Upwell Water
Upwell Water is a US-based water infrastructure company that owns and operates utility, supply, and treatment assets, serving municipalities, farmers, industrial users, and developers through a no-upfront-cost, recurring service-fee model across its Utilities, Supply, and Treatment business lines.
- Company typePrivate
- Founded2020
- HeadquartersSan Francisco, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Upwell Water does
Upwell Water is a privately held, tech-enabled water resource and infrastructure company headquartered in Austin, Texas (with San Francisco also associated) that owns and operates water and wastewater utility, supply, and treatment assets across the United States. The company operates three business lines — Utilities (acquiring and developing water/wastewater utilities serving the public), Supply (developing water supply, storage, and transportation assets including groundwater recharge basins for farmers, cities, and industrial users), and Treatment (decentralized mobile, containerized, and skid-mounted treatment systems with capabilities in resource recovery and emerging contaminant remediation such as PFAS and 1,4 Dioxane). Its core technology combines physical infrastructure with proprietary treatment processes for distributed deployment rather than centralized plants, enabling rapid mobilization to commercial, industrial, municipal, and agricultural customers. Through subsidiary APT Water, the company has deployed emerging contaminant treatment to over 500 sites.
Upwell Water's business model centers on asset ownership and recurring service revenue rather than equipment sales. Customers — including water agencies, municipalities, farmers, industrial users, real estate developers, and energy transition projects — receive utility service, supply, and treatment at no upfront cost, paying instead through ongoing monthly service fees and utility-style payments. The company supplements organic operations with project financing to partners (including a $100M offtake agreement with Aquaria for atmospheric water generation) and acquisitions of existing utilities, water rights, and treatment assets, providing liquidity to sellers. Capital partners include Climate Adaptive Infrastructure ($100M, 2024) and Nuveen (growth capital for the TurnClear spinout, February 2026).
The company's most significant commercial commitments include a $1 billion, 89 million-gallons-per-day contract signed in 2023 with Georgetown, Texas for water imported from the Simsboro Formation of the Carrizo Wilcox Aquifer — a project currently subject to permit litigation filed by Bryan, College Station, and the Texas A&M University System. In February 2026, Upwell Water spun out its decentralized treatment-as-a-service business as TurnClear, with Dr. Hu Fleming appointed CEO and institutional backing from Nuveen.
Upwell Water firmographics
Firmographics- Name
- Upwell Water
- Legal name
- Upwell Water
- Website
- https://water.llc
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Upwell Water is a US-based water infrastructure company that owns and operates utility, supply, and treatment assets, serving municipalities, farmers, industrial users, and developers through a no-upfront-cost, recurring service-fee model across its Utilities, Supply, and Treatment business lines.
- Ownership category
- akta.pro rank
Upwell Water industry classification
Industry- Product category
- Water Infrastructure Services
- NAICS
- Water Supply and Irrigation Systems (22131), Water, Sewage and Other Systems (2213), Sewage Treatment Facilities (22132)
- SIC
- Water Supply (4941), Water, Sewer, Pipeline, Comm & Power Line Construction (1623)
- akta.pro primary industry
- Water Source Development & Intake Systems (Wells, Boreholes, Intakes) (AFAAACAI)
- akta.pro secondary industries
- Water Reclamation & Reuse Production (Tertiary/Advanced Treatment) (EUANADAD), Intake/Outfall & Raw Water Abstraction Works (River/Sea Intakes, Outfalls) (IMAFAGAI), Recycled Water Storage & Balancing Utilities (Reservoirs, Tanks, Equalization) (EUANAGAI)
Keywords
Where Upwell Water is headquartered
LocationHeadquarters
- HQ city
- San Francisco
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Upwell Water business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Operations, Supply Chain, Technology or R&D, Personnel, Marketing or Sales
Revenue model
- Asset Ownership and Service Fees: Upwell Water owns and operates utility, supply, and treatment assets, providing services to customers who pay over time rather than making upfront capital investments. Revenue is generated through ongoing service fees and utility-style monthly payments from customers.
- Project Financing: Upwell Water provides project financing to partners and customers, enabling them to deploy water infrastructure without upfront costs. Includes a $100 million offtake agreement with Aquaria for atmospheric water generation projects.
- Asset Acquisition and Investment: Upwell Water purchases existing water utilities, treatment plants, water rights, irrigation systems, and water-related equipment, then generates revenue by operating and growing those assets. Made a $30 million investment to support a publicly-traded water treatment company's ability to develop public treatment plants.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Service-based model with no upfront cost to customers |
Go-to-market motion3 records
Distribution channels3 records
Marketing channels6 records
Upwell Water product offering
Product offeringCore offering
Upwell Water owns and operates water and wastewater utility, supply, and treatment assets, delivering water and infrastructure to public agencies, farmers, cities, industrial users, and developers on a no-upfront-cost basis. The company purchases small and mid-sized utilities, develops water supply and storage assets such as groundwater recharge basins, and provides decentralized water and wastewater treatment via mobile, containerized, and skid-mounted systems with resource recovery and emerging contaminant remediation capabilities. Customers pay through ongoing service fees and utility-style monthly payments rather than upfront capital expenditures.
Product overview
Upwell Water is a tech-enabled water resource and infrastructure company offering three core product lines: Utilities (water and wastewater utilities serving the public), Supply (water supply and storage development), and Treatment (water and wastewater treatment without upfront costs). The company owns operating and new-build utility, supply, and treatment assets, providing customers with water and infrastructure built, financed, and delivered. The spinout company TurnClear, backed by Nuveen, focuses specifically on decentralized treatment-as-a-service for commercial and industrial clients. All solutions enable customers to pay as a service rather than making large upfront capital investments.
