Tracxn - Waste & Water Management Startup Landscape

MAY 2018
WASTE & WATER MANAGEMENT

Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Waste & Water Management - May 2018
Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
2
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Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
3
Feed Summary
Investment Trend Summary
Exit Outlook Summary
BlueBox
Summary of Key Markets
Notable Companies in the Sector
Recent News

Note: Mega Companies includes IPO’d companies, Mega Acquisitions and Unicorn. Data is taken from Tracxn Platform as on May 3, 2018.
Waste & Water Management Feed Summary
4
Waste & Water Management > Feed Summary
Solutions resulting in management of waste and water
• Inclusions: Companies across the entire value chain of the
Waste Management industry - Collection, Transportation and
Processing. It includes technology providers which offers the
equipment and machinery needed for waste management,
recycling companies which processes waste and bring the
waste to the original form, processing companies which
implements processes to change the form of the waste into
energy, compost or other useful form. Also includes waste
collection companies that offers reverse logistics for waste
collection and offers smart waste-bins. Currently, the feed also
includes companies in the water and wastewater industry.
• Exclusions: NGO and not-for-profit organizations are
excluded.
• Excludes funding information of Chinese companies Feed in Numbers
Overview
$9.8B
Funding
229
Mega
Companies
13183511
FundedCovered on
Tracxn
2
Unicorns
20
Soonicorns
43
Minicorns
189
IPO’d Cos
448
Late Stage Cos
184
52
Acquisitions
183
DeadPooled
198
Acquihired
Series A+ Cos
Rubicon Global
(2008, Atlanta, $213M)
Libelium
(2006, Zaragoza)
INEOS bio
(2008, Rolle, Acq)
Top Companies

Investment Trend Summary
Summary of Funding Activity in Waste & Water Management
5
$280M - Series B
Advanced Disposal (2000, Ponte Vedra,
$280M)
$100M - PE
H2O Midstream (2015, Houston, $100M)
$225M - PE
GFL Environmental (2007, Toronto)
$80M - PE
Goodnight Midstream (2011, Dallas, $80M)
$225M - Series G
Enerkem (2000, Montreal, $509M)
$75M - Series C
Rubicon Global (2008, Atlanta, $213M)
$147M - PE
Utico (1980, Abu Dhabi, $147M)
$50M - Series E
$100M - PE
BlueJack Energy Solutions (2016, Plano,
$100M)
$45.8M - Series C
Fulcrum Bioenergy (2007, Pleasanton, $353M)
Top Geos of InvestmentEntrepreneurial Activity Global Funding Trend
*YTD *YTD
Waste & Water Management > Feed Summary > Investment Trend Summary
Seed
High-Tech Grunderfonds (#2), Infuse Ventures (#2), Innovation
Fund (#2)
Series A/B The Miller Group (#3), Aavishkaar (#2), Almi (#2)
Series C+
Business Growth Fund (#4), XPV Water Partners (#2), ABS Capital
(#1)
Incubators
Climate KIC (#26) Hutchison Kinrot (#12) Plug and Play Tech
Center (#8)
Other Notable
Investors
Ironwood Capital (#6), Massachusetts Clean Energy Center (#6),
Innovation Works (#5)
Debt Investors
Advantage Capital (#4), Connecticut Innovations (#2), Enterprise
Ventures (#2)
Most Active InvestorsRecent Investments
213
233
310
189
59
1
2013 2014 2015 2016 2017 2018*
Y-o-Y # of Companies Founded 134 152 158 164 123 34
$719M
$1.4B
$786M
$1.6B
$706M
$402M
2013 2014 2015 2016 2017 2018*
$ Funding # Rounds
$5.5B
$2.9B
$1.8B
$251M
$201M
US
Europe
Canada
United
Arab…
India
$ Funding

Summary of exit outlook in Waste & Water Management
Exit Outlook Summary
66
Most Active AcquirersTop Investors in Exits
Element Partners 2
AquaVenture Holdings (2006, Tampa, $132M)
Ionics (1995, Bellevue, $130M)
Ludgate Investments 2
Phoslock (1994, Sydney, $550k)
Hydrodec Group (2001, London)
3i Group 2
Hera (2002, Bologna, $9.9M)
Kemira (1920, Helsinki)
Coreo 2
De.Mem (2013, Singapore, $244k)
ItN Nanovation (2000, Saarbrucken)
Quest for Growth 2
TOMRA (1972, Asker)
Umicore (1805, Brussels)
Sep 2017 Calgon Carbon Acq by kuraray for $1.3B
Jul 2015 Elster Acq by Honeywell for $5.1B
Jul 2014
Wheelabrator Acq by Energy Capital Partners for
$1.9B
Jan 2013
EnergySolutions Acq by Energy Capital Partners for
$1.1B
Dec 2011 Nalco Acq by Ecolab for $5.4B
Nov 2004 Ionics Acq by General Electric for $1.1B
Waste & Water Management > Feed Summary > Exit Outlook Summary
General Electric 2 Ionics (Nov 2004, $1.1B), Sensicore (Apr 2008)
Danaher 2
ChemTreat (May 2007, $435M), Trojan Technologies (Sep
2004, $247M)
Energy Capital
Partners
2
Wheelabrator (Jul 2014, $1.9B), EnergySolutions (Jan 2013,
$1.1B)
ITT 2 YSI (Jul 2011, $310M), Wedeco (Nov 2003, $268M)
Honeywell 1 Elster (Jul 2015, $5.1B)
Recent IPOs Top Acquisitions
Nuverra Oct 2017
Treatment of waste water in oil and gas i…
IPO MCap: - Current MCap: -
De.Mem Jul 2017
Water treatment and purification
IPO MCap: $14.7M Current MCap: $7.4M
Fluence Jul 2017
Integrated water and wastewater managemen…
IPO MCap: - Current MCap: $155M
Select Energy Services Apr 2017
End-to-end water solutions provider to th…
IPO MCap: $764M Current MCap: $1.3B
Flexible Solutions
Technology developer for waste and water…
Estre Ambiental Dec 2017
Integrated waste management
Befesa Nov 2017
Recycling of industrial residues
IPO MCap: - Current MCap: $1.1B
Evoqua Nov 2017
Offers water and waste-water treatment pr…
IPO MCap: - Current MCap: $2B

Marketmap: Waste & Water Management
Overview
Companies 3511
Funded 1318 Series A+ 448
Funding $9.8B Last 2 yrs $1.5B
Most Active Investors
Seed High-Tech Grunderfonds (1)
Series A/B The Miller Group (3)
Series C+ Business Growth Fund (1)
Others Ironwood Capital (4)
Incubators Climate KIC (6)
FACTSHEET
Top Cities
Bay Area 110 Cos $777M
Paris 22Cos $1B
Feed in Numbers
Unicorns 2 Soonicorns 20
Minicorns 43 Editor Picks 39
Acquihired 198 Deadpooled 183
Top Companies
INEOS bio (2008, Rolle, Acq)
Libelium (2006, Zaragoza)
Exits
IPOs 189 Flexible Solutions, Nuverra
Acquisitions 52 Calgon Carbon, Elster
Top Acquirers BlackBaud, Airbnb,
GofundMe
WASTEWATER
INTEGRATED
MUNICIPAL
TREATMENT
MODULES
WASTE
INTEGRATED
COLLECTION & DISPOSAL
RECYCLING
OPTIMIZATION SOFTWARE
WASTE-TO-ENERGY*
HAZARDOUS WASTE
PROCESSING
SORTING & MONITORING
SYSTEM
TREATMENT TECHNOLOGY
PROVIDERS
INTEGRATED PLAYERS
INDUSTRIAL
MEMBRANES
WATER
DRINKING WATER
AIR-TO-WATER*
SMART WATER MANAGEMENT*
* Denotes Upcoming Business Models in Waste & Water Management market
Waste & Water Management > Feed Summary > BlueBox
7
Funding data excludes Debt, Grants & Post-IPO rounds. Excludes all details for Chinese companies
For any Feedback and Query reach out to MyAnalyst@tracxn.com

Key Sub Sectors in Waste & Water Management Sector
Summary of Key Markets
8
Top Markets of Investment Activity
# Cos on
Platform
Last 2 Years
$ Invested # Round
Water & Wastewater Management >
Treatment >
Industrial
113 $312M 15
Waste Management > Treatment >
Processing > Waste-to-Energy >
Organic Waste
118 $334M 14
Waste Management >
Treatment Technology Provider 232 $127M 26
Water & Wastewater Management > Smart
Water Management >
Residential & Commercial
82 $50.9M 19
Waste Management >
Integrated 239 $264M 10
Recycling >
Organic Waste
52 $56.4M 14
Water & Wastewater Management >
Modules >
Biosolutions
70 $82M 11
Water & Wastewater Management > Smart
Water Management >
Utility-scale
95 $19.1M 15
Recycling >
Inorganic waste
257 $39.6M 11
Sub Sectors
# Cos
Tracked
#
Funded
Total
Funding
Waste Management
Companies focused on management of waste across
the value chain including collection,...
2027 648 $6.3B
Water & Wastewater Management
Companies focused on managing water and
wastewater resources
1382 629 $3.5B
Sanitation
Companies developing solutions and systems for
improving access to sanitation in rural...
34 14 $27.9M
Horizontal
Companies involved in management of waste, water
and wastewater
57 23 $2.7M
Waste & Water Management > Feed Summary > Summary of Key Markets

List of Notable Companies in Waste & Water Management
Notable Companies in the Sector (1/5)
9
Note: *(Founded Year, Location, Total Funding)
Waste & Water Management > Feed Summary > Notable Companies in the Sector
Public
HaloSource
(1999, Bothell, $36.5M)*
Water Intelligence
(1974, London)
Evoqua
(2013, Pittsburgh)
Advanced Disposal
(2000, Ponte Vedra, $280M)
Befesa
(1993, Seville)
Select Energy Services
(2008, Denver, $125M)
Aclara Technologies
(1972, Hazelwood)
Biffa
(1912, Buckingham)
Bingo Industries
(2013, Sydney)
AquaVenture Holdings
(2006, Tampa, $132M)
Public
ZhongDe Waste
Technology
(1996, Frankfurt)
Metawater
(2007, Tokyo)
Fluence
(2017, New York City)
Rothwell
(2004, Seoul)
Emefcy
(2007, Hadera, $30M)
ZhongDe Waste
Technology
(1996, Frankfurt)
Primo Water
(2004, Winston-salem, $46M)
Casella
(1975, Rutland)
Modern Water
(2006, Guildford)
Public
ItN Nanovation
(2000, Saarbrucken)
KG ETS
(1999, Siheung)
Range International
(2008, Tabanan)
Novarise Renewable
Resources
(1998, Sydney)
Pyrolyx
(2008, Munich)
Aqua Metals
(2013, Alameda, $6M)
MagneGas
(2005, Tarpon Springs, $7.1M)
MYCELX
(1994, Duluth, $2.8M)
Amiad
(1962, Safed)
800 Super Holdings
(1986, Singapore)
Public
Korea Environment
Technology
(1993, Ulsan)
Consolidated Water
(1973, Miami)
AnaeCo
(1999, Bentley)
De.Mem
(2013, Singapore, $244k)
Gentro
(1989, Seoul)
Phoslock
(1994, Sydney, $550k)
Papyrus Australia
(1996, Adelaide)
BQE Water
(1997, Vancouver)
Armada Water
(2012, Houston, $27.7M)
Ecosphere Tech
(1998, Stuart, $10M)
Public
Hera
(2002, Bologna, $9.9M)
Scandinavian Enviro
Systems
(2001, Gothenburg, $9.3M)
AbTech Industries
(1999, Scottsdale, $7.2M)
Dais Analytic
(1993, Odessa, $5.8M)
Abakan
(2009, Miami, $5.6M)
Ganesha Ecosphere
(1987, Kanpur, $5M)
Green EnviroTech
(2007, Riverbank, $5M)
Vertex Energy
(2001, Houston, $4.5M)
Strategic
Environmental &
Energy Resources
(2002, Golden, $4M)

