engineered composite membranes, operating at atmospheric pressure. 🌶️ KEY SPICES 🌶️ ⚡ VIRO generates ~15 equivalent bars of pressure per applied volt, targeting the 60-bar threshold used in industrial seawater RO 💰 ilion closed a €3.8M ($4.46M) pre-seed co-led by Demea Sustainable Investment and Critical Path Ventures, plus €1.3M non-dilutive from Bpifrance, CNRS Innovation, PSL, and the ERC 🔬 The underlying research is peer-reviewed in Nature Materials with a scientific lineage tracing back to a 2013 Physical Review Letters paper 👨‍🔬 Scientific advisor Lydéric Bocquet (CNRS Innovation Medal 2024) previously took nanofluidics from lab to industrial pilot with Sweetch Energy (€40M raised, Rhône river deployment in 2024) 📊 The global RO + nanofiltration market reaches $6.14B TOTEX by 2030 at 6.1% CAGR, with RO commanding ~90% of dissolved solids removal 🪦 The graveyard of RO alternatives is pretty full with the recent addition of Aquaporin (21 years → collapse), to the existing Oasys Water ($31M fire sale), or memsys ($3M) 🥜 IN A NUTSHELL 🥜 How does VIRO actually work? Instead of mechanically forcing saltwater through a membrane at 60 bars, VIRO uses an alternating electric field on a composite membrane with nanoscale charge properties, creating an "osmotic diode" that rectifies water flow while blocking salt. What is ilion's current maturity level? TRL 4 (lab-validated), with no published specific energy consumption in kWh/m³, no salt rejection at scale, no membrane lifetime data, and zero physical deployments. Why has every RO alternative failed before? Forward osmosis, membrane distillation, and biomimetic membranes all failed to cross the gap between lab performance and industrial reliability, while RO kept improving toward its thermodynamic floor of ~1.0 kWh/m³. What makes ilion different from previous attempts? Bocquet's track record with Sweetch Energy, the Nature Materials peer review, a deep-science investor stack, and positioning as an RO enhancer (retrofit-compatible) rather than an RO replacement. What should investors watch over the next 2 years Three milestones: real-water performance at the Île-de-France pilot, XPRIZE Water Scarcity semifinal testing in Q4 2026, and membrane fabrication scalability beyond handcrafted lab specimens. #️⃣ Mentioned Links #️⃣ 🔗 ilion Water Technologies — https://ilion-watertech.com/ 🔗 Sweetch Energy — https://www.sweetch.energy/ 🔗 NALA Membranes on the podcast — https://smartlink.ausha.co/dont-waste-water/s13e9-nala-membranes 🔗 the Active Membranes episode — https://smartlink.ausha.co/dont-waste-water/s13e6-this-200-hack-makes-desalination-50-cheaper Hosted on Ausha. See ausha.co/privacy-policy for more information.

    36 min
  7. Why Water Testing Methods Are Dangerously Outdated (w. Lorenzo Falzarano - Orb)

    JAN 14

    Why Water Testing Methods Are Dangerously Outdated (w. Lorenzo Falzarano - Orb)