Differentiator
Problem solved
Functional benefit
Products and services
- Utilities
Quantifiable outcome
- 500 sites treated for emerging contaminants including 1,4 Dioxane on Long Island, NY
- +3 more outcomes
Companies that use Upwell Water
Customer profileNamed customers5 records
Segments5 records
Ideal customer profiles5 records
Upwell Water technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Upwell Water partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- Multi-national Water Treatment FirmcoreUpwell Water partnered with a multi-national water treatment firm to create a fleet of containerized, mobile treatment plants to serve commercial and industrial customers with decentralized treatment.
- APT WatercoreAPT Water is a subsidiary of Upwell Water that has deployed emerging contaminant treatment to 500 sites, including groundwater remediation on Long Island, NY. It represents Upwell Water's operational treatment capability.
Scale indicators6 records
Recent moves7 records
Expansion highlights6 records
Upwell Water competitors and assessment
Company assessmentDirect peers
- American Water Works Company: Largest US investor-owned water and wastewater utility, directly comparable to Upwell Water's utility ownership/operations business. Both acquire and operate regulated water utilities serving municipal customers, and share the recurring, rate-base-style revenue model Upwell targets with its no-upfront-cost service offering.
- Essential Utilities (Aqua America): Owns and operates regulated water and wastewater utilities across multiple US states, mirroring Upwell Water's utility acquisition and development strategy. Both target small-to-mid-sized municipal and community water systems as acquisition and partnership candidates.
- Cadiz Inc. Holds large-scale California groundwater and water supply rights for agricultural, municipal, and industrial users. Most directly comparable to Upwell Water's Supply business (Georgetown/Simsboro aquifer model) — a private/public vehicle for monetizing water rights and supply infrastructure.
- Evoqua Water Technologies: Provides water and wastewater treatment products, services, and emerging-contaminant solutions to municipal and industrial customers. Closely comparable to Upwell's APT Water and TurnClear treatment operations, including PFAS and 1,4 Dioxane remediation.
- California Water Service Group: Investor-owned water utility serving California, Washington, New Mexico, Hawaii, and Texas. Directly comparable to Upwell's regulated utility ownership model and shares Upwell's footprint focus on water-scarce Western US regions and Hawaii (the same geographies Upwell serves via the Aquaria partnership).
Broad incumbents
- Veolia North America: Global water and wastewater utility and services operator with significant US presence. Overlaps with Upwell across utilities ownership, treatment services, and industrial water — but operates as a broad incumbent with a much wider portfolio and global footprint.
- Suez Water Technologies & Solutions: Operates regulated water utilities and supplies water treatment technologies worldwide. Comparable to Upwell's combined utility and treatment offerings, though as a large diversified incumbent rather than a focused asset-ownership platform.
- Xylem Inc. Major water technology company providing pumps, metering, treatment, and digital solutions to utilities and industrial customers. Comparable in adjacent technology and customer base to Upwell's treatment business, but a broad equipment-and-tech incumbent.
Emerging players
- Gradiant: Private water-treatment technology company focused on industrial and emerging-contaminant applications, with strong presence in Asia and the Middle East. Closest emerging competitor to Upwell's APT Water / TurnClear decentralized treatment-as-a-service offering.
Regional players
- Consolidated Water Co. Owns and operates water utilities and desalination plants, primarily in the Caribbean. Comparable in asset-ownership water utility model to Upwell's Supply and Utilities segments, though operating in a different geography.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Upwell Water social profiles
Digital presenceUpwell Water financial estimates
Financial estimateRevenue estimate
Valuation estimate
Upwell Water leadership team
Management profileNumber of profiles
Profiles19 records
Upwell Water subsidiaries and ownership
Company hierarchySubsidiaries2 records
Upwell Water funding detail
Funding detailFunding overview
Funding rounds2 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Upwell Water M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Upwell Water
What does Upwell Water do?
Upwell Water owns and operates water and wastewater utility, supply, and treatment assets, delivering water and infrastructure to public agencies, farmers, cities, industrial users, and developers on a no-upfront-cost basis. The company purchases small and mid-sized utilities, develops water supply and storage assets such as groundwater recharge basins, and provides decentralized water and wastewater treatment via mobile, containerized, and skid-mounted systems with resource recovery and emerging contaminant remediation capabilities. Customers pay through ongoing service fees and utility-style monthly payments rather than upfront capital expenditures.
Is Upwell Water a public or private company?
Upwell Water is a private company. It is classified as venture growth investor backed and is currently operating.
When was Upwell Water founded?
Upwell Water was founded in 2020. It employs 11 to 50 people.
Where is Upwell Water based?
Upwell Water is headquartered in San Francisco, United States, in the North America region.
How does Upwell Water make money?
Three revenue lines are on record. Asset Ownership and Service Fees are the primary driver. The others are project Financing and asset Acquisition and Investment.
Who are Upwell Water's main competitors?
Direct peers on record are American Water Works Company, Essential Utilities (Aqua America), Cadiz Inc., Evoqua Water Technologies and California Water Service Group. Broad incumbents are Veolia North America, Suez Water Technologies & Solutions and Xylem Inc.. Gradiant is listed as an emerging player. Consolidated Water Co. is listed as a regional player.
Does Upwell Water have an API?
No public API is recorded for Upwell Water.
What industry is Upwell Water in?
Upwell Water's product category is Water Infrastructure Services. Its primary akta.pro industry code is AFAAACAI, Water Source Development & Intake Systems (Wells, Boreholes, Intakes), with a secondary code of EUANADAD, Water Reclamation & Reuse Production (Tertiary/Advanced Treatment). Its NAICS code is 22131 and its SIC code is 4941.