10
Public
BioHiTech Global
(1999, New York City, $3.4M)
Skyline Medical
(2002, Eagan, $3.2M)
OriginClear
(2007, Los Angeles, $1.4M)
Cardinal Resources
(2004, Pittsburgh, $1.1M)
Go Green Global
Technologies
(2009, Monroe, $1.1M)
BioShaft
(2007, Caracas, $600k)
PureSafe water systems
(2007, Plainview, $515k)
Greenbelt Resources
(2001, Los Angeles, $170k)
Ambient Water
(2005, Spokane, $30k)
Public
Ocean Thermal Energy
Corporation
(1988, Lancaster)
Thermax
(1966, Pune)
Umicore
(1805, Brussels)
ACCIONA
(1997, Alcobendas)
Ambienthesis
(2013, Segrate)
Aquatech
(2009, Warsaw)
Aquentium
(2002, Palm Springs)
Artesian Resources
(1905, Philadelphia)
BioLargo
(1989, Santa Ana)
Public
Blue Sphere
Corporation
(1991, Even Yehuda)
Brite-Tech Berhad
(2001, Shah Alam)
Cassandra Oil
(2011, Vasteras)
CleanTech Biofuels
(2009, St. Louis)
Cypark Resources
Berhad
(2004, Petaling Jaya)
Daiseki
(1945, Kanazawa)
Enviro Voraxial
Technology
(1997, Lauderdale)
Ever-Clear
(1999, Taichung)
E-Waste Systems
(2011, Irvine)
Public
FCC Aqualia assists
public bodies
(1900, Madrid)
Gr8 Water
(2011, Port Saint Lucie)
Grino Ecologic
(1933, Tarragona)
Hydrotec
(1985, Rehau)
Industrial Services of
America
(1954, Louisville)
Ion Exchange
(1964, Mumbai)
Kemira
(1920, Helsinki)
Keppel Infrastructure
Trust
(2007, Singapore)
Kobelco Eco Solutions
(1954, Chuo)
Public
Kuan Yuan Paper
(1964, Hsinchu)
Meridian Waste
Solutions
(2014, Atlanta)
Nature Group
(1985, Amsterdam)
Nomura Micro Science
(1969, Atsugi)
Orzel Bialy
(1858, Piekary Slaskie)
Perma-Fix
(1991, Atlanta)
Pizzorno
Environnement
(1974, Draguignan)
PwrCor
Pyrogenesis
(1998, Montreal)

11
Public
Schnitzer Steel
(1906, Portland)
Shintokyo Group
(1992, Chiba)
Suido Kiko Kaisha
(1924, Setagaya)
SW Umwelttechnik
(1910, Klagenfurt)
Tex Cycle Technology
(2005, Puchong Batu Dua Belas)
Zimmite
(1977, Taipei)
ALBA Group
(1968, Berlin)
Analabs Resources
(1936, Kuala Lumpur)
AQUA S.A.
(1988, Poznan)
ARCA
(1976, Minneapolis)
Public
CASSA Group
(2012, Sabadell)
Cleanaway
(1989, Melbourne)
Colex
(1999, Singapore)
Daiseki Eco Solutions
(1996, Minato)
Derichebourg
(1956, Paris)
E&E Recycling
(1998, Taipei)
EcoWise Group
(1979, Singapore)
Envipco
(1986, Jacksonville)
Europac Group
(1995, Alcobendas)
EZO
(2006, Warsaw)
Public
Flexible Solutions
(1989, Victoria)
Global Clean Energy
(2007, Montreal)
Itronics
(1997, Nevada City)
Kalina Power
(1950, Hawthorn)
Maezawa Industries
(1952, Tokyo)
METech International
(2001, Singapore)
Middlesex Water
Company
(1897, Iselin)
Newalta
(1993, Calgary)
Salcon Berhad
(1974, Petaling Jaya)
Seche Environnement
(1985, Angers)
Public
Texcom Resource
(2004, Houston)
TOMRA
(1972, Asker)
Transtech Industries
(1965, Sewell)
US Ecology
(1952, Boise)
Waste Connections
(1997, The Woodlands)
United Water
Resources
(1996, Newton)
Alpha Hi-Tech Fuel
(1993, Mumbai)
Alpha Wastewater
(2009, Vancouver)
Arad
(1941, Hadera)
Augean
(2004, Wetherby)
Public
BacTech Environmental
(2010, Toronto)
Bion Environmental
Tech
BWT
(1990, Mondsee)
Carbios
(2011, Beauzelle)
Clean Harbors
(1980, Norwell)
Clean TeQ
(1990, Notting Hill)
Clearford Water
Systems
(1989, Ottawa)
CNIM Group
(1856, Paris)
Darco Water
(1999, Singapore)

12
Public
Eco Recycling
(1994, Mumbai)
EcoloCap solutions
(2004, Barrington)
EcoRub
(1991, Holmsund)
Enpar Tech
(2000, Guelph)
Environmental Waste
International
(1992, Ontario)
Envitec
(1991, Athens)
Estre Ambiental
(1999, Sao Paulo)
Falck Renewables
(2010, Sesto San Giovanni)
Frontier Oilfield
Services
(2010, Dallas)
Public
Fujikoh company
(1974, Tokyo)
Global Water
Technologies
(1990, Indianapolis)
Gruppo Waste Italia
(2000, Milan)
H2O Innovation
(2000, Quebec City)
Harmonic Energy
(2011, London)
Hydrodec Group
(2001, London)
Hyflux
(1989, Singapore)
Innoveox
(2008, Paris)
Interwaste
(1989, Germiston)
Liqtech
(2001, Ballerup)
Public
NanoStruck
(2010, Canada)
Neptune Technology
Group
(1892, Tallassee)
Nihon Trim
(1982, Osaka)
Nuverra
(2007, Phoenix)
Orege
(2005, Voisins-le-bretonneux)
Pennon Group
(1989, Exeter)
Plastic Omnium
(1947, Levallois-perret)
Polygenta
(1981, Mumbai)
PowerHouse Energy
(2000, Bingley)
Pure Cycle
(1976, Denver)
Public
Quest Water
(2008, North Vancouver)
Questor Tech
(1995, Calgary)
Recylex
(2007, Suresnes)
Republic Services
(1998, Phoenix)
Sabesp
(1973, Sao Paulo)
Seychelle
(1986, San Juan Capistrano)
Shanks Municipal
(1990, Milton Keynes)
SIIC Environment
Holdings
(1996, Singapore)
Sims Metal
Management
Public
Sound Global
(1993, Singapore)
Toxfree
(2000, Osborne)
US Ecology
(1952, Boise)
Valoneo
(2012, Paris)
Vista International
Technologies
(1996, Commerce City)
Wabag
(1924, Chennai)
Watts Water
Technologies
(1874, North Andover)
Xylem Water Solutions
Zylog Systems
(1995, Edison)

13
Acquired
Nalco
(1928, Naperville)
Elster
(1994, Ocala)
Wheelabrator
(1975, Portsmouth)
SAUR Group
(1933, Guyancourt)
Calgon Carbon
(1942, Pittsburgh)
Ionics
(1995, Bellevue, $130M)
Cory Environmental
(1896, London)
EnergySolutions
(2006, Salt Lake City)
Ekokem
(1979, Riihimaki)
Van Gansewinkel
(2007, Eindhoven)
Acquired
Wastequip
(1989, Charlotte)
WCA Waste
(2000, Houston, $27M)
ChemTreat
(1968, Glen Allen)
Oakleaf Waste
Management
(1995, East Hartford, $30M)
Renewi plc
(2017, Milton Keynes)
Pure Technologies
(1993, Calgary, $3.8M)
Duratek
(1982, Columbia)
Sorce Services
(1940, Hales Corners)
ecoATM
(2008, San Diego, $31M)
Kurion
(2008, Irvine, $1.3M)
Acquired
PSC Metals
(1889, Mayfield Heights)
YSI
(1948, Yellow Springs)
BWA Water Additives
(1973, Manchester)
Terrapure
Environmental
(2015, Burlington)
Innovyze
(1996, Broomfield)
Wedeco
(1976, Herford)
Winters Bros
(1950, West Babylon, $45.8M)
VAG
(1872, Mannheim)
Trojan Technologies
(1977, Gore Bay)
Clean Earth
(1990, Hatboro)
Acquired
Attero
(1921, Haelen)
Memstar Technology
(1979, Singapore)
Infiltrator
(1987, Old Saybrook, $186M)
Qundis
(2009, Erfurt)
NanoH2O
(2005, Los Angeles, $90M)
MedServe
(2004, Bellaire, $117M)
U.S. Water
(1997, Saint Michael)
Terra Renewal Services
(1995, Richardson)
Unicorns
Dublin Waste to Energy
(2017, Dublin, $819M)
Rubicon Global
(2008, Atlanta, $213M)

List of Notable Companies by Market in Waste & Water Management
Notable Companies by Market (1/20)
15
Waste & Water Management > Feed Summary > Notable Companies by Market
Horizontal
Horizontal
Thermax (1966, Pune)
Water & waste management solution provider
Editor's Pick. Stage: Public
Aquentium (2002, Palm Springs)
Sanitation and water treatment technology
solutions provider
Stage: Public
Cypark Resources Berhad (2004, Petaling
Jaya)
Turnkey solutions for renewable energy generation
and waste & water treatment
Stage: Public
Keppel Infrastructure Trust (2007,
Singapore)
Provider of waste & water treatment solutions
Stage: Public
Kobelco Eco Solutions (1954, Chuo)
Waste treatment solutions provider
Stage: Public
Horizontal
Nature Group (1985, Amsterdam)
Maritime and offshore waste collection and
treatment services provider
Stage: Public
Newalta (1993, Calgary)
Waste management services provider to oil & gas
production comapnies
Stage: Public
Envitec (1991, Athens)
Waste and wastewater treatment and processing
facilities
Stage: Public
Pennon Group (1989, Exeter)
Water utility and waste management company
Stage: Public
SAUR Group (1933, Guyancourt)
Integrated waste and wastewater management
company
Stage: Acquired
Ardian, Seche Environnement, BNP Paribas and 1
Other Investors
Horizontal
SIIC Environment Holdings (1996,
Singapore)
Water and waste treatment facilities
Stage: Public
Rockstead Capital

16
Waste Management
Integrated
Winters Bros (1950, West Babylon, $45.8M)
Solid waste collection and recycling services
provider
Stage: Acquired
Advantage Capital, Clairvest
Oakleaf Waste Management (1995, East
Hartford, $30M)
Waste recovery and recycling company
Stage: Acquired
Charterhouse Equity
WCA Waste (2000, Houston, $27M)
Vertically integrated waste management company
Stage: Acquired
Colt Ventures
Hera (2002, Bologna, $9.9M)
Diversified multi-utility and waste management
company
Stage: Public
CDP Equity, 3i Group
Integrated
Vertex Energy (2001, Houston, $4.5M)
Horizontal waste company in oil industry
Stage: Public
Cagan McAfee Capital Partners
Grino Ecologic (1933, Tarragona)
Waste treatment and energy conversion plant
operator
Stage: Public
Pizzorno Environnement (1974, Draguignan)
Waste management service provider
Stage: Public
Shintokyo Group (1992, Chiba)
Industrial waste collection and treatment services
provider
Stage: Public
ALBA Group (1968, Berlin)
Integrated waste management solution provider
Stage: Public
Integrated
Analabs Resources (1936, Kuala Lumpur)
Integrated waste management company
Stage: Public
Cleanaway (1989, Melbourne)
Waste Management Services provider
Stage: Public
Daiseki Eco Solutions (1996, Minato)
Environmental service company
Stage: Public
Derichebourg (1956, Paris)
Integrated waste management services for Cities
Stage: Public
Europac Group (1995, Alcobendas)
Waste Management and Paper and packaging
production
Stage: Public
Itronics (1997, Nevada City)
Cleantech waste processing company
Stage: Public

