S13E13 - What Does a Billion-Dollar Exit Really Look Like?
How Does Water-as-a-Service Drive Billion-Dollar Exits in Infrastructure Investment? 🙌 Supporters 🙌 A big thank you to my partner SimpleLab: https://link.dww.show/simplelab ⬇️ IN THIS VIDEO ⬇️ Seven Seas Water Group is a vertically integrated water infrastructure platform that designs, builds, finances, operates, and maintains water and wastewater treatment facilities under long-term service agreements. The company recently completed a successful exit from Morgan Stanley Infrastructure Partners to EQT Infrastructure, operating over 210 water-as-a-service contracts across the Caribbean and United States with particular expertise in brackish water desalination and decentralized treatment systems. Henry Charrabe is the CEO of Seven Seas Water Group who led the company through a successful four-year transformation and exit, previously serving in executive roles at Fluence Corporation, and is recognized for pioneering the application of water-as-a-service business models in US municipal and industrial markets. 🌶️ KEY SPICES 🌶️ 💰 Vertically integrated platform - Seven Seas handles design, engineering, financing, construction, and operations in-house, eliminating margin stacking for lower costs and faster execution than multi-partner competitors⚡ Proven track record at scale - 210+ active water purchase agreements with 15-30 year terms demonstrate repeatable success new entrants cannot easily replicate🔄 Patient capital meets expertise - The exit proves infrastructure investors holding 4+ years combined with deep water knowledge generate exceptional returns in underinvested US infrastructure📊 Public vs private dynamics - Public water equities offer lower risk and liquidity; private funds deliver superior returns for patient capital—both forming a necessary growth ecosystem🥜 IN A NUTSHELL 🥜 Why is water-as-a-service winning? Performance-based contracts align incentives—investors only get paid when delivering contracted water quality and quantity.What makes the US market attractive? Massive infrastructure underinvestment, creditworthy municipal off-takers, and decentralized systems create exceptional deployment opportunities.How do private and public returns differ? Private water investments achieve 10x returns with patient capital, while public equities deliver 14-15% annually with lower risk and immediate liquidity.Why fewer IPOs today? Cyclical markets favor private-to-private exits when strategic buyers offer better valuations than public market multiples.What's the biggest opportunity? Reducing waste beats new supply—California loses 32% to inefficiencies, making conservation more economically attractive than desalination.#️⃣ Mentioned Links #️⃣ Seven Seas' websiteLoughlin Water PartnersOrange Ridge CapitalRobin Castelli's book⏰ TIME CODES ⏰ 00:00 Live from NYC's Climate Week 04:00 Henry Charrabé (Seven Seas Water) 25:49 John Rosenberg (Loughlin Water Partners) 40:08 Robin Castelli (Orange Ridge Capital) 50:01 Closing Hosted by Ausha. See ausha.co/privacy-policy for more information.
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SPECIAL: How SOURCE Lost Everything in Just 12 Months
🤔 What Happened to Source Global's Water-from-Air Technology? 🙌 Supporters 🙌 A big thank you to my partner SimpleLab: https://link.dww.show/simplelab My best water tech analysis straight to your inboxSOURCE (formerly Zero Mass Water) produced drinking water from air using solar-powered Hydropanels. Founded in 2015 by Cody Friesen, it raised $270 million, becoming one of water tech's most-funded companies.🥜 IN A NUTSHELL 🥜 What was Source Global's core technology? Solar-powered Hydropanels that extract drinking water from atmospheric humidity, requiring no electrical or water infrastructure.Why did the company fail despite massive funding? Ran out of cash after failing to raise funds, faced major quality issues from Malaysian manufacturing, and had unsustainable costs versus traditional water delivery.What were the main product problems? High failure rates within 2-3 years, frequent fan and battery breakages, and warranty quietly reduced from 10 to 5 years.Did Source attempt a business pivot? Acquired Proud Source Water and launched Sky Water, building Hydropanel farms to produce canned atmospheric water at scale.What remains of Source Global today? The founder and executives left in early 2025. Hydropanels and Sky Water are out of stock, but the acquired Proud Source Water business continues operating.#️⃣ Mentioned Links #️⃣ SOURCE's SEC filings (over the years): Source on GlassdoorSource's troubles in AllensworthMy own interview with Source, four years agoSource's website (still active)Cody Friesen's LinkedIn profileProud Source Water's websiteThe Marianna Hydropanel Farm on Google MapsThunderf00t's original videoHosted by Ausha. See ausha.co/privacy-policy for more information.