    Why Are Water Testing Methods Dangerously Outdated - And What's the Fix? Tired of stitching together Crunchbase, overpriced reports, and "a guy who knows a guy"? I built the fix. 50 Founder Seats. Join the waitlist: leviathandata.io 🙌 Supporters 🙌 A big thank you to my partner SimpleLab: https://link.dww.show/simplelab ORB is a water tech company revolutionizing water testing through real-time microbial detection. Using inline deep UV spectroscopy sensors, ORB delivers continuous monitoring that's 1,700 times faster than traditional plate count methods (thus replacing the century-old three-day lab test) with instant insights that protect public health. Lorenzo Falzarano is a serial entrepreneur and the founder and Chief Scientist of ORB, bringing over two decades of experience building impact-driven technology companies, including a successful solar venture that sold through Apple stores worldwide, and has partnered with NASA on space station water monitoring systems. 🌶️ KEY SPICES 🌶️ 🔬 Rapid Microbiology at Light Speed — Water testing results in one second versus three days, using photon-counting detectors that measure microbial fluorescence at the molecular level without reagents or consumables. 🎯 Cold Case Solver — 70% of water quality failures go unexplained; ORB's intelligence platform uses pattern matching and fingerprint signatures to identify root causes that traditional water testing misses. ⚡ Non-Invasive Innovation — Unlike enzymatic or flow cytometry methods, ORB's water tech requires no chemicals, no sample preparation, and no maintenance—just plug-and-play deployment in drinking water networks. 💧 Real-Time Risk Prevention — Catches failing ozone dosing, chlorine systems, and contamination events before they become regulatory violations—helping UK utilities avoid millions in bacteriological fines. 🥜 IN A NUTSHELL 🥜 Why is traditional water testing fundamentally broken? The plate count method takes three days, captures less than 1% of microbes, and forces utilities to run on "maximum everything" because they're operating blind. How does ORB's rapid microbiology approach work? Deep UV light causes microbial cells to fluoresce; photon-counting detectors measure this at the molecular level, delivering instant counts without destroying the sample. What separates ORB from other water tech solutions? ORB used deep neural networks to identify minimum wavelengths needed, then hyper-optimized hardware for drinking water—achieving 400x more sensitivity than lab spectrometers. Can this water testing method distinguish live from dead bacteria? Yes—dying and dead cells produce different spectral signatures, addressing concerns about counting chlorine-killed cells. What's the business model? ORB sells insights through CapEx, OpEx, or hybrid models—deployed across UK and European utilities with NASA validation and third-party certifications. #️⃣ Mentioned Links #️⃣ ORB Monitor: orbmonitor.com Lorenzo's LinkedIn: https://www.linkedin.com/in/lorenzo-falzarano/ Hosted on Ausha. See ausha.co/privacy-policy for more information.

    1h 10m
  8. 25 Years of Acquisitions Built This Water Tech Powerhouse [M&A]

    12/24/2025

    25 Years of Acquisitions Built This Water Tech Powerhouse [M&A]

    How Did H2O Innovation Build a Water Empire Through 18+ Acquisitions (M&A)?Tired of stitching together Crunchbase, overpriced reports, and "a guy who knows a guy"? I built the fix. 50 Founder Seats. Join the waitlist: leviathandata.io 🙌 Supporters 🙌 A big thank you to my partner SimpleLab: https://link.dww.show/simplelab H2O Innovation is a Quebec-based water solutions company founded in 2000. Through strategic M&A, it evolved from a membrane filtration startup into a diversified platform with four pillars: systems, specialty chemicals, operations & maintenance, and water infrastructure development—with the mission to Simplify Water. Guillaume Clairet is COO at H2O Innovation and GP at the Cycle H2O fund, with 20 years steering the company's M&A-driven transformation from startup through 18+ acquisitions to a private equity-backed platform targeting $1 billion by 2030. 🌶️ KEY SPICES 🌶️ 🔧 Four integrated pillars—systems, chemicals, O&M, and water infrastructure development—enable full lifecycle customer relationships from CapEx through recurring revenue 📈 Proven M&A machine with 90%+ acquisition success rate versus the industry standard where two-thirds of deals fail 🌍 Global distribution network serving OEMs across Turkey, Peru, Chile, and Australia with specialty chemicals and components 💧 Water reuse leadership through the Water Infrastructure Development division offering turnkey solutions with no upfront capital under long-term contracts 🤝 Patient private equity partnership with Ember Capital allowing accelerated growth while preserving management continuity and institutional investor alignment 🥜 IN A NUTSHELL 🥜 How did H2O Innovation transform from a startup to a platform company? Starting as a membrane filtration technology company in 2000, H2O Innovation strategically shifted focus from pure CapEx sales to recurring revenue streams by acquiring specialty chemicals companies PWT and Genesis, then rolling up five O&M contractors across North America. What makes their acquisition strategy different? Rather than relying on investment banking processes, H2O Innovation sources most deals directly through trade shows, customer networks, and industry relationships—prioritizing cultural fit, synergy validation, and fair valuations over competing in auctions. What changed after Ember Capital's take-private transaction? The 2023 privatization brought renewed appetite for bigger swings and faster decision-making while preserving continuity through existing institutional investors CDPQ and IQ rolling over their stakes alongside management remaining invested. What is the Water Infrastructure Development pillar? Acquired through NextEra Distributed Water, this fourth pillar offers industrial and institutional clients turnkey water reuse solutions where H2O Innovation finances, builds, owns, and operates decentralized treatment systems under 30-35 year contracts. Where is H2O Innovation heading by 2030? The company targets over $1 billion in revenue through continued tuck-in M&A, exponential growth in water processing agreements, and geographic expansion. #️⃣ Mentioned Links #️⃣ H2O Innovation: https://www.h2oinnovation.com Ember Capital Management https://ember-infra.com/ Hosted on Ausha. See ausha.co/privacy-policy for more information.