17
Waste Management
Integrated
Waste Connections (1997, The Woodlands)
Solid waste collection, transfer, disposal and
recycling services
Stage: Public
Biffa (1912, Buckingham)
Horizontally integrated waste management
company
Stage: Public
Global Infrastructure Partners
Casella (1975, Rutland)
Stage: Public
Cave Creek Capital, Weston Presidio, North Atlantic
Capital
Clean Earth (1990, Hatboro)
Remediation, disposal and recycling of hazardous
and non-hazardous wastes.
Stage: Acquired
Eos Partners, Ridgemont Equity partner, Compass
Group Management
Integrated
Clean Harbors (1980, Norwell)
Waste management services
Stage: Public
Summit Partners
Ekokem (1979, Riihimaki)
Integrated waste management company
Stage: Acquired
Ilmarinen, Association of Finnish Local and
Regional Authorities, Helsinki Region
Environmental Services Authority HSY
Estre Ambiental (1999, Sao Paulo)
Integrated waste management
Stage: Public
Rotation Capital
Gruppo Waste Italia (2000, Milan)
Collection, segregates and energy generation
Stage: Public
Synergo
Integrated
Interwaste (1989, Germiston)
Integrated waste management solutions
Stage: Public
Plastic Omnium (1947, Levallois-perret)
Waste management, automotive body parts
manufacturing
Stage: Public
Republic Services (1998, Phoenix)
All in one waste management company
Stage: Public
Argentum Group, MK Capital
Shanks Municipal (1990, Milton Keynes)
Horizontally integrated waste management
company
Stage: Public
Terra Firma Capital Partners
Terrapure Environmental (2015, Burlington)
Stage: Acquired

18
Waste Management
Integrated
Toxfree (2000, Osborne)
Integrated waste management solutions company
Stage: Public
Van Gansewinkel (2007, Eindhoven)
Waste management and energy supplying company
Stage: Acquired
Kohlberg Kravis Roberts
Collection
Advanced Disposal (2000, Ponte Vedra,
$280M)
Trash disposal, collection & recycling
Stage: Public
CPP Investment Board, Highstar Capital, Five Points
Capital and 3 Other Investors
Cloud-based on-demand waste collection and
management service
Unicorn. Stage: Series E
PROMECAP, Claritas Capital, Rotunda Capital
Partners and 8 Other Investors
800 Super Holdings (1986, Singapore)
Waste collection service provider
Stage: Public
Venstar
Korea Environment Technology (1993,
Ulsan)
Provider of waste disposal and recycling services
Stage: Public
Collection
Meridian Waste Solutions (2014, Atlanta)
On-demand waste collection service provider
Stage: Public
Bingo Industries (2013, Sydney)
Waste collection and management company
Stage: Public
Colex (1999, Singapore)
On-site waste collection and waste disposal services
provider
Stage: Public
Texcom Resource (2004, Houston)
Waste disposal solution provider
Stage: Public
TOMRA (1972, Asker)
Waste collection and sorting solutions
Stage: Public
JSH Capital, Quest for Growth

19
Waste Management
Treatment
Dublin Waste to Energy (2017, Dublin,
$819M)
Waste to energy plant operator
Unicorn. Stage: Funded
First Reserve, Covanta
Manufactures biofuels from municipal solid waste
Soonicorn. Stage: Series G
BlackRock, Rho Ventures, Braemar Energy
Ventures and 18 Other Investors
Ethanol Production from MSW
Soonicorn. Stage: Series C
British Petroleum, United Airlines, Cathay Pacific
and 6 Other Investors
Treatment
Harvest Power (2008, Waltham, $243M)
Produces energy and fertilizers from organic waste
True North Venture Partners, Industry Ventures,
Generation Investment Management and 9 Other
Investors
InEnTec (1995, Richland, $228M)
Technology developer for conversion of all wastes
to energy
Soonicorn. Stage: Funded
Lakeside Energy LLC, American Securities, Waste
Management
LanzaTech (2005, Skokie, $209M)
Technology developer and Bioethanol
manufacturer
Soonicorn. Stage: Series D
Indian Oil Corporation Limited, Malaysian Life
Sciences Capital Fund, Khosla Ventures and 9 Other
Investors
Treatment
MedServe (2004, Bellaire, $117M)
Medical waste management solutions.
Stage: Acquired
Avista Capital Partners, Chrysalis Ventures,
Murphree Venture Partners
Tamar Energy (2012, London, $113M)
Producing energy from organic waste matter
Soonicorn. Stage: Acquired
RBS Group, Ludgate Environmental Fund, Duchy of
Cornwall and 6 Other Investors
Origin Materials (2008, Sacramento, $85M)
Conversion of waste cardboard and sawdust into
PET plastic
Soonicorn. Stage: Series B
AECI, BIC, Nestlé and 1 Other Investors

20
Waste Management
Treatment
Agilyx (2004, Beaverton, $50M)
Manufactures Synthetic crude oil from waste
plastics
Point Financial, KPCB, Saffron Hill Ventures and 5
Other Investors
Reklaim (2003, Seattle, $39M)
Converts rubber into energy products
Soonicorn. Stage: Acquired
Goldman Sachs, Denny Hill Capital
Attero Recycling (2008, Noida, $31.1M)
E-Waste recycling and electronic asset management
company
Forum Synergies, DFJ, IndoUS Venture Partners and
4 Other Investors
Treatment
ecoATM (2008, San Diego, $31M)
Automated eCycling Stations
Stage: Acquired
Falcon Investment Advisors, Coinstar, TAO Venture
Capital Partners and 6 Other Investors
Scandinavian Enviro Systems (2001,
Gothenburg, $9.3M)
Recycling of waste tyres
Stage: Public
Dalsbank, Pegroco Invest
MagneGas (2005, Tarpon Springs, $7.1M)
Produces alternative gas to acetylene and natural
gas from biosolids
Stage: Public
Aqua Metals (2013, Alameda, $6M)
Recycle lead by its proprietary technology
Stage: Public
Green Bank, United States Department of
Agriculture, Liquid Venture Partners and 1 Other
Investors
Treatment
Abakan (2009, Miami, $5.6M)
Converts waste to energy
Stage: Public
Ganesha Ecosphere (1987, Kanpur, $5M)
Makes yarn from waste PET bottles
Stage: Public
MCap Fund Advisor
Green EnviroTech (2007, Riverbank, $5M)
Technolgy for processing waste tyres and plastics
Stage: Public
BioHiTech Global (1999, New York City, $3.4M)
Biological treatment of waste
Stage: Public
Skyline Medical (2002, Eagan, $3.2M)
Medical waste management
Stage: Public
Dawson James Securities, Boston Harbor Angels

21
Waste Management
Treatment
Kurion (2008, Irvine, $1.3M)
Hazardous waste management solutions provider
Stage: Acquired
Firelake Capital, Lux Capital
Greenbelt Resources (2001, Los Angeles,
$170k)
Organic waste recycling system
Stage: Public
Umicore (1805, Brussels)
Recycling and precious metal extraction from
electronics and chemical waste
CNP, Quest for Growth, GBL
Ambienthesis (2013, Segrate)
Hazardous waste disposal service provider
Stage: Public
First Capital
AnaeCo (1999, Bentley)
Waste processing technology developer
Stage: Public
Treatment
Blue Sphere Corporation (1991, Even
Yehuda)
Waste-to-Energy projects
Stage: Public
Maxim Group
Cassandra Oil (2011, Vasteras)
Industrial waste recycling and oil conversion plant
opertor
Stage: Public
CleanTech Biofuels (2009, St. Louis)
Waste to cellulosic feedstock
Stage: Public
Cory Environmental (1896, London)
Organic waste-to-energy service provider
Stage: Acquired
Daiseki (1945, Kanazawa)
Recycling service provider for oil waste
Stage: Public
Treatment
E-Waste Systems (2011, Irvine)
IT Asset Disposition company
Stage: Public
Tanke, Inc.
Industrial Services of America (1954,
Louisville)
Metal scrap recycling company
Stage: Public
KG ETS (1999, Siheung)
Waste recycling service provider
Stage: Public
Kuan Yuan Paper (1964, Hsinchu)
Paper recycling service provider
Stage: Public
Orzel Bialy (1858, Piekary Slaskie)
Lead-acid battery recycling service provider
Stage: Public
Skyline Investment

22
Waste Management
Treatment
Perma-Fix (1991, Atlanta)
Nuclear waste treatment plants operator and
nuclear services provider
Stage: Public
Quabbin Capital
PwrCor (2008, New York City)
Waste heat recovery and geothermal modules
provider
Stage: Public
Renewi plc (2017, Milton Keynes)
Waste to product recycling and processing
Stage: Acquired
Schnitzer Steel (1906, Portland)
Metal scrap recycling company
Stage: Public
Tex Cycle Technology (2005, Puchong Batu
Dua Belas)
Recycling and waste recovery services provider
Stage: Public
Treatment
ZhongDe Waste Technology (1996,
Frankfurt)
EPC solutions provider and operator of waste to
energy plants
Stage: Public
ZhongDe Waste Technology (1996,
Frankfurt)
Waste-to-energy service provider
Stage: Public
ARCA (1976, Minneapolis)
Electronic appliances recycling and disposal
company
Stage: Public
Medallion Capital
E&E Recycling (1998, Taipei)
Electric and electronic waste recycling company
Stage: Public
EZO (2006, Warsaw)
Waste to energy conversion technology provider
Stage: Public
Treatment
Global Clean Energy (2007, Montreal)
Waste to energy recovery company
Stage: Public
Kalina Power (1950, Hawthorn)
Turnkey power solutions for converting industrial
waste into electricity
Stage: Public
METech International (2001, Singapore)
E-waste management and recycling company
Stage: Public
PSC Metals (1889, Mayfield Heights)
Metal recycling service provider
Stage: Acquired
Seche Environnement (1985, Angers)
Waste recovery and treatment service provider
Stage: Public
Tikehau Capital, Apax Partners
Sorce Services (1940, Hales Corners)
Waste disposal & recycling service provider
Stage: Acquired

23
Waste Management
Treatment
Transtech Industries (1965, Sewell)
Environmental service provider
Stage: Public
US Ecology (1952, Boise)
Hazardous waste disposal, treatment and recycling
services provider
Stage: Public
Alpha Hi-Tech Fuel (1993, Mumbai)
Manufacturer of briquettes from agricultural waste
Stage: Public
Attero (1921, Haelen)
Waste-to-energy processing facilities
Stage: Acquired
Augean (2004, Wetherby)
Hazardous waste management
Stage: Public
One51
BacTech Environmental (2010, Toronto)
Treats toxic waste from mining operations
Stage: Public
Treatment
Befesa (1993, Seville)
Recycling of industrial residues
Stage: Public
Triton
Carbios (2011, Beauzelle)
Plastic recycling company
Stage: Public
Truffle Capital
CNIM Group (1856, Paris)
Waste processing, waste treatment plants and
biomass
Stage: Public
Compagnie Financiere du Lion, Euromezzanine
Duratek (1982, Columbia)
Nuclear and radioactive waste management
Stage: Acquired
The Carlyle Group
Eco Recycling (1994, Mumbai)
Recycling and reverses logistics company
Stage: Public
Treatment
EcoloCap solutions (2004, Barrington)
Technology provide for group of technologies to
produce alternative energy
Stage: Public
EcoRub (1991, Holmsund)
Developer of recyclable products from waste tyres
and plastics
Stage: Public
EnergySolutions (2006, Salt Lake City)
Nuclear waste handling and disposal
Stage: Acquired
Peterson Partners, Lindsay Goldberg, Brooklawn
Investment Partners and 1 Other Investors
Environmental Waste International (1992,
Ontario)
Waste disposal and processing of variety of goods
Stage: Public
Falck Renewables (2010, Sesto San Giovanni)
Designs, constructs and manages energy production
facilities
Stage: Public