How Do 32+ Electrochemical Water Oxidation Technologies Compete for PFAS Destruction Market Share? Listen to this!More #water insights? Connect with me on Linkedin: https://www.linkedin.com/in/antoinewalter1/🙌 Supporters 🙌 A big thank you to my partner, Georg Fischer: https://www.gfps.com/com/en/products-solutions/solutions/design-prefabrication.html#!How Do 32+ Electrochemical Water Oxidation Technologies Compete for PFAS Destruction Market Share?Electrochemical Water Oxidation is an emerging treatment technology that uses electrical current to break down persistent contaminants like PFAS in industrial wastewater. With 32 identified companies developing proprietary systems—17 specifically targeting PFAS destruction—this crowded market represents both intense competition and strong validation of a rapidly growing industrial need.Antoine Walter is a water technology analyst and podcast host who has interviewed nine electrochemical oxidation companies, conducted comprehensive market research across 32 players in the space, and provides strategic insights for entrepreneurs, investors, and water industry executives navigating this competitive landscape.🌶️ KEY SPICES 🌶️⚡ Power Density Range: Technologies span three orders of magnitude (100-10,000+ A/m²), with higher densities potentially enabling more compact treatment systems💎 Electrode Materials: Boron-Doped Diamond (33%) and Titanium suboxide (28%) lead among PFAS-focused companies, with Mixed Metal Oxide dominant overall🎯 Market Maturity: 53% of PFAS-targeting companies operate at TRL 8 with only two at full commercial deployment (TRL 9)🧪 Defluorination Proof: Four companies have achieved third-party verified >90% defluorination, with half reporting complete PFAS destruction capabilities🏭 Minimal Chemistry: 58% operate with minimal chemical addition, and 83% self-clean through electrical reversal or direct capacity🥜 IN A NUTSHELL 🥜What's the actual market size? Only an estimated 250 of 10 million global industrial facilities have addressed PFAS in wastewater, with perhaps 24 choosing electrochemical oxidation—creating fierce competition for limited installations.How do electrode materials differ? Boron-Doped Diamond offers superior performance but higher costs, while Mixed Metal Oxide and Titanium suboxide provide alternatives, with some companies opting for sacrificial anodes to reduce expenses.What determines system performance? Power density, pH tolerance (46% work at neutral pH), electrode lifetime, and reactor design collectively influence treatment efficiency and operational costs more than any single factor.Are these technologies deployment-ready? Most companies (TRL 7-9) have moved beyond lab-scale, though only Axine and AECOM have reached full commercial deployment with multiple installations.What's the investment opportunity? The collective $120M raised across startups represents capital-efficient validation, with regulatory pressure intensifying and the addressable market potentially growing 10x within three years.Hosted by Ausha. See ausha.co/privacy-policy for more information.
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S13E12 - Can We Actually Afford to Clean Up Forever Chemicals?
