Consolidated Water

What Consolidated Water does

Consolidated Water Co. Ltd. (NASDAQ: CWCO) develops and operates seawater reverse osmosis (SWRO) desalination plants and water distribution systems across the Caribbean and the United States. The company operates 11 desalination plants across the Cayman Islands, Bahamas, and British Virgin Islands with combined bulk-water capacity of approximately 20 million US gallons per day; its Blue Hills plant in Nassau (12 MGD) is the largest diesel-based RO desalination plant in the western hemisphere. The platform is built on energy recovery via Calder DWEER systems, seawater well intakes that eliminate pretreatment, and membrane bioreactor (MBR) wastewater recycling through its PERC Water subsidiary.

The company operates through three segments: Retail Water (Cayman Water Company, an exclusive licensee under OfReg serving 6,500+ customer connections in Grand Cayman's Seven Mile Beach and West Bay districts), Bulk Water (long-term DBFOT/DBOO contracts with the Water Authority-Cayman, Water and Sewerage Corporation of The Bahamas, and BVI Water and Sewerage Department), and Manufacturing/Services (Aerex Industries equipment fabrication plus PERC Water design-build-operate services in the Western US). The company secured a new 25-year Cayman license effective August 1, 2026, and is executing a $204 million seawater desalination contract in Hawaii representing its first major US project.

Consolidated Water generates revenue from regulated monthly metered retail water tariffs, recurring bulk water take-or-pay contracts with government utilities, equipment sales and service contracts from Aerex, and project-based DBO contracts from PERC. The revenue mix is anchored by long-duration, regulated, contract-based cash flows; FY2025 reported revenue of $132.1 million (a ~1% decline year-over-year) with Q1 2026 revenue of $30.0 million, while the company maintains a 30-year track record of consecutive dividend payments.

Name

Consolidated Water

Legal name

Consolidated Water Co. Ltd.

Website

https://cwco.com

Company type

Public

Founded year

1973

Operating status

Operating

Headcount range

251–500 employees

Short description

Consolidated Water Co. Ltd. (NASDAQ: CWCO) develops and operates seawater reverse osmosis desalination plants and water distribution systems serving government utilities, resort developers, and over 6,500 retail customers in the Cayman Islands, Bahamas, British Virgin Islands, and the United States.

Ownership category

akta.pro rank

Product category

Water Desalination and Treatment Services

NAICS

Water, Sewage and Other Systems (2213), Water Supply and Irrigation Systems (22131), Water Supply and Irrigation Systems (221310)

SIC

Water Supply (4941), Water, Sewer, Pipeline, Comm & Power Line Construction (1623)

akta.pro primary industry

Advanced Treatment & Purification Utilities (MF/UF, RO, AOP, UV) (EUANAGAD)

akta.pro secondary industries

Water Reclamation & Reuse Production (Tertiary/Advanced Treatment) (EUANADAD), Water Reuse & Reclamation Infrastructure Construction (Recycled Water Systems) (IMAFAGAH)

Keywords

• Seawater desalination services
• Water utility operations
• Reverse osmosis systems
• Bulk water supply
• Wastewater recycling solutions

Headquarters

HQ city

Grand Cayman

HQ country

Cayman Islands

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D

Revenue model

1. Retail Water Sales: Cayman Water Company Limited operates under an exclusive retail license to produce and distribute potable water to customers in Grand Cayman's Seven Mile Beach and West Bay areas. Revenue is generated from monthly metered water consumption billed to residential, commercial, and tourism customers.
2. Bulk Water Sales: Long-term contracts with government water utilities (Water Authority-Cayman, Water and Sewerage Corporation of Bahamas, BVI Water and Sewerage Department) and private entities for potable water production and delivery. Contracts provide performance guarantees for quality, quantity, and energy usage.
3. Manufacturing (Aerex Industries): Aerex Industries manufactures and services a wide range of products for municipal water treatment and industrial water/wastewater treatment including membrane separation equipment, filtration equipment, piping systems, vessels, and custom fabricated components. Revenue from equipment sales and service contracts.
4. Design/Build/Operate Services (PERC Water): PERC Water designs, builds, and operates water and wastewater treatment facilities throughout the Western US. Revenue from project contracts and operations management services.
5. Engineering and Management Services: DesalCo provides management, engineering and construction services for desalination projects, recognized by suppliers as an Original Equipment Manufacturer (OEM) of reverse osmosis seawater desalination plants.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Consolidated Water develops and operates advanced water supply, water treatment, and reuse plants, and water distribution systems in the United States and the Caribbean. The company provides design, engineering, management, equipment manufacturing, and operating services for commercial and municipal water production, supply, and treatment, as well as industrial water and wastewater treatment. Its portfolio includes 11 seawater desalination plants producing approximately 20 million US gallons per day, an exclusive retail water utility in Grand Cayman, a US-based water treatment equipment manufacturer (Aerex Industries), and a Western US design-build-operate firm (PERC Water).