24
Waste Management
Treatment
Fujikoh company (1974, Tokyo)
MSW and construction waste processing company
Stage: Public
Harmonic Energy (2011, London)
Processing and recycling of waste tyres
Stage: Public
Hydrodec Group (2001, London)
Refines used oil to produce transformer oil and
lubricant oils
Stage: Public
Lloyds Bank, Ludgate Investments
Novarise Renewable Resources (1998,
Sydney)
Recycling of polypropylene waste material into
fibers
Stage: Public
Papyrus Australia (1996, Adelaide)
Technology to convert trunk of banana palm into
renewable fibre
Stage: Public
Treatment
Polygenta (1981, Mumbai)
Manufactures recycled polyester yarn
Stage: Public
Ventureast
PowerHouse Energy (2000, Bingley)
High-temperature gasification technology and units
for waste-to-energy generation
Stage: Public
Pyrolyx (2008, Munich)
Technology to recover carbon black from used tyres
Stage: Public
Arena Growth Partners, Berger Venture
Range International (2008, Tabanan)
Pallets from waste plastic
Stage: Public
Catapult Partners
Recylex (2007, Suresnes)
Recycling of metals and plastics
Stage: Public
Treatment
Sims Metal Management (1917, New York
City)
Metal and electronics recycling company
Stage: Public
Terra Renewal Services (1995, Richardson)
Processing waste to sustainable agri input
Stage: Acquired
Saw Mill Capital
US Ecology (1952, Boise)
Hazardous waste management company
Stage: Public
Valoneo (2012, Paris)
Pyrogasification technology and systems for waste-
to-energy generation
Stage: Public

25
Waste Management
Treatment
Wheelabrator (1975, Portsmouth)
A horizontally integrated waste to energy
conversion company
Stage: Acquired
Green Investment Bank, Mitsubishi UFJ Financial
Group, Natixis and 3 Other Investors
Enablers
AMCS (2003, Limerick, $103M)
End-to-End solutions provider for waste
management & recycling industry
Insight Venture Partners, Ireland Strategic
Investment Fund, Silicon Valley Bank and 6 Other
Investors
Enevo (2010, Espoo, $39M)
Sensor devices for waste container monitoring
Lifeline Ventures, European Investment Bank,
Foxconn Electronics and 11 Other Investors
Zylog Systems (1995, Edison)
Web-based solutions for reverse logistics supply
chain industry
Stage: Public
Treatment Technology Provider
Enviro Voraxial Technology (1997,
Lauderdale)
Wastewater Treatment Separator developer
Stage: Public
Pyrogenesis (1998, Montreal)
Develops plasma technology for waste management
Stage: Public
Envipco (1986, Jacksonville)
Plastics and can recycling company
Stage: Public
Questor Tech (1995, Calgary)
Technology developers for incinerators
Stage: Public
Vista International Technologies (1996,
Commerce City)
Waste-to-gas systems
Stage: Public

26
Waste Management
Treatment Technology Provider
Wastequip (1989, Charlotte)
Manufactures waste handling equipment
Stage: Acquired
PNC Mezzanine Capital, Morgenthaler
Integrated Provider
AquaVenture Holdings (2006, Tampa, $132M)
Water-as-a-service solutions
Stage: Public
Deutsche Bank, Element Partners, T. Rowe Price
and 1 Other Investors
De.Mem (2013, Singapore, $244k)
Water treatment and purification
Stage: Public
New Asia Investments, Coreo
BioLargo (1989, Santa Ana)
Environmental engineering company developing
multiple products
Stage: Public
FCC Aqualia assists public bodies (1900,
Madrid)
Water grid management and water treatment
solutions provider
Stage: Public
Integrated Provider
Fluence (2017, New York City)
Integrated water and wastewater management
company
Stage: Public
Ion Exchange (1964, Mumbai)
Water treatment, liquid waste treatment, and solid
waste management turnkey solutions provider
Stage: Public
Gentro (1989, Seoul)
Water and wastewater treatment technology
developer
Stage: Public
Maezawa Industries (1952, Tokyo)
Water and wastewater treatment services and
products
Stage: Public
U.S. Water (1997, Saint Michael)
Water treatment services provider
Stage: Acquired

27
Integrated Provider
United Water Resources (1996, Newton)
Integrated wastewater and water treatment
company
Stage: Public
Treatment
Ionics (1995, Bellevue, $130M)
Water purification and filtration systems
Stage: Acquired
Element Partners
Armada Water (2012, Houston, $27.7M)
Treatment of industrial waste water
Stage: Public
Ecosphere Tech (1998, Stuart, $10M)
Develops and provides water purification
technology
Stage: Public
Bledsoe Capital Group, Catalyst Partners
AbTech Industries (1999, Scottsdale, $7.2M)
Waste water and Oil & Gas Water Treatment
Stage: Public
Bernard L. Madoff Investment Securities
Strategic Environmental & Energy
Resources (2002, Golden, $4M)
Industrial wastewater treatment solutions
Stage: Public
Treatment
MYCELX (1994, Duluth, $2.8M)
Water treatment solution for oil removal
Stage: Public
OriginClear (2007, Los Angeles, $1.4M)
Technology developer for wastewater cleaning
Stage: Public
ACCIONA (1997, Alcobendas)
Infrastructure and renewable energy solution
provider
Stage: Public
European Investment Bank
Amiad (1962, Safed)
Develops water filtration systems and water filters
Stage: Public
Viola Group
Aquatech (2009, Warsaw)
Technology developer for household sewage
treatment
Stage: Public

28
Treatment
Artesian Resources (1905, Philadelphia)
Water and wastewater management services
provider
Stage: Public
BQE Water (1997, Vancouver)
Wastewater treatment solutions for mining
industry
Stage: Public
Newalta, National Research Council Canada,
Goldcorp
Ever-Clear (1999, Taichung)
Industrial wastewater and organic gas treatment
technology developer
Stage: Public
Rothwell (2004, Seoul)
Turnkey solutions for the installation of wastewater
treatment plants
Stage: Public
Suido Kiko Kaisha (1924, Setagaya)
Water treatment service provider
Stage: Public
Treatment
AQUA S.A. (1988, Poznan)
Municipal sewerage water treatment and water
supply solutions provider
Stage: Public
EcoWise Group (1979, Singapore)
Trigeneration plants developer and urban waste
recycling services provider
Stage: Public
Nalco (1928, Naperville)
Water treatment solution provider
Stage: Acquired
Salcon Berhad (1974, Petaling Jaya)
Water and Wastewater treatment facilities
developer
Stage: Public
Bion Environmental Tech (1987, New York
City)
Offers solutions for livestock waste recovery
Stage: Public
Treatment
BWA Water Additives (1973, Manchester)
Offers water management solutions besides other
services
Stage: Acquired
CBPE Capital
BWT (1990, Mondsee)
Water treatment systems
Stage: Public
ChemTreat (1968, Glen Allen)
Industrial water treatment company
Stage: Acquired
Clearford Water Systems (1989, Ottawa)
Sewage treatment solution
Stage: Public
Darco Water (1999, Singapore)
Manufacture waste-water treatment systems
Stage: Public
Frontier Oilfield Services (2010, Dallas)
Drilling fluid water management
Stage: Public

29
Treatment
Innoveox (2008, Paris)
Supercritical water oxidation process for treating
industrial effluents
Stage: Public
Nuverra (2007, Phoenix)
Treatment of waste water in oil and gas industry
Stage: Public
Pure Cycle (1976, Denver)
Vertically integrated water service company
Stage: Public
First Analysis, Pound Capital
Sabesp (1973, Sao Paulo)
Water and wastewater treatment service provider
Stage: Public
Sound Global (1993, Singapore)
Integrated water and wastewater treatment
company
Stage: Public
Treatment
Trojan Technologies (1977, Gore Bay)
Makes water purification products
Stage: Acquired
Wabag (1924, Chennai)
Constructs water treatment plants
Stage: Public
Shapla Ventures
Watts Water Technologies (1874, North
Andover)
Innovative Water Solutions, more than just an idea.
Stage: Public
Drinking Water
Primo Water (2004, Winston-salem, $46M)
Provider of purified bottled water and water
dispensers
Stage: Public
Camden Partners, Comvest Partners
HaloSource (1999, Bothell, $36.5M)
Clean Water & Antimicrobial Solutions
Stage: Public
Invesco, Woodford Investment Management,
Chematek and 8 Other Investors
Cardinal Resources (2004, Pittsburgh, $1.1M)
Solar powered drinking water treatment systems
Stage: Public
Investors Circle
PureSafe water systems (2007, Plainview,
$515k)
Emergency water deployment services.
Stage: Public

30
Drinking Water
Ambient Water (2005, Spokane, $30k)
Generates water from air humidity
Stage: Public
Consolidated Water (1973, Miami)
Developers of desalination water plants
Stage: Public
Gr8 Water (2011, Port Saint Lucie)
Manufacturer of air-to-water systems
Stage: Public
NanoStruck (2010, Canada)
Uses nano-biotechnology for water purification
Stage: Public
Nihon Trim (1982, Osaka)
Electrolyzed Reduced Water systems
Stage: Public
Quest Water (2008, North Vancouver)
Drinking water provider at community level
Stage: Public
Drinking Water
Seychelle (1986, San Juan Capistrano)
Manufactures water filtration systems
Stage: Public
Modules
Infiltrator (1987, Old Saybrook, $186M)
Septic systems manufacturer
Stage: Acquired
Graham Partners, Merrill Lynch, ARCC and 1 Other
Investors
NanoH2O (2005, Los Angeles, $90M)
Developer of Reverse Osmosis membranes for
water treatment
Stage: Acquired
Comerica, Lighthouse Capital Partners, Total and 6
Other Investors
RayVio (2012, Hayward, $35M)
UV disinfection technology for water, air, surface
IPV Capital, Tsing Capital, DCM Ventures and 5
Other Investors