How Can We Afford to Remove PFAS from Our Environment When Treatment Costs Exceed Global GDP?🙌 Supporters 🙌 A big thank you to my partner SimpleLab: https://link.dww.show/simplelab ⬇️ IN THIS EPISODE ⬇️PFAS (per- and polyfluoroalkyl substances) are persistent synthetic chemicals used in countless everyday products that contaminate drinking water, wastewater, and the environment. These "forever chemicals" accumulate irreversibly in our bodies and ecosystems, creating mounting health risks for current and future generations while presenting unprecedented economic and regulatory challenges.Dr. Ali Ling is a professor at the University of St. Thomas specializing in PFAS management and wastewater treatment, with a decade of consulting experience helping industrial and municipal facilities address emerging contaminants, and expertise in big-picture systems thinking for environmental risk assessment.🌶️ KEY SPICES 🌶️💰 Cost-Effective Approach - Source reduction is 1,000 times cheaper than environmental cleanup, with upstream industrial controls costing hundreds versus millions of dollars per kilogram of PFAS removed🔬 Technology Expertise - Comprehensive knowledge of GAC, ion exchange, destruction technologies, and emerging treatment solutions across drinking water, wastewater, and industrial applications📊 Data-Driven Strategy - Evidence-based analysis showing that removing PFAS at current production rates would exceed global GDP, making source control the only viable path forward🎯 Risk Prioritization - Understanding that drinking water represents less than 20% of human PFAS exposure, with diet and indoor dust contributing significantly more to health risks🌍 Future-Focused Thinking - Emphasis on persistence as a critical factor, recognizing that today's PFAS releases create irreversible accumulation threatening future generations🥜 IN A NUTSHELL 🥜Why is cleaning up PFAS from the environment economically impossible? Removing PFAS from the environment at the rate we produce it costs millions of dollars per kilogram and would exceed global GDP, while upstream source control costs only hundreds to thousands of dollars per kilogram.What's the biggest misconception about PFAS treatment? Most people focus on drinking water cleanup as a past problem, but we're still actively producing massive amounts of PFAS today, and drinking water represents less than 20% of human exposure to these persistent chemicals.Should utilities treat PFAS in wastewater effluent? Treating municipal wastewater effluent is extremely expensive and environmentally impactful, whereas addressing industrial discharges and landfill leachate at their concentrated source points is far more cost-effective and logical.How do we prevent regrettable substitution when phasing out PFAS? The European Union is implementing better frameworks that assess both persistence and toxicity before approving chemicals, while companies like IKEA and H&M have successfully phased out PFAS entirely from their supply chains.#️⃣ Mentioned Links #️⃣Ali Ling's LinkedIn profileAli's paper on the costs to remove PFAS from the environmentHosted by Ausha. See ausha.co/privacy-policy for more information.
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3 Days at WEFTEC 2025: My Complete Water Tech Breakdown
What's to remember from WEFTEC 2025? Here are my 5 Water Tech picks, 3 Marketing Tips, the State of the Union on the Water/AI Nexus, and much more. Wanna get 3 Days at WEFTEC summarized in 70 Minutes? Listen to this!More #water insights? Connect with me on Linkedin: https://www.linkedin.com/in/antoinewalter1/🙌 Supporters 🙌A big thank you to my partner SimpleLab: https://link.dww.show/simplelab#️⃣ All the Links Mentioned in this Video #️⃣BDP EnviroTech's website: https://bdpenvirotech.com/Lummus Technology's website: https://www.lummustechnology.com/Weaver Labs' website: https://www.weaver-labs.com/Algafilm's website: https://algafilm.com/CREW Carbon's website: https://crewcarbon.com/GWI's new Water Investment Navigator: https://www.winwaterprojects.io/🎙️ Subscribe and Listen to the Don't Waste Water Podcast HERE 🎙️Podcast Channel: @dwwpodcast Main Channel: @AntoineWalterDWW Smartlink: https://smartlink.ausha.co/dont-waste-waterWebsite: https://dww.show/podcast/🙋 QUESTION: What would you like me to cover next?⏰ TIME CODES ⏰00:00 Introduction01:22 XPRIZE Water Scarcity02:56 3 Shortlisted for XPRIZE07:05 #5 Water Tech Pick - BDP EnviroTech16:03 #4 Water Tech Pick - Lummus Technology23:59 My Rules & Thank You SimpleLab25:01 WEF Board Member Interview28:21 #3 Water Tech Pick - Weaver Labs35:56 #2 Water Tech Pick - Algafilm Technologies45:13 3 Tips to Power Up your Tradeshow Marketing48:27 #1 Water Tech Pick - CREW Carbon59:45 The Water AI Nexus1:01:36 GWI's take at AI (with WEF)1:08:28 Best WEFTEC EverAbout this Podcast:Welcome to the (don't) Waste Water podcast, the leading podcast for water industry professionals, investors, and entrepreneurs seeking deep insights into water tech innovation, investment trends, and strategic moves in the sector. Host Antoine Walter blends his technical expertise with sharp business acumen to deliver weekly episodes featuring candid conversations with C-suite executives, detailed analysis of major water industry developments, and practical insights for water tech startups and seasoned players alike. Hosted by Ausha. See ausha.co/privacy-policy for more information.
About (don't) Waste Water! | Water Tech to Solve the World
❓ 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 by Ausha. See ausha.co/privacy-policy for more information.
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