What Aquarion does

Aquarion AG is a Swiss-headquartered provider of advanced wastewater treatment and water purification systems for industrial customers, with group operations consolidated under H+E Group and a separate Aquarion Products division headquartered in Vienna. The company's portfolio spans the full water treatment toolkit, including membrane filtration (microfiltration, ultrafiltration, nanofiltration, reverse osmosis), thermal, biological, chemical, and physical processes, with proprietary differentiators such as the patented Circular Disc (CD) Module (operating at pressures up to 200 bar), REDft reduced-footprint membrane technology for offshore oil and gas, the ZLD.eco2 zero liquid discharge architecture, BIOFIT advanced oxidation processes, TOVEKO sand filters, FLOCOPAC clarifiers, and the Aquacritox technology acquired via SCFI in 2022. Reported performance claims include up to 80% energy reduction versus conventional ZLD, 90-99% water recovery rates, and 15-30% CapEx/OpEx savings on offshore Enhanced Oil Recovery applications.

The company operates as a total enhanced EPC solution provider, complementing project delivery with proprietary equipment sales through Aquarion Products. Revenue is generated across four streams: EPC project contracts (the largest, with project sizes in the millions to tens of millions of EUR), direct hardware sales of CD Modules, TOVEKO filters, FLOCOPAC systems, BIOFIT Watercell MBRs, containerized RO units, and SecureChem dosing systems, recurring service/maintenance/chemicals contracts on installed assets, and technology licensing (notably Aquacritox, projected to contribute at least €40 million in revenue by 2024). Markets served vertically include Oil & Gas (primary, both upstream and downstream), Energy and Power Generation, Mining, Food & Beverage, Pharmaceutical, Semiconductor & Solar, Chemical Industry, Pulp & Paper, Steel, and Municipal, with named customers spanning BP, Petronas, Siemens, Alstom Power, Nile Sugar Egypt, and a Saudi Arabian utility, alongside 30,000+ H+E legacy installations across 135 countries.

Aquarion was founded in 2013 and grew through a series of acquisitions (H+E 2014, S-Tec 2014, MFT 2015, SCFI 2022) and geographic expansions (Russia 2014, UAE 2015, Chile 2015, Singapore JV 2019, India 2020). The company raised €15 million from the Sustainable Growth Fund in 2018 and issued a €10 million Vienna-listed bond in 2019 to fund Aquacritox launch and growth, with management targeting more than €100 million in revenue and more than 10% EBITDA margins. In September 2023, Gradiant, a US$1.0 billion water platform based in Boston and Singapore, acquired a majority stake from the Sustainable Growth Fund, adding Aquarion's technology portfolio to Gradiant's semiconductor, food and beverage, chemicals, and pulp and paper capabilities.

Name

Aquarion

Legal name

AQUARION AG

Website

https://aquarion-group.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

251–500 employees

Short description

Aquarion AG provides advanced wastewater treatment, water purification, and Zero Liquid Discharge systems for industrial customers, primarily in Oil & Gas, energy, mining, and process industries. The company combines EPC project delivery with proprietary membrane, ZLD, and advanced oxidation technologies across global markets.

Ownership category

akta.pro rank

Product category

Industrial Water Treatment

NAICS

Sewage Treatment Facilities (221320), Sewage Treatment Facilities (22132), Water Supply and Irrigation Systems (221310)

SIC

Oil & Gas Field Machinery & Equipment (3533), Water Supply (4941), Totalizing Fluid Meters & Counting Devices (3824)

akta.pro primary industry

Water & Wastewater Treatment Plant Equipment (Clarifiers, Aeration, Membrane Systems) (IMAHAEAJ)

akta.pro secondary industry

Desalination Plant EPC, O&M & Performance Optimization (EUANAFAK)

Keywords

• Industrial water treatment
• Wastewater treatment systems
• Zero liquid discharge
• Membrane filtration
• Process water purification

Headquarters

HQ city

Baar

HQ country

Switzerland

HQ region

Europe

Offices20 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. EPC Project Revenue: Engineering, Procurement, and Construction (EPC) contracts for water treatment plants and systems. Projects include design, construction, installation, testing and commissioning services. Typical project sizes range from millions to tens of millions of euros.
2. Products and Equipment Sales: Direct sales of proprietary water treatment products including Circular Disc Modules, TOVEKO Filters, FLOCOPAC systems, Functional Water Systems, containerized BIOFIT Watercell MBR, containerized RO units, and SecureChem chemical dosing systems. Products sold to OEMs and end-users globally through Aquarion Products division.
3. Service and Maintenance: Ongoing service, maintenance, spare parts delivery, and specialty chemicals for membrane cleaning and anti-scaling. MFT provides service and maintenance for membrane systems.
4. Technology Licensing: Licensing of proprietary technologies including Aquacritox technology for wastewater treatment. Aquacritox expected to generate at least €40m in revenue by 2024.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels5 records

Core offering

Aquarion is a total enhanced EPC solution provider of advanced wastewater treatment and water purification systems for industrial customers in Oil & Gas, energy, mining, food & beverage, pharmaceutical, chemical, pulp & paper, semiconductor and municipal markets. Its offering spans Zero Liquid Discharge systems, membrane filtration (Circular Disc modules), REDft reduced-footprint offshore systems, BIOFIT advanced oxidation and biological processes, TOVEKO sand filters, FLOCOPAC clarifiers, and the Aquacritox technology, delivered through direct engineering, procurement and construction contracts and via the Aquarion Products equipment division.