31
Modules
Emefcy (2007, Hadera, $30M)
Develops filters and membrane technologies for
water purification
Stage: Public
True North Venture Partners, Pond Ventures,
Energy Technology Ventures and 3 Other Investors
Desalitech (2008, Newton, $25M)
Technology and systems for reverse osmosis
efficiency improvement
Liberation Capital, AquAgro Fund
Altela (2005, Denver, $22M)
Waste water treatment solutions using technology
to desalinate brackish and produced water
Soonicorn. Stage: Series A
Verge Fund, EnerTech Capital
Baswood (2004, Santa Barbara, $17M)
Biological solutions for wastewater treatment
Soonicorn. Stage: Series A
Inherent Group
Modules
Water Planet (2011, Inglewood, $15M)
Water treatment membrane products and solutions
Air Liquide, Bluestem Capital, UCLA Ventures and 1
Other Investors
Dais Analytic (1993, Odessa, $5.8M)
Develops nano technology solutions for water and
air purification
Stage: Public
Department of Energy, Sage Technology Resources,
Small Business Innovation Research and 1 Other
Investors
BioShaft (2007, Caracas, $600k)
Manufactures wastewater treatment systems
Stage: Public
Phoslock (1994, Sydney, $550k)
Offers algae management solution
Stage: Public
Ludgate Environmental Fund, Ludgate Investments
Modules
Ocean Thermal Energy Corporation (1988,
Lancaster)
Developer of marine technologies based on OTEC
and SWAC
Brite-Tech Berhad (2001, Shah Alam)
Provider of Chemical treatment solutions
Stage: Public
Hydrotec (1985, Rehau)
Technical solutions provider for water treatment
Stage: Public
Kemira (1920, Helsinki)
Offers chemical solutions for water, energy
efficiency
Stage: Public
3i Group, Norvestia
Nomura Micro Science (1969, Atsugi)
Developer of water & wastewater treatment
systems
Stage: Public

32
Modules
SW Umwelttechnik (1910, Klagenfurt)
Provider of wastewater treatment solution
Stage: Public
Zimmite (1977, Taipei)
Provider of chemical solutions for water treatment
Stage: Public
Evoqua (2013, Pittsburgh)
Offers water and waste-water treatment products
Stage: Public
Flexible Solutions (1989, Victoria)
Technology developer for waste and water
management
Stage: Public
ItN Nanovation (2000, Saarbrucken)
Water filter systems and membranes manufacturer
Stage: Public
Coreo
Modules
Memstar Technology (1979, Singapore)
Manufacturer of membrane modules for
wastewater management plants
Stage: Acquired
Alpha Wastewater (2009, Vancouver)
Provides wastewater treatment plants
Stage: Public
Calgon Carbon (1942, Pittsburgh)
Manufactures liquid and gas purifiers
Stage: Acquired
Citizens Bank, PNC Financial Services Group, First
National Bank and 4 Other Investors
Clean TeQ (1990, Notting Hill)
Metals recovery and water treatment solutions
Stage: Public
Australian Government
Enpar Tech (2000, Guelph)
Manufactures electrochemically-based water
treatment systems.
Stage: Public
Modules
H2O Innovation (2000, Quebec City)
Membrane filtration treatment systems
Stage: Public
Hyflux (1989, Singapore)
Membrane based desalination systems
Stage: Public
Liqtech (2001, Ballerup)
Develops silicon carbide ceramic technology for
liquid and gas purification
Stage: Public
Metawater (2007, Tokyo)
Solutions for water and wastewater treatment
Stage: Public
Modern Water (2006, Guildford)
Forward osmosis desalination technology
Stage: Public
IP Group

33
Modules
Orege (2005, Voisins-le-bretonneux)
Solutions for the conditioning of sludge and the
treatment of complex effluents
Stage: Public
Climate Change Capital, Oraxys Private Equity
VAG (1872, Mannheim)
Offers component parts needed for water and waste
water treatment systems
Stage: Acquired
HQ Equita
Wedeco (1976, Herford)
Water and wastewater treatment solutions
Stage: Acquired
Xylem Water Solutions (2011, New York City)
Offers water and wastewater treatment systems
and other products
Stage: Public
Testing & Measurement
Libelium (2006, Zaragoza)
Open source wireless sensor network platform.
Soonicorn. Stage: Unfunded
Arad (1941, Hadera)
Water measurement solutions and services.
Stage: Public
YSI (1948, Yellow Springs)
Water quality monitoring products
Stage: Acquired
Smart Water Management
Select Energy Services (2008, Denver, $125M)
End-to-end water solutions provider to the oil & gas
industry
Stage: Public
Crestview Partners
i2O Water (2005, Southampton, $48.6M)
Offers remote control and monitoring solutions for
water
Naxos Capital Partners, Ombu Group, Swarraton
WaterSmart Environmental (2009, San
Francisco, $16M)
Data analytics for water grid
DFJ, Apsara Capital, Physic Ventures and 5 Other
Investors

34
Pure Technologies (1993, Calgary, $3.8M)
Develops technology solutions for pipeline
infrastructure inspections
Stage: Acquired
Emerald Technology Ventures
Water Intelligence (1974, London)
Water leak detection and servicing specialists
Stage: Public
CASSA Group (2012, Sabadell)
City water distribution and management services
Stage: Public
Middlesex Water Company (1897, Iselin)
Water Utility & Wastewater Systems provider
Stage: Public
Aclara Technologies (1972, Hazelwood)
Connective platform for smart grid
Stage: Public
Gimv, Pappas Ventures, Ampersand Capital
Elster (1994, Ocala)
AMI and AMR metering solutions
Stage: Acquired
CVC Capital Partners
Global Water Technologies (1990,
Indianapolis)
Innovate water efficient technologies provider
Stage: Public
Innovyze (1996, Broomfield)
SaaS solutions for wet infrastructure business
analytics
Stage: Acquired
Neptune Technology Group (1892,
Tallassee)
Water meters
Stage: Public
York Street Capital
Qundis (2009, Erfurt)
AMR system solutions for consumption data
recording
Stage: Acquired
HgCapital

List of Notable Companies in Waste & Water Management in China
Notable Companies in the Sector in China
35
Waste & Water Management > Feed Summary > Notable Companies in the Sector in China
Public
China Everbright
International
(1992, Hong Kong, $349M)
CLP Environmental
Protection
(2005, Nanjing)
Baguio
(1980, Kowloon)
Beijing Water Business
Doctor
(1998, Beijing)
Dongjiang
Environmental
Protection
(1999, Shenzhen)
Everbright Water
(2014, Futian)
Jiangsu Welle
Environmental
(2003, Changzhou)
Public
Tianjin Capital
Environmental
Protection
(2001, Tianjin)
Ye Chiu Group
(1984, Suzhou)
Beijing Enterprise
Water Group
(1997, Hong Kong)
Canature
(2001, Shanghai)
CSD Water Service
(2011, Beijing)
Jinjiang Environment
(1998, Hangzhou)
Beijing Enterprises
Holdings
(1997, Hong Kong)
China Environmental
Technology Holdings
(2010, Hong Kong)
Public
Integrated Waste
Solutions Group
(1968, Hong Kong)
Safbon
(1995, Shanghai)
Beijing OriginWater
Technology
(2001, Beijing)
Ozner Water
International
(2011, Shanghai)
Dynagreen
Environmental
Protection Group
(2012, Shenzhen)
Motimo Membrane
Technology
(2003, Tianjin)
Tri-Tech Holding
(2009, Beijing)
Public
Euro Tech
(1971, Hong Kong)

Recent News in Waste & Water Management Sector
36
May 2018 Fluence wins Aspiral Wastewater Project in China, Trillions
May 2018
Aqua Metals and Kanen Wealth Management Reach Agreement to
Strengthen Company’s Board and Management Team, GlobeNewswire
May 2018
Total and Polystyvert join forces on the recycling of household post-
consumer polystyrene, PR Newswire
May 2018
BRIEF-ICL Announces An Investment And A Strategic Partnership
With Cropx, Reuters
May 2018
Artesian Resources Corporation Reports First Quarter 2018 Results,
GlobeNewswire
May 2018 Clean TeQ Sunrise Project Update, GlobeNewswire
May 2018 Chinese Firm Buys Australian Water Utility, Trillions
May 2018
PwrCor Successfully Launches New Breakthrough Energy
Technology, Citybizlist
May 2018
Ottawa’s Clearford cuts loss as cleantech firm pursues ‘disruptive’
new business model, obj.ca
May 2018
CropX Announces New Soil Intelligence Platform Powered by Deep
Sensor, PrecisionAg
Apr 2018 Padnos facility earns R2/RIOS certification, Recycling Today
Apr 2018
AMCS Secures Significant Investment from Insight Venture Partners
and Ireland Strategic Investment Fund, Business Wire
Apr 2018
Global Electrochemical Instruments Market Research Report 2018 –
Endress+Hauser AG, Yokogawa Electric Corporation, Thermo Fisher
Scientific, Inc., Xylem Inc,, Red Newswire
Key Recent News Key Recent News
Apr 2018
Clearford Announces Results for the fiscal year ended December 31,
2017 and Status Update on its Business Model, CNW
Apr 2018 PyroGenesis Announces Resignation of a Director, GlobeNewswire
Apr 2018
Covanta Holding Corporation Reports 2018 First Quarter Results
and Affirms 2018 Guidance, PR Newswire
Apr 2018
Ocean Thermal Energy Corporation Reports Plans to Acquire
Synergistic Companies, PR Newswire
Apr 2018
Johnson Controls and Aqua Metals Agree to Extend Timelines on
Strategic Licensing Agreement, GlobeNewswire
Apr 2018
H2O Innovation: Maple Equipment Business Line Increases its
Revenues by 20%, GlobeNewswire
Apr 2018
Libelium Adds Interoperability with AVEVA’s Insight, IoT Business
News
Apr 2018
Citic Envirotech Q1 profit more than doubles to S$39.3m, Straits
Times
Apr 2018
WELTEC BIOPOWER Expands Plant Lineup in Northern Ireland,
BioSpectrum India
Apr 2018 BACE Hires Sales Industry Veteran, Business Wire
Apr 2018
Meridian Waste Solutions Closes Sale of Waste Assets and
Transitions to Attis Industries, GlobeNewswire
Apr 2018
Report: Exploring Fundamental Drivers Behind Urban Edge
Properties, FLIR, Zogenix, Watts Water Technologies, CDW, and
BMC Stock — New Horizons, Emerging Trends, and Upcoming
Developments, GlobeNewswire
Recent News
Waste & Water Management > Feed Summary > Recent News

Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
37
Funding Trends
Median Deal Size and Trend
New Entrants in Funding Club
Distribution of companies by Funding Range
Funding Funnel of the Sector
Top Investments and Investors
Investors in Unicorn club

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$830M
$1.9B
$719M
$1.4B
$786M
$1.6B
$706M
$402M
0
20
40
60
80
100
120
140
160
180
$0k
$200M
$400M
$600M
$800M
$1.B
$1.2B
$1.4B
$1.6B
$1.8B
$2.B
2011 2012 2013 2014 2015 2016 2017 2018*
$ Funding # Rounds
3 Year CAGR
6 Year CAGR
Investments ($M) and number of rounds in Waste & Water Management; 2011-2018
Global Funding Trends (1/2)
39
Note: Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Waste & Water Management > Investment Trends > Global Funding Trends
#Rounds
$Funding
3% $ Funding
21% $ Funding
6% # of Rounds
7% # of Rounds

$11M $17M $28M $29M $30M $30M $39M $4M
$293M
$286M
$247M
$327M
$252M $480M
$310M
$62M
$527M $1.6B $443M $1.1B $504M $1.1B $357M $336M
2011 2012 2013 2014 2015 2016 2017 2018 YTD
Seed Early Stage Late Stage
23 37 45 63 74 81 53 8
32
43 58
58 52 54 55
15
32 25 31 31 32 29 15 11
2011 2012 2013 2014 2015 2016 2017 2018 YTD
Seed Early Stage Late Stage
87
34
Total # of Rounds
$599M
$1.6B
$372M
$1.1B
$476M
$1.4B
$405M
$308M
0
2
4
6
8
10
12
14
16
0
200000000
400000000
600000000
800000000
1E+09
1.2E+09
1.4E+09
1.6E+09
1.8E+09
2011 2012 2013 2014 2015 2016 2017 2018 YTD
$ Funding # of Rounds
40
Note: Mega Rounds = rounds with size > $20M. Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Stage-wise Number of RoundsStage-wise $ Invested
New Entrants in Funded ClubMega Rounds
Global Funding Trends (2/2)
Investments ($M) and number of rounds in Waste & Water Management; 2011-2018
Waste & Water Management > Investment Trends > Global Funding Trends
80
64
66
70
75
58 413
$3.2M
$1.6M
$0.0M
$0.5M
$1.0M
$1.5M
$2.0M
$2.5M
$3.0M
$3.5M
0
50
100
150
200
250
300
350
400
450
2012 2013 2014 2015 2016 2017 2018 YTD Total
Entrants in Funding Club Avg. Ticket Size
15 11 8 11 8 11 7 5 $3.2M $1.8M $1.4M $0.9M $1.4M $2.5M - $1.6M
$830M
$402M
Total $ Invested