Product overview

Consolidated Water Co. Ltd. is a water treatment and desalination infrastructure company operating through a multi-segment platform: Retail Water Services (through Cayman Water subsidiary providing potable water distribution under exclusive license in Grand Cayman), Bulk Water Services (producing and delivering bulk water to government and private clients), Engineering and Management Services (design-build of SWRO desalination systems via DesalCo), Manufacturing (Aerex Industries producing water treatment equipment for nuclear, municipal, and industrial applications), and Services (PERC Water providing design-build-operate of water and wastewater facilities in the US). The company operates 11 desalination plants across the Cayman Islands, Bahamas, and British Virgin Islands with total capacity exceeding 20 million US gallons per day, and has recently expanded into the US market through subsidiaries.

Differentiator

Problem solved

Functional benefit

Products and services

• Cayman Water Retail Water Services Retail water utility producing and distributing potable water under an exclusive 25-year government license in Grand Cayman's Seven Mile Beach and West Bay districts. Serves 6,500+ residential, commercial, hospitality, and tourism customer connections through monthly metered water consumption billing.
• Bulk Water Supply Services Long-term Design-Build-Own-Operate (DBOO) bulk water production and supply contracts with government water utilities (Water Authority-Cayman, Water and Sewerage Corporation of Bahamas, BVI Water and Sewerage Department) and private resort clients. Contracts include performance guarantees for water quality, quantity, and energy usage. Total bulk production capacity is approximately 20 million US gallons per day.
• DesalCo Engineering and Management Services Design-build of seawater reverse osmosis (SWRO) desalination systems, providing management, engineering, and construction services through the DesalCo subsidiary. Recognized as an OEM of SWRO desalination plants for third-party clients.
• Aerex Industries Water Treatment Equipment Manufacturing Manufacturing of tailor-made products and systems for water treatment serving nuclear, municipal, and industrial applications. Product range includes membrane separation equipment, filtration equipment, piping systems, vessels, and custom fabricated components, with equipment sales and service contracts.
• PERC Water Design-Build-Operate Services

Quantifiable outcome

• 6.5% reduction in water cost per gallon for customers under new Cayman Islands license
• +3 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• IDE Technologies: Israel-based global leader in seawater reverse osmosis desalination plants; competes head-to-head with Consolidated Water for SWRO EPC and DBFOT contracts, including in the Caribbean and US markets.
• Acciona Agua: Major EPC contractor and operator of large-scale desalination plants worldwide; directly competes for municipal and industrial SWRO tenders and long-term O&M contracts.
• Sidem (Veolia Water Technologies): Veolia-owned desalination specialist that designs and builds SWRO plants and operates them under long-term contracts; competes with CWCO in Caribbean and US municipal tenders.
• Doosan Enpure (Doosan Heavy Industries): Korean EPC contractor with a strong desalination and water treatment portfolio; targets large municipal SWRO and wastewater reuse projects in the Middle East, Caribbean, and US.
• Cadagua (Ferrovial): Spanish water EPC and concession operator with deep SWRO and water reuse experience; competes for similar municipal and industrial build-operate contracts.

Broad incumbents

• American Water Works Company: Largest US investor-owned water and wastewater utility; competes indirectly for US municipal water supply contracts and serves as a benchmark for regulated water utility valuations.
• Essential Utilities: US regulated water and natural gas utility with growing presence in water infrastructure; comparable as a publicly-listed utility operator with municipal and industrial customer base.

Others

• Energy Recovery Inc. Technology supplier of energy recovery devices (including isobaric ERDs) used in SWRO plants globally; an enabling vendor to CWCO and its direct peers rather than a competitor.

Regional players

• Middlesex Water Company: US-listed regulated water utility focused on New Jersey and Delaware; comparable business model of regulated water supply with municipal customers but operates in a different US geography.
• Artesian Resources Corporation: US-listed water and wastewater utility serving Delaware and surrounding states; comparable regulated utility structure with similar dividend track record but does not directly compete in Caribbean desalination.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/cwco
• LinkedInlinkedin.com/company/consolidated-water

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments

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

Frequently asked questions about Consolidated Water