Westwater Research

What Westwater Research does

Westwater Research is a specialized economic consulting firm founded in 2001 and headquartered in Boise, Idaho, with additional offices in Austin and San Francisco. The firm provides water market intelligence, transaction advisory, valuation and appraisal services, economic and market analysis, asset management support, and socioeconomic analysis to institutional clients across state and local government, federal government, financial institutions, agriculture, utilities, industrial, technology, tribal nations, and NGO segments.

The firm's core technology asset is Waterlitix™, a proprietary database described as the largest and most comprehensive pricing source for water transactions, underpinned by over thirty years of research and data collection. Waterlitix™ serves as the exclusive data provider behind the Nasdaq-Veles California Water Index (NQH2O), which tracks the spot price for California water entitlements — establishing the firm as the institutional benchmark for California water market pricing.

Westwater operates a professional services go-to-market model, generating revenue through two principal streams: (1) fee-based advisory and consulting engagements structured as project or retainer work for institutional clients navigating water market transactions and policy decisions, and (2) B2B data and index licensing via Waterlitix™ and the Nasdaq-Veles partnership. Distribution is primarily direct, senior-led enterprise engagement rather than self-serve or product-led. Pricing is not publicly disclosed and is quote-based. The firm is privately held with no disclosed funding rounds, parent company, or institutional investors.

Name

Westwater Research

Legal name

WestWater Research

Website

https://waterexchange.com

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

11–50 employees

Short description

Westwater Research is a specialized economic consulting firm providing water market intelligence, transaction advisory, valuation, and asset management services to institutional clients across government, financial, agricultural, utility, and technology sectors, anchored by its proprietary Waterlitix™ pricing database.

Ownership category

akta.pro rank

Product category

Water Economics & Market Intelligence Consulting

NAICS

Environmental Consulting Services (54162), Other Scientific and Technical Consulting Services (54169)

SIC

Investment Advice (6282)

akta.pro primary industry

Water, Wastewater & Hydraulics Engineering Consulting (BPAHAIAD)

akta.pro secondary industry

Data Management, LIMS & Compliance Software (ELN, eDMS, reporting automation) (EUANAJAE)

Keywords

• Water market analysis
• Water asset valuation
• Water transaction advisory
• Water economics consulting
• Water rights research

Headquarters

HQ city

Boise

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Advisory & Consulting Services: WestWater Research generates revenue through professional advisory services including transaction advisory, economic and market analysis, valuation and appraisals, asset management services, and socioeconomic analysis. These are fee-based consulting engagements typically structured as project-based or retainer arrangements for institutional clients navigating water market transactions and policy decisions.
2. Data & Index Licensing: Revenue is generated through licensing the Waterlitix™ data platform and providing exclusive data to power the Nasdaq-Veles California Water Index (NQH2O). This represents a B2B data monetization model where institutional clients and market participants pay for access to water market intelligence.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels8 records

Core offering

Westwater Research is a specialized economic consulting firm that delivers advisory and analytical services on water markets, including transaction advisory, valuation and appraisals, economic and market analysis, asset management, socioeconomic analysis, and research. Its proprietary Waterlitix™ database—backed by 30+ years of water transaction pricing data—powers the Nasdaq-Veles California Water Index (NQH2O) and is licensed to institutional clients across government, financial, utility, agricultural, industrial, and technology sectors.

Product overview

WestWater Research offers a unified suite of advisory services centered on its proprietary Waterlitix™ platform—the largest and most comprehensive pricing database for water transactions, which serves as the exclusive data provider for the Nasdaq-Veles California Water Index (NQH2O). The company supplements this core product with six specialized service lines: Transaction Advisory, Economic & Market Analysis, Valuation & Appraisals, Asset Management Services, Socioeconomic Analysis, and Research. Together, these offerings provide clients with actionable insights for water supply security, transactions, and sustainability decisions across industries including Agriculture, Federal Government, Financial, Industrial, NGOs, Reuse, State and Local Government, Technology, Tribal Nations, and Utilities.

Differentiator

Problem solved

Functional benefit

Brands

• Waterlitix™: WestWater Research's proprietary database and largest comprehensive pricing source for water transactions. Powers the Nasdaq-Veles California Water Index (NQH2O).