Waste & Water Management > Investment Trends > Funding Trends by Geography
Investments ($M) and number of rounds in Waste & Water Management
Funding Trends by Geography
Funding Trends by Geography Top Cities of Funding
City $ Funding # Rounds
Paris 1B 8
Bay Area 777M 111
Toronto 693M 13
Dublin 645M 3
London 535M 18
Montreal 516M 19
Ponte Vedra 280M 3
Atlanta 264M 11
Waltham 243M 12
Richland 228M 12
Total Funding
780
299
82
6
58
47
2
8
# Rounds
$5.5B
$2.9B
$1.8B
$251M
$201M
$126M
$20M
$16M
US
Europe
Canada
United Arab
Emirates
India
Israel
South Korea
Latam
Note: Excludes funding information of China companies

Trend of Average Deal Size ($M)
$0.5 $0.6
$0.8 $0.7 $0.6 $0.6
$0.9
2011 2012 2013 2014 2015 2016 2017
$4.8
$8.3
$3.9 $4.6
$3.3
$4.2 $4.0
$26.3
$7.9 $8.0
$14.5
$11.3
$36.4
$13.0
$21.9
$87.8
$20.2
$52.9
$22.9
$54.2
$29.7
Waste & Water Management > Investment Trends > Median Deal Size and Trend
Median and Average Deal Size in $M (per Stage) in Waste & Water Management; 2011-2017
Median Deal Size and Trend
Note: Excludes funding information of Chinese companies. *Graph not to scale
Median Deal Size and Range
$4.6K* $4.5M
$50K $102M
$110K $280M
$87.2K $1B
$13M
$8M
$3M
$380K
Series C+
Series B
Series A
Seed
Stage

Note: 847 companies with undisclosed funding amount are not included
43
<$1M
$1-10M
$10-50M
$50-100M
$100M+
Funding Range
139
226
102
19
24
No. of Companies
Waste & Water Management > Investment Trends > Distribution of companies by Funding Range
No. of companies by funding range in Waste & Water Management; as of May 2018
Distribution of companies by Funding Range
$46M
$933M
$2.3B
$1.3B
$5.3B
$ Investment

Stage No. of Companies
Funding
Funnel
100%
38%
13%
7%
5%
44
Note: Numbers in the brackets show the count of companies
Time to raise
next round
184
246
448
1318
3511
Series C+
Series B
Series A
Funded
Founded
Next
Round
100M+
Valuation
Exits
Acqui-
Hired
Dead
Pooled
Others
38% 7%
(247)
6%
(227)
6%
(212)
5%
(183)
51%
(1798)
34% 13%
(173)
12%
(154)
10%
(136)
5%
(65)
51%
(669)
55% 13%
(58)
9%
(39)
12%
(53)
5%
(24)
28%
(125)
75% 19%
(46)
11%
(28)
12%
(30)
4%
(11)
9%
(21)
- 20%
(37)
13%
(23)
14%
(26)
3%
(5)
3%
(6)
Waste & Water Management > Investment Trends > Funding Funnel
Number of companies progressing to subsequent funding stages in Waste & Water Management
Funding Funnel
17 Months
21 Months
26 Months
Investment backedBootstrapped
20
2
41
127
11
62
Soonicorns
Unicorns
Acquisitions
IPOs

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE)
Waste & Water Management > Investment Trends > Notable Investments in last 24 months
Major funding rounds by Stage in Waste & Water Management; May 2016-May 2018
Notable Investments in last 24 months (1/4)
LATE STAGE
$225M - PE Oct 2016
GFL Environmental (2007, Toronto)
Integrated solid and liquid waste management
company
Macquarie Group, HPS Investment Partners
$225M - Series G Feb 2018
Manufactures biofuels from municipal solid waste
BlackRock, , Rho Ventures, Braemar Energy
Ventures, , Investissement Quebec, Fonds de
solidarite FTQ, Cycle Capital Management,
Fondaction, Westly Group, National Bank of Canada
$147M - PE Jan 2017
End-to-end water management solutions
Asma Capital
LATE STAGE
$100M - PE May 2016
BlueJack Energy Solutions (2016, Plano,
$100M)
Oilfield waste stream recycling and disposal
facilities operator
Energy Spectrum Capital
$100M - PE Jun 2016
H2O Midstream (2015, Houston, $100M)
Offers infrastructure for recycling waste water in oil
industry
EIV Capital
$80M - PE Aug 2016
Goodnight Midstream (2011, Dallas, $80M)
Water handling and disposal services
Tailwater Capital
$75M - Series C Jul 2017
management service
SUEZ
LATE STAGE
$50M - Series E Sep 2017
management service
PROMECAP, Claritas Capital, Rotunda Capital
Partners, Stelac, Goldman Sachs, Valor Capital
Group, Wellington Management, SUEZ
$45.8M - Series C Oct 2017
$30M - Series C Nov 2016
British Petroleum
$21M - Series D Feb 2018
Organica Water (1998, Budapest, $55.9M)
Biological wastewater treatment solution
CITIC Capital, Electranova Capital, IFC, Gamma
Capital Partners

LATE STAGE
$20.9M - Series C Nov 2016
WISErg (2010, Issaquah, $56.6M)
Food management machine manufacturer
$20M - PE Apr 2018
Bulk Handling Systems (1976, Eugene, $20M)
Offers plants and equipment for waste management
True West
$20M - Series D Mar 2018
LanzaTech (2005, Skokie, $209M)
Technology developer and Bioethanol manufacturer
Indian Oil Corporation Limited
$19.2M - Series C Jan 2018
Laird Norton Company, Second Avenue Partners
$12M - Series C Sep 2017
Enevo (2010, Espoo, $39M)
Sensor devices for waste container monitoring
Lifeline Ventures
LATE STAGE
$10M - Series C Dec 2017
Rachio (2012, Denver, $20.2M)
Smart spinkler contoller
Eastside Partners,
$5M - Series C Jul 2017
$700k - PE Mar 2017
Technology developer for conversion of all wastes to
energy
$87.2k - PE Jun 2016
Technology developer for conversion of all wastes to
energy
Series C Apr 2018
AMCS (2003, Limerick, $103M)
End-to-End solutions provider for waste
management & recycling industry
Insight Venture Partners, Ireland Strategic
Investment Fund
EARLY STAGE
$280M - Series B Aug 2016
Advanced Disposal (2000, Ponte Vedra, $280M)
Trash disposal, collection & recycling
CPP Investment Board
$40M - Series B Mar 2017
PET plastic
Nestlé, Danone
$26M - Series B Nov 2017
Aquam (2005, San Diego, $26M)
Sensor and advanced material based waterpipe
diagnostic and rehabilitation
NewWorld Capital Group, Credit Suisse
$25M - Series A Jun 2016
Urban Mining (2014, Austin, $25M)
Waste magnet recycling company
$22.1M - Series B Mar 2018
Zero Mass Water (2014, Phoenix, $31.4M)
Generation of water from air using solar power

EARLY STAGE
$21M - Series B Dec 2017
Aries Clean Energy (2010, Nashville, $21M)
Syngas production technology developer
$16.6M - Series A Aug 2016
Baswood (2004, Santa Barbara, $17M)
Biological solutions for wastewater treatment
Inherent Group
$9.7M - Series A Sep 2016
PRTI Tech (2013, Franklinton, $13.9M)
Converts tyres into oil and syngas
Re:newcell (2012, Stockholm, $5.6M)
Technology solution to recycle textiles
Fouriertransform
$5.5M - Series A Jun 2016
GreenMantra Technologies (2010, Kitchener,
$7.7M)
Recycler of waste plastic to synthetic polymer
additives
ArcTern Ventures, Cycle Capital Management
EARLY STAGE
$5M - Series B Jul 2017
PET plastic
AECI
Soma (2012, San Francisco, $9.8M)
Innovative sustainable water filters on subscription
$3.8M - Series A Dec 2017
$3.2M - Series B Jul 2016
Water Planet (2011, Inglewood, $15M)
Water treatment membrane products and solutions
$2.2M - Series A Aug 2017
GreenMantra Technologies (2010, Kitchener,
$7.7M)
Recycler of waste plastic to synthetic polymer
additives
Sustainable Development Technology Canada
EARLY STAGE
$2.1M - Series A Jan 2018
Acuva Tech (2014, Vancouver, $2.9M)
UV-LED water purification technology
$50k - Series A Dec 2017
Series B Jun 2017
PET plastic
BIC
Series A Oct 2017
Re:newcell (2012, Stockholm, $5.6M)
Technology solution to recycle textiles
H&M

SEED STAGE
$300k - Seed Jun 2016
BioCellection (2015, San Jose, $300k)
Bio-solutions for plastic waste management
$50k - Seed May 2017
Glacierclean Technologies (2016, Toronto,
$50k)
Portable water testing kit
Angel Jan 2017
Ronin8 Technologies (2012, Vancouver,
$300k)
Sonic vibrations based recovery of metals from e-
waste
Seed May 2016
Clean Robotics (2015, Pittsburgh)
Develops intelligent smart bins that recycles
automatically
HAX
Angel Jun 2016
Thinkphi (2015, Mumbai)
Rainwater and solar energy harvesting products

Most Active Investors (VC, PE) by Stage in Waste & Water Management; Last 5 years (May 2013-May 2018)
Most Active VC & PE Investors
49
Waste & Water Management > Investment Trends > Most Active VC & PE Investors
SEED STAGE
High-Tech Grunderfonds(2 Investments)
i3 Membrane, Akvola
1
Infuse Ventures (2 Investments)
Karma Recycling, Revive
2
Innovation Fund (2 Investments)
Blue Foot Membranes, InOpSys
3
Jenson Funding Partners (2 Investments)
Obeo, Quantum Waste
4
Starquest Capital(2 Investments)
Phenix, Zeta Pellet
5
Urban Innovation Fund (2 Investments)
Valor Water Analytics, Dropcountr
6
350 Investment Partners
PVC Recycling
7
3G Capital
Industrial Organic
8
Adams Capital Management
RoadRunner Recycling
9
Almi
Mycorena
10
EARLY STAGE
The Miller Group (3 Investments)
Zuvo Water
1
Aavishkaar(2 Investments)
Waterlife, Let's Recycle
2
Almi (2 Investments)
3eflow, Ecofiltration Nordic
3
Business Growth Fund (2 Investments)
RiverRidge, Flowline
4
Cowles Company (2 Investments)
Clearas, APANA
5
Horizons Ventures(2 Investments)
Bevi, NanoSpun Technologies
6
180 Degree Capital
ABS Materials
7
24 Haymarket
Kelda Technology
8
360 Capital Partners
Newlisi
9
757 Angels
Magna Imperio Systems
10
LATE STAGE
Business Growth Fund (4 Investments)
JB Recycling, Total Recycling Services, Wales Enviromental
1
XPV Water Partners (2 Investments)
Organica Water, ThermaFlite
2
ABS Capital
Liquid Environmental Solutions
3
Akastor
STEP OILTOOLS
4
Alcentra Capital Corporation
Battery Solutions
5
Alpha
Metallo
6
Baird Capital
Clearwater
7
Banyan Mezzanine Funds
Bay West
8
Caretta
HiTech Assets
9
Chamonix Private Equity
Regain Polymers
10