Product overview

Aquarion is a total enhanced EPC solution provider offering advanced wastewater treatment and water purification systems. The portfolio includes multiple ZLD systems (ZLD.eco2, ZLD-ECO, ZLD Classic, ZLD Currently) that range from classic evaporation-based to hybrid membrane-based solutions. The company markets proprietary products including Circular Disc (CD) Modules from MFT, TOVEKO Sand Filters, FLOCOPAC clarifiers, BIOFIT.Oxyd2 advanced oxidation, and wet air oxidation systems. Aquarion Products division sells equipment directly to OEMs and end-users. The offerings serve industrial sectors including Oil & Gas, Power Generation, Mining, Food & Beverage, Pharmaceutical, Chemical, Pulp & Paper, and Municipal markets, with technologies spanning membrane filtration (microfiltration, ultrafiltration, nanofiltration, reverse osmosis), biological treatment, thermal processes, and chemical treatment.

Differentiator

Problem solved

Functional benefit

Brands

• ZLD Systems: Zero Liquid Discharge water recycling and purification systems including ZLD CLASSIC, ZLD CURRENTLY, ZLD ECO, and ZLD ECO2
• CD Module
• FLOCOPAC
• TOVEKO Filters
• BIOFIT
• ANAFIT
• REDft
• ModufleX

Products and services

• Aquarion Products Division Standalone distribution division headquartered in Vienna that sells Aquarion's proprietary equipment directly to OEMs and end-users worldwide, including Circular Disc modules, TOVEKO Sand Filters, FLOCOPAC, BIOFIT Watercell MBR, containerized RO units, SecureChem chemical dosing and Functional Water Systems.
• Total Enhanced EPC Water Treatment Solutions Turnkey Engineering, Procurement and Construction services for industrial water and wastewater treatment plants serving Oil & Gas, energy, mining, food & beverage, pharmaceutical, chemical, pulp & paper, semiconductor and municipal customers.
• ZLD System Family (ZLD Classic, ZLD Currently, ZLD-ECO, ZLD.eco2) Family of Zero Liquid Discharge water recycling systems for industrial plants, spanning classic evaporation-based ZLD, hybrid ZLD with membrane pre-concentration (ZLD Currently, ZLD-ECO with 90-99% recovery), and the ZLD.eco2 enhanced system with high-pressure reverse osmosis.
• Circular Disc (CD) Membrane Module Patented MFT circular-disc membrane module engineered for high-pressure reverse osmosis up to 200 bar, used across Aquarion's ZLD, produced water and desalination systems.
• REDft Technology (Reduced Footprint Membrane System) Specialty membrane system for offshore upstream Oil & Gas Enhanced Oil Recovery that houses UF/MF and RO/NF membranes in a single pressure housing to cut weight and footprint.
• TOVEKO Continuous Gravity Fed Sand Filters Industrial and small-municipal wastewater sand filter with automatic head-loss detection, wash water of only 3-5% of feed flow, and a compact footprint inside standard-height buildings.
• BIOFIT Advanced Oxidation and Biological Systems (BIOFIT.Oxyd2, Wet Air Oxidation, BIOFIT.N) Advanced oxidation and biological treatment systems for COD/color removal, nitrification/denitrification, and oxidation of spent caustic, ethylene, and petrochemical waste streams.
• FLOCOPAC Clarifier High-rate inclined-plate clarifier for flocculation and precipitation processes in industrial and municipal water treatment plants.
• ANAFIT.CS Anaerobic Treatment Specialty anaerobic contact-sludge treatment process for high-calcium sugar industry wastewater prone to mineral precipitation.
• ModufleX Modular Plant Construction (S-Tec GmbH) Modular water treatment plant construction services delivered from S-Tec's Klipphausen facility using 11 self-contained ModufleX modules for rapid plant deployment.
• MFT RO 100 Containerized Desalination System Containerized reverse osmosis desalination unit for decentralized drinking water production, with integrated renewable power and remote cloud-based monitoring.
• Aquacritox Wastewater Treatment Technology (Licensed) Licensed wastewater treatment technology originating from Cork-based SCFI, expected to be commercialized at industrial scale following the Aquarion acquisition.
• Service, Maintenance and Membrane Cleaning Chemicals Recurring service, maintenance, spare parts, and specialty chemicals for membrane cleaning and anti-scaling delivered by MFT and the broader Aquarion operations team.

Quantifiable outcome

• Up to 80% energy reduction with ZLD.eco2 compared to conventional systems
• +4 more outcomes

Named customers9 records

Segments9 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

Seven partnerships are on record, tiered core, regional and strategic.