    1h 5m
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About

❓ Ever wondered how the #WaterIndustry was reacting to our World's Water Challenges? Water Scarcity? #SDG6? PFAS? Climate Change? Circular Economy? Digitization and Smart Water? 💪 Get the Water Market pulse for free. In one hour per week, while you do the dishes! 📈 We talk water investment, water tech, water entrepreneurship and water market with entrepreneurs, thought leaders, book authors, scientists, investment funds, VCs, and C-Level experts from water majors. ➡️ Leverage their insights, advice & experience and ensure to stay on top of best practices 🗓️ Tune in every Wednesday (don't miss out! 😅) 🌐 Find all the detailed episode notes, interviews, infographics, and more at http://dww.show Currently in its 10th Season, the "(don't) Waste Water" podcast has already welcomed around 250 guests from Water Majors (SUEZ, Veolia, Jacobs, Xylem, Kemira, Evoqua, Aquatech, SKion Water...), Scale-Ups (Cambrian Innovation, Epic Cleantec, Gradiant, Liqtech, 374Water, Gingko Bioworks...), Start-Ups (Puraffinity, KETOS, 120Water, ZwitterCo, Membrion, Source...), Universities (Berkeley, the Columbia Water Center), Investment Funds (Sciens Water, Mazarine, Burnt Island Ventures...), Business Accelerators (Imagine H2O, Elemental...), Book Authors (Seth Siegel, David Sedlak, David Lloyd Owen...) or Market Intelligence Companies (BlueTech Research, Global Water Intelligence, World Bank, OECD, Isle Utilities...). Or simply water legends like Gary White, Mina Guli or Andrew Benedek! On the "(don't) Waste Water" podcast, I strive to make the Water Industry easy to understand for everyone, starting with water professionals, executives, and investors. Hence, he opens the microphone to seasoned, inspirational water experts to discuss their field of excellence. No one can claim an all-around in-depth understanding of a matter as complex as Water. But piece by piece, you can rebuild the puzzle. With curiosity, patience, and passion, Antoine Walter explores topics such as Advanced Treatment Technologies, Water-Energy Nexus (Hydrogen, Lithium...), PFAS removal, Nature-Based Solutions, Wastewater Reuse, Distributed Water Treatments, Water Finance, and Water Entrepreneurship. I actually firmly believe that regular listeners of the "(don't) Waste Water" podcast may, in the end, claim a "Water MBA!" A particular field of interest is how innovation forms, grows and gets widely adopted in a complex and conservative field like the Water Industry. This may be one of the keys to achieving the United Nations Sustainable Development Goal n°6 - #SDG6. Oh, and in short, about me: I'm a water engineer turned avid student of the water business, market, finance, and tech. I'm married, a happy father of three, and I'm French (nobody's perfect 😅). Hosted on Ausha. See ausha.co/privacy-policy for more information.

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