Waste & Water Management > Investment Trends > Most Active Ecosystem Investors
Top Ecosystem Investors in Waste & Water Management; Last 5 years (May 2013-May 2018)
Most Active Ecosystem Investors
INCUBATOR
Climate KIC(26 Investments)
Kollect, CocoPallet, Bio2Chp
1
Hutchison Kinrot(12 Investments)
Aquarius Spectrum, Renergy Water, SPC Tech
2
Plug and Play Tech Center(8 Investments)
Edyn, Full Cycle Bioplastics, Vartega
3
500 Startups(7 Investments)
Rachio, Pluto AI, Valor Water Analytics
4
Startupbootcamp(6 Investments)
Scrap Connection, AquAsZero, InfiMet
5
SOSV(5 Investments)
Industrial Organic, BioCellection, H2O-Pal
6
Start-Up Chile(5 Investments)
Material Mix, Cycle Money, VALOPES
7
Y Combinator(5 Investments)
Edyn, Valor Water Analytics, Tule
8
Villgro Innovations Foundation(4
Investments)
Sampurnaearth, Spring Health Water, ReNew IT
9
Chalmers Ventures(3 Investments)
Optisort, Aqua Robur Technologies, Water Weave
10
OTHER NOTABLE INVESTORS
Ironwood Capital(6 Investments)
Interstate Waste Services, RR Waste Solutions, Gold Medal
Environmental
1
Massachusetts Clean Energy Center(6
Investments)
Bevi, Loci Controls, Opti
2
Innovation Works(5 Investments)
RedZone Robotics, Thread International, PittMoss
3
Small Business Innovation Research
(5 Investments)
Microvi, Cerahelix, Dais Analytic
4
Sustainable Development
Technology Canada(5 Investments)
Axine Water, GreenMantra Technologies, Saltworks
Technologies
5
SUEZ(5 Investments)
Rubicon Global, Hydrelis, Optimatics
6
Element Partners(4 Investments)
Ionics, AquaVenture Holdings, Ecovation
7
National Science Foundation(4
Investments)
NBD Nanotechnology, ANDalyze, Tusaar
8
BDC(3 Investments)
Acuva Tech, Pyrowave, Alert Labs
9
DEBT INVESTORS
Advantage Capital(4 Investments)
Winters Bros, City Carting, Environmental Energy Services
1
Connecticut Innovations(2 Investments)
American Oil Solutions, Environmental Energy Services
2
Enterprise Ventures(2 Investments)
Lancashire Waste Recycling, Global Renewables
3
Western Technology Investment(2
Investments)
ConnectedYard, Flo Water
4
Export Development Canada
GreenMantra Technologies
5
Kreos Capital
CropX
6
Silicon Valley Bank
AMCS
7
The North West Fund
PVC Recycling
8
Trinity Capital Investment
Oasys water
9
Wellington Financial
Aquam
10

Waste & Water Management > Investment Trends > Investors in Unicorn club
Investors in Unicorn Club (1/6)

Waste & Water Management > Investment Trends > Unicorn Investors in the Sector
Unicorn Investors in the Sector

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
58
BlueBox
Key Sub Sectors
Detailed Sector Taxonomy
Top Markets of Investment Activity
Top Markets of Early Stage Investors
Other Notable Markets
Market Deep Dive

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Mar 2018

Marketmap: Waste & Water Management
60
Waste & Water Management > Market Details > BlueBox

Key Sub Sectors
61
Key Sub Sectors in Waste & Water Management
Market Top Companies
# Cos
Tracked
#
Funded
Total
Funding
Waste Management
Companies focused on management of waste across the value chain including collection,
disposal and processing into different forms
Plasco Conversion Technologies (0, 0,
Acquired)
Dublin Waste to Energy (2017, Dublin,
$819M)
2027 648 $6.3B
Companies focused on managing water and wastewater resources
Infiltrator (1987, Old Saybrook, Acquired)
1382 629 $3.5B
Sanitation
Companies developing solutions and systems for improving access to sanitation in rural and
urban areas
Wind River Environmental (1999, Hudson,
Acquired)
Propelair (2001, Basildon, $14.7M)
34 14 $27.9M
Horizontal
Companies involved in management of waste, water and wastewater
Thermax (1966, Pune, Public)
Astradec (1988, Arques-la-bataille, $2.6M)
57 23 $2.7M
Waste & Water Management > Market Details > Key Sub Sectors

Detailed Sector Taxonomy (1/5)
62
Waste & Water Management > Market Details > Detailed Sector Taxonomy

63

64

65

66

Rank Market
Last 2 Years
$ Invested # Round Top Funded Company
1
(-)
Water & Wastewater Management > Treatment > Industrial
Companies focused on treatment of wastewater generated from industrial processes
(Companies covered 113 | Funded 73 | Total Funding $612M)
$312M
(+$209M)
15
(-5)
BlueJack Energy Solutions
(2016, Plano, $100M)
2
(+5)
Waste Management > Treatment Technology Provider
Companies offering technology solutions for handling and management of waste streams
$127M
(+$93.7M)
26
(+15)
Aries Clean Energy
(2010, Nashville, $21M)
3
(+6)
Water & Wastewater Management > Smart Water Management > Residential &
Commercial
Companies offering connected solutions for water management in the residential and commercial
buildings
(Companies covered 82 | Funded 42 | Total Funding $65.9M)
$50.9M
(+$41.5M)
19
(+9)
Orbital Systems
(2012, Malmo, $27.4M)
4
(-1)
Waste Management > Integrated
Companies providing integrated waste management services along the value chain including collection
and processing of waste
$264M
(-$211M)
10
(-1)
GFL Environmental
(2007, Toronto)
5
(+7)
Waste Management > Treatment > Recycling > Organic Waste
Companies focused on recycling of organic waste to create usable materials
$56.4M
(+$56.1M)
14
(+8)
Origin Materials
(2008, Sacramento, $85M)
6
(+2)
Water & Wastewater Management > Modules > Biosolutions
Companies focused on developing bio-based systems for the treatment of water and wastewater
$82M
(+$52.2M)
11
(+3)
Organica Water
(1998, Budapest, $55.9M)
67
Note: The numbers in the bracket represent the change in a 2 year period.
Top Markets of Investment Activity (1/2)
Top Markets by Funding in Waste & Water Management in last 2 years (May 2016 - April 2018)
Waste & Water Management > Market Details > Top Markets of Investment Activity

Top Markets of Investment Activity (2/2)
Waste & Water Management > Market Details > Top Markets of Investment Activity

Incubators Imagine H2O (#1)
Seed Chrysalix Venture Capital (#1), BDC (#1)
Series A/B
Craton Equity Partners (#1), Advanced Technology
Ventures (#1)
Series C+ ABS Capital (#1), Energy Spectrum Capital (#1)
Dec - 2017
Acq by Audax Group
Nuverra Oct - 2017
IPO'd
Ever-Clear Mar - 2017
IPO'd on TPE
BQE Water Nov - 2015
IPO'd on CVE
Innoveox May - 2014
IPO'd on EURONEXT
$1M - Seed
Heartland Water Technology
(2008, Hudson, $1M)
$2.9M - Series B
Ecochlor (2001, Maynard, $20.9M)
$601k - Seed
M2 Water Solutions (2015,
Indianapolis, $601k)
$806k - Series A
Tusaar (2009, Lafayette, $2.9M)
$8M - Series B
Axine Water (2010, Vancouver, $15M)
$80M - PE
Goodnight Midstream (2011, Dallas,
$80M)
Apr 2018
SEER Reports Fourth Quarter and Full Year 2017 Financial
Results, Marketwired
Apr 2018
Gradiant Corporation Establishes Indian Subsidiary, Business
Wire India
Apr 2018
MGX Minerals and PurLucid Provide Lithium Extraction
System Deployment Update; Second Site Agreement Near
Completion, ADVFN
Mar 2018
Ide technologies to open 2 wastewater reuse demo facilities
in california, WaterWorld
Mar 2018
EES Announces Successful Integration of STEP Combustion,
Business Wire
Mar 2018
Goodnight Midstream Continues North Dakota Expansion, PR
Newswire
Feb 2018
Updated Pennsylvania Legislative Study Projects more than
90% Savings in Bay Compliance Costs, PressReleasePoint
Feb 2018
MyCelx Technologies Secures USD5 Million Extension To
Saudi Contract, London South East
Jan 2018
MGX Minerals lifts stake in engineering partner again; now
holds 51%, Proactive Investors
Jan 2018
BQE Water Extends the Term of $1.5 Million Convertible
Loans, The Newswire
Jan 2018
MGX Minerals Increases Ownership in Cleantech
Engineering Partner PurLucid Treatment Solutions; Low
Cost Nanofiltration Lithium Extraction System Nearing
Deployment, GlobeNewswire
Dec 2017
Israel Chemicals sells stake in desalination firm IDE for $167
million, Reuters
News
0
2
4
6
8
10
12
14
16
$0k
$50M
$100M
$150M
$200M
$250M
$300M
$350M
2014 2015 2016 2017 2018
YoY Funding Rounds
14
12
33
73
113
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Water & Wastewater Management > Treatment > Industrial: Market Factsheet
Market: Industrial
69
Exits
Recent Investments
YoY Funding and Rounds
Companies focused on treatment
of wastewater generated from
industrial processes
BlueJack Energy Solutions
(2016, Plano, $100M)
H2O Midstream
(2015, Houston, $100M)
Goodnight Midstream
(2011, Dallas, $80M)
(2002, Irving, $52M)
Envirogen Technologies
(2009, Kingwood, $50M)
Top Companies
#1 Top Markets of Investment Activity
Waste & Water Management > Market Details > Market: Industrial
Companies Created 113 | Funded 73 | Total Funding $612M

Water & Wastewater Management > Treatment > Industrial: Top Companies
Market: Industrial
Analyst’s Pick
Oxbow (1983, West Palm Beach, $10M)
Recycling and treatment of refinery and natural gas
byproducts
Editor's Pick. Stage: Acquired
Crestview Partners
PurLucid (2014, Calgary, $1.2M)
Nanoflotation technology for wastewater treatment
and oil recovery
MGX Minerals
Crystal Clear Technologies (2005, Portland,
$110k)
Metal treatment from wastewater streams
Editor's Pick. Stage: Seed
National Science Foundation, Oregon Nanoscience
and Microtechnologies Institute