• GradiantcoreStrategic or Co-development Partner · 29 September 2023Gradiant, a US$1.0 billion water company based in Boston and Singapore, acquired a majority stake in Aquarion AG. The acquisition adds Aquarion's portfolio of water technologies including entry into semiconductor business in Germany and Asia, and capabilities in Food & Beverage, Chemicals, Oil & Gas, Pulp & Paper, and Municipal Sludge Treatment. Gradiant has raised total funding of over US$400 million.
• Dr. Harshvardhan M. ModakregionalStrategic or Co-development Partner · 3 February 2020Indian company acquired and renamed Aquarion Environmental Solutions Pvt Ltd (AIPL). Dr. Modak with 40+ years experience in Indian industrial wastewater market serves as Residential Director and Managing Director. Aquarion holds 99.99% of AIPL.
• DarcarioncoreStrategic or Co-development Partner · 9 July 2019Singapore joint venture H+E Darcarion Pte. Ltd. holds 100% of H+E Asia (South East Asian entity of Aquarion Group) and operates with full technical and managerial support from H+E GmbH Stuttgart.
• BluMetric Environmental Inc.strategicStrategic or Co-development Partner · 2 July 2015Wide-ranging technology, business, and project development cooperation agreement. Companies will jointly address wastewater treatment issues, cooperate on new technology development, and support each other's growth through strategic sectoral and regional business development. Aquarion's strength in oil and gas complements BluMetric's depth in mining, real estate, military, and industrial solutions.
• Mark HopestrategicOthers · 12 May 2014Board of Directors member with nearly 30 years oil and gas industry experience. Principal and founder of Malta-based HopeVere Consulting Ltd providing consultancy to oil and gas, renewable, water and logistic companies.
• James W. HotchkiesstrategicOthers · 12 May 2014Board of Directors member recognized globally as expert in advanced water treatment technologies. Managing Director of JWH Consulting GmbH, Advisory Board member of Pictet Water Fund, Emefcy, and ClearCove.
• Thomas WillcoreOthers · 14 April 2014Chief Operating Officer and Managing Director of Aquarion Group, also Managing Director of Aquarion Water GmbH and former Managing Director of Hager + Elsässer GmbH. Brings 20+ years water treatment industry experience.

Scale indicators15 records

Recent moves14 records

Expansion highlights6 records

Direct peers

• Gradiant: US$1B Boston/Singapore water company that acquired majority stake in Aquarion in 2023. Direct peer in industrial water and ZLD with comparable proprietary technology (CGE, Carrier Gas Extraction), and the parent/partner that now controls Aquarion's growth agenda.
• Ovivo: Canada-based pure-play water treatment provider for industrial and municipal markets with strong membrane and ZLD offerings. Aquarion's CSO Paul Coe was previously at Ovivo, indicating direct technology and customer overlap in industrial water EPC.
• IDE Technologies: Israel-based specialist in thermal and membrane desalination plus ZLD for industrial and municipal customers. Directly comparable to Aquarion's desalination and ZLD offerings, particularly in MENA where both companies have active EPC projects.
• Toray Industries (Toray Membranes): Leading membrane manufacturer (RO, NF, UF, MF) widely used in desalination and ZLD systems. Aquarion board member James Hotchkies was previously VP at Toray, and Aquarion's CD modules compete in adjacent membrane technology spaces for high-pressure industrial applications.
• Aquatech International: US-based specialist in industrial water and ZLD, with strong presence in O&G produced water, mining, and power generation. Closest like-for-like mid-market competitor to Aquarion, serving similar verticals with comparable proprietary evaporation/membrane hybrid systems.

Broad incumbents

• Ecolab (Nalco Water): Global leader in water, hygiene, and process chemicals for industrial customers including O&G, power, and mining. Comparable to Aquarion's chemicals, chemistry, and service offerings; differentiated by enormous chemicals franchise and recurring service model.
• Xylem: Major water technology company with industrial, commercial, and municipal solutions including advanced treatment, membrane, and pumping systems. Comparable to Aquarion's ZLD and process water portfolio but much larger and more diversified across pumps, meters, and digital.
• Veolia Water Technologies: Global water treatment major and EPC provider serving O&G, power, pharma, and municipal customers. Directly comparable to Aquarion's industrial water EPC business, but operates at vastly larger scale with broader service portfolio; Aquarion competes by being more specialized and nimble.
• SUEZ Water Technologies & Solutions: Major industrial water treatment and ZLD player offering membrane, chemical, and digital solutions. Overlaps directly with Aquarion's O&G, power, and process industry focus; differs by broader chemicals/services portfolio and global installed base.
• Doosan Enerbility (Doosan Heavy Industries): Large EPC player in desalination and power plant water treatment with global project execution capability. Overlaps with Aquarion's EPC and desalination offerings; differs by much larger balance sheet and turnkey power+water project scope.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/aquarion-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries12 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 Aquarion