Products and services

• Waterlitix™ Proprietary water market data platform and the largest and most comprehensive pricing source for water transactions, backed by over thirty years of research and data collection. Westwater Research is the exclusive data provider for the Nasdaq-Veles California Water Index (NQH2O), which tracks the spot price for California water entitlements. Licensed to institutional clients including government agencies, financial institutions, utilities, and industrial companies.
• Transaction Advisory Advisory service providing strategic guidance and data-driven insights to help clients buy, sell, or manage complex water assets with confidence, supported by Westwater's market research and pricing expertise.
• Economic & Market Analysis Expert economic and market analysis supporting strategic planning and investment decisions, including policy impact evaluation, demand forecasting, and cost-of-alternative-supplies analysis.
• Valuation & Appraisals Valuation and appraisal services for water assets, driven by decades of experience, deep technical knowledge, and market intelligence to determine the true value of water for strategic decisions.
• Asset Management Services Advisory services for managing water assets effectively across their lifecycle, supporting institutional clients in optimizing value and risk in water portfolios.
• Socioeconomic Analysis Analysis examining the socioeconomic dimensions of water resources and water market dynamics to inform policy, planning, and stakeholder decisions.
• Research Research services supporting water market intelligence and analysis, leveraging Waterlitix™ data and Westwater's interdisciplinary expertise across water markets, finance, policy, and environmental economics.

Segments9 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• NasdaqcoreStrategic or Co-development PartnerWestWater Research serves as the exclusive data provider for the Nasdaq-Veles California Water Index (NQH2O), which tracks the spot price for California water entitlements. This partnership positions Waterlitix™ as the institutional benchmark for California water market pricing, with the index powered by WestWater's proprietary transaction data and analytics.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• ICF International: ICF provides energy, environment, and infrastructure advisory and market research to governments and utilities — comparable to WestWater's economic and market analysis, policy evaluation, and socioeconomic analysis services for federal/state government clients.
• Tetra Tech: Tetra Tech is a major water and environmental engineering consultancy serving utilities, governments, and private clients on water resource management and infrastructure. Its water consulting practice overlaps with WestWater's utility and government advisory services, though Tetra Tech's scale and engineering focus make it a broader incumbent rather than a direct specialist.
• BloombergNEF (BNEF): BNEF provides research, data, and indices across energy and commodities, with growing coverage of water-related climate and sustainability topics. While not exclusively focused on water, BNEF's subscription data and research model is structurally comparable to WestWater's Waterlitix™ platform and adjacent to the firm's market intelligence offerings.
• Refinitiv (now part of LSEG): Refinitiv/LSEG provides financial market data, indices, and analytics to institutional clients — analogous to WestWater's data licensing business via Waterlitix™ and NQH2O. LSEG's index franchise and data distribution infrastructure represents a potential competitive or partnership pathway for water benchmark commercialization.
• ERM (Environmental Resources Management): ERM is a global environmental and sustainability consultancy providing transaction due diligence, valuation, and advisory services across water, energy, and infrastructure. While its scope is broader than WestWater's water-only focus, ERM competes for similar institutional clients (governments, financial institutions, corporates) on water-related transactions and sustainability advisory.

Direct peers

• Wood Mackenzie: Wood Mackenzie is a global research and consultancy specializing in commodity and resource markets (energy, metals, renewables), combining subscription data, indices, and bespoke advisory engagements. Its hybrid data-plus-advisory model mirrors WestWater's structure and its water market research overlaps directly with WestWater's economic and market analysis offerings.
• Argus Media: Argus Media is a leading commodity price reporting and data analytics firm with a business model closely mirroring WestWater's Waterlitix™ franchise — proprietary pricing data, index licensing, and market intelligence subscriptions. Argus's expansion into water and environmental commodities markets makes it a direct comparator in pricing data and index licensing.
• S&P Global Commodity Insights (Platts): S&P Global Commodity Insights operates the Platts benchmark pricing franchise, providing commodity price assessments, indices, and market intelligence to institutional clients — directly analogous to WestWater's NQH2O index and Waterlitix™ data platform. Both firms monetize proprietary pricing data through licensing to financial and industrial market participants.
• ICIS (Independent Commodity Intelligence Services): ICIS provides commodity price benchmarks, market analysis, and forecasting across chemicals and energy — comparable to WestWater's pricing data and economic/market analysis services. The pricing-reporting plus advisory structure is closely analogous, though ICIS's coverage is broader across chemicals rather than water.

Emerging players

• Stratus Consulting (now part of Abt Associates): Stratus Consulting specialized in environmental economics, natural resource valuation, and water resource economics before its acquisition by Abt — closely matching WestWater's economic and market analysis, valuation & appraisals, and socioeconomic analysis offerings. As part of Abt, it represents a larger competitor with overlapping water economics expertise.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@westwaterresearch80
• LinkedInlinkedin.com/company/westwater-research
• Instagraminstagram.com/westwaterresearch
• Xx.com/westwaterllc

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Westwater Research