Note: Overall Rating is a combination of Funding and Team rating, along with Execution, Size and Growth metrics
71
Water & Wastewater Management > Treatment > Industrial: Leaderboard
Market: Industrial
Better than Market Average
Overall
Rating
Company
Name
Foun
ded
Year
Location Stage Funding Team
Execution Quality Size Metrics 6M Growth Metrics
App
Rating
App
UX
Web
UX
News
Web
Traffic
Rank
Social
Follow
ing
Mobile
Downl
oads
# App
Revie
ws
Web Traffic
Rank
Mobile
Downloads
Social
Following
Δ % Δ % Δ %
5.0
IDE
Technologies
1960 Jerusalem Acquired - - 5 - - 3 1.2M 2.6k 300 10 -405k -27% - - 40 2%
5.0 Nalco 1928 Naperville Acquired - - 4 3 3 1 949k 3.7k 3k 33 620k 197% - - - -
4.9 BQE Water 1997 Vancouver Public - - - - 3 7 7.3M 212 - - 85k 1% - - 10 5%
4.9 MYCELX 1994 Duluth Public $3M - - - 3 7 6.6M 13 - - -4.1M -27% - - 1 1%
4.8
Heartland
Water
Technology
2008 Hudson Seed $1M - - - 4 3 10M 10 - - -1.9M -13% - - 6 103%
4.8 PurLucid 2014 Calgary Acquired $1M - - - 4 9 10M - - - 10M 140% - - - -
4.7
Arvia
Technology
2007 Runcorn Series A $18M - - - - 2 3.7M 753 - - -91k -2% - - 103 16%
4.7 Optimarin 1994 Stavanger Funded - - - - 5 1 1.5M 157 - - -4.2M -74% - - 13 9%
4.6
Envirogen
Technologies
2009 Kingwood Acquired $50M - - - 3 - 7.8M - - - 283k 4% - - - -
4.6 Leopold 1924 Zelienople Funded - - - - 3 - 10M 1.1k - - 5M 49% - - 27 2%
4.5
Strategic
Environmental
& Energy
Resources
2002 Golden Public $4M - - - - 11 1.7M 23 - - -219k -12% - - 2 10%
4.5 Ecochlor 2001 Maynard Series B $21M - - - - 2 3.4M 333 - - -4.3M -58% - - 21 7%

Incubators RebelBio (#1), Ecofuel (#1)
Seed MaRS IAF (#1), Bettergrow (#1)
Series A/B Advantage Capital (#2), Second Avenue Partners (#1)
Series C+ Laird Norton Company (#1), True West (#1)
Bulk Handling Systems Jun - 2008
Acq by Caltius Structured Capital
Wastequip Dec - 2006
Acq by Odyssey Investment Partners for
$616M
Pyrogenesis Aug - 2006
IPO'd on CVE
Questor Tech Mar - 1998
IPO'd on CVE
Envipco
IPO'd
$20M - PE
Bulk Handling Systems (1976,
Eugene, $20M)
$6M - Series B
Anellotech (2008, New York City,
$30.7M)
$9M - Series B
Anellotech (2008, New York City,
$30.7M)
$19.2M - Series C
$21M - Series B
Aries Clean Energy (2010, Nashville,
$21M)
$739k - Seed
EcoWorth Tech (2016, Singapore,
$739k)
Apr 2018
PyroGenesis Announces Resignation of a Director,
GlobeNewswire
Apr 2018
WELTEC BIOPOWER Expands Plant Lineup in Northern
Ireland, BioSpectrum India
Apr 2018 BACE Hires Sales Industry Veteran, Business Wire
Apr 2018
PyroGenesis Canada CEO discusses new orders worth
US$1.6mln, Proactive Investors
Apr 2018 BHS expands Max-AI product line, Recycling Today
Apr 2018
Global Wastewater Treatment Separators Market 2018 –
Enviro Voraxial Technology Inc., Ecologix Environmental
Systems, Monroe Environmental, Talk Daily News
Apr 2018
BRIEF-True West Capital Leads $20 Mln Investment In Bulk
Handling Systems, Reuters
Apr 2018
Envac to Install Major Underground Waste Collection System
in London, Waste Management World
Apr 2018
Sustainable technology company achieves operating
breakthrough, Plastics in Packaging
Apr 2018
BHS Releases New Max-AI and MRF Intelligence Offerings,
RECYCLING magazine
Apr 2018
RecycleSmart Leverages Internet of Things Technology from
SmartTrash to Innovate Waste Management Services, PRWeb
Feb 2018
Micron Waste to Accelerate Commercialization of Cannabis
Waste Digester, ADVFN
Feb 2018
PyroGenesis receives ISO certification, releases update from
CEO , Stockhouse
Feb 2018
EWS-Ethosgen-Rockwell Collins Team to Develop Waste-to-
Energy Convertor for US Military, ExecutiveBiz
News
0
2
4
6
8
10
12
14
16
$0k
$10M
$20M
$30M
$40M
$50M
$60M
2014 2015 2016 2017 2018
YoY Funding Rounds
7
9
25
77
232
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Waste Management > Treatment Technology Provider: Market Factsheet
Market: Treatment Technology Provider
72
Exits
Recent Investments
Companies offering technology
solutions for handling and
management of waste streams
WISErg
(2010, Issaquah, $56.6M)
Anellotech
(2008, New York City, $30.7M)
Aries Clean Energy
(2010, Nashville, $21M)
Bulk Handling Systems
(1976, Eugene, $20M)
ENC Energy
(2002, Marinha, $8.1M)
Top Companies
Waste & Water Management > Market Details > Market: Treatment Technology Provider
Companies Created 232 | Funded 77 | Total Funding $184M

Waste Management > Treatment Technology Provider: Top Companies
Analyst’s Pick
Minicorn. Stage: Series C
Laird Norton Company, Second Avenue Partners,
Plateau Ventures
Micron Waste Technologies (2016,
Vancouver, $5.8M)
Technology solution to convert organic waste into
clean water
Aurora Cannabis, Bullrun Capital
BioCellection (2015, San Jose, $300k)
Bio-solutions for plastic waste management
Minicorn. Stage: Seed
RebelBio, SOSV, Dorm Room Fund
Cadel Deinking (2014, San Vicente De
Alcantara)
Deinking plastic recycling technology developer
Minicorn. Stage: Unfunded
Analyst’s Pick
Mycorena (2017, Boras)
Fungal process to treat organic industrial waste
Editor's Pick. Stage: Seed
Almi

Note: Overall Rating is a combination of Funding and Team rating, along with Execution, Size and Growth metrics
74
Waste Management > Treatment Technology Provider: Leaderboard
Better than Market Average
Overall
Rating
Company
Name
Foun
ded
Year
Location Stage Funding Team
Execution Quality Size Metrics 6M Growth Metrics
App
Rating
App
UX
Web
UX
News
Web
Traffic
Rank
Social
Follow
ing
Mobile
Downl
oads
# App
Revie
ws
Web Traffic
Rank
Mobile
Downloads
Social
Following
Δ % Δ % Δ %
5.0 Komptech 1992 Frohnleiten Funded - - 5 - - 1 1.3M 280 300 8 168k 13% - - 23 9%
5.0
Aries Clean
Energy
2010 Nashville Series B $21M - - - 5 5 2.4M 407 - - -3.8M -60% - - 25 6%
5.0 BullBag 2006
Killingwort
h
Series A $3M - - - 4 - 7.1M 180 - - 949k 16% - - 16 10%
4.9 RUR3 2007 Daventry Acquired - - - - 5 - 10M 558 - - 9M 54% - - 11 2%
4.9 HotRot 2003
Christchurc
h
Unfunded - - 5 - - - 10M - 30 4 590M
19343
%
- - - -
4.9 Paques 1960 Balk Funded - - - - 4 - 1.7M 476 - - 260k 18% - - 79 20%
4.9 Deterra System 2011
Minnetonk
a
Seed - - - - 4 - 6.7M 735 - - 5M 79% - - 179 32%
4.8 Lystek 2000 Cambridge Funded - - - - 3 6 5.4M 3.8k - - 7M
1559
%
- - 422 13%
4.8 Sierra Energy 2004 Sacramento Funded - - - - 3 1 1.6M 436 - - -13k -1% - - 58 15%
4.8 Austep 1995 Milan Seed - - 2 3 4 - 10M 31 750 5 -3.7M -28% - - - -2%
4.8
MetaFLO
Technologies
2003 Toronto Seed $500K - - - 3 - 3.2M 110 - - -17M -84% - - 5 4%
4.8
Franssons
Recycling
Machines
1945 Sundsvall Acquired - - - - 4 - 3.3M 21 - - 238k 8% - - -1 -5%
4.7 GeesinkNorba 1875 Emmeloord Acquired - - - - 2 - 3M 526 - - -2.2M -41% - - 2 -

Incubators
Wells Fargo Innovation Incubator (#1), Sprint Accelerator
(#1)
Seed Tandem Capital (#1), Playground Global (#1)
Series A/B Rosengard Invest (#1)
Series C+
Qundis May - 2012
Acq by HgCapital Trust for $211M
Series A
Hydrelis (2004, Vienne, $3.1M)
$927k - Series A
Banyan Water (2011, Austin, $4.4M)
$11.9M - Series A
Interel (1984, Dubai, $11.9M)
Seed
Alert Labs (2015, Kitchener)
$18.7M - Series B
Orbital Systems (2012, Malmo,
$27.4M)
$353k - Equity Crowdfunding
Flipr (2015, Perpignan, $353k)
$3.5M - Series A
APANA (2012, Bellingham, $5.2M)
Seed
$1.7M - Seed
$325k - Seed
Hidrate (2014, Boulder, $768k)
$3.8M - Series A
Orbital Systems (2012, Malmo,
$27.4M)
Apr 2018
Suez invests in digital solutions provider for water
consumption Hydrelis, Clean Technology Business Review
Apr 2018
Hayward Industries, Inc. Acquires ConnectedYard Inc., PR
Newswire
Mar 2018
Banyan Water Celebrates World Water Day with 2.6 Billion
Gallons of Water Savings, Business Wire
Feb 2018 Neptune Technologies reports Q3 results, Seeking Alpha
Jan 2018
Insteon launches support for Tesla models with EVEConnect,
Telematics News
Jan 2018 European Commission awards amphiro, Startupticker
Dec 2017
Knowcross And Interel Integrate To Offer Enhanced
Operational Efficiency And Guest Experience, Hospitality Net
Nov 2017
This $799 water monitor tracks how long you've been in the
shower, The Verge
Nov 2017
Banyan Water releases water conservation product that uses
smart controllers, Postscapes
Sep 2017
Neptune announces appointments for its Cannabis Business,
Marketwired
Sep 2017
INTEREL Secures €10m Growth Capital to Fuel Expansion of
Its Internet of Things (IoT) Solutions for the Hospitality
Industry, Hotel News Resource
Jul 2017
Atlanta Falcons’ Dontari Poe Invests In Startup Challenge
Winner Sutro, SportTechie
May 2017
Neptune Extends EMS integration Partnership with TS,
Financial IT
Apr 2017 HgCapital to sell Qundis, PE Hub
News
0
2
4
6
8
10
12
14
$0k
$5M
$10M
$15M
$20M
$25M
$30M
$35M
$40M
2014 2015 2016 2017 2018
YoY Funding Rounds
2
2
9
42
82
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Water & Wastewater Management > Smart Water Management > Residential & Commercial: Market Factsheet
Market: Residential & Commercial
75
Exits
Recent Investments
Companies offering connected
solutions for water management
in the residential and commercial
buildings
Orbital Systems
(2012, Malmo, $27.4M)
Interel
(1984, Dubai, $11.9M)
ConnectedYard
(2014, Campbell, $9.2M)
APANA
(2012, Bellingham, $5.2M)
Banyan Water
(2011, Austin, $4.4M)
Top Companies
Waste & Water Management > Market Details > Market: Residential & Commercial
Companies Created 82 | Funded 42 | Total Funding $65.9M

Water & Wastewater Management > Smart Water Management > Residential & Commercial: Top Companies
Market: Residential & Commercial
Waste & Water Management > Market Details > Market: Residential & Commercial
Analyst’s Pick
ConnectedYard (2014, Campbell, $9.2M)
pH monitoring device and service for pools
Tandem Capital, Playground Global, Lonza and 2
Other Investors
Naavy (2014, Palo Alto)
Smart connected water shower
Editor's Pick. Stage: Funded
GSV Labs

Tracxn - Waste & Water Management Startup Landscape

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