Sources

What Sources does

Sources is an independent French water treatment group founded in 2000 by Patrick Billette (formerly Director France of Degrémont) and headquartered in Nanterre. The company designs, builds, and operates turnkey municipal and industrial water treatment infrastructure — wastewater treatment plants (1,000 to 500,000 EH capacity), drinking water production facilities (10 to 2,000 m³/h), stormwater retention basins, and sludge digestion/methanization units — serving French municipalities, intercommunal authorities, and industrial clients across more than 12 regional offices in France plus international branches in Switzerland and Algeria.

The offering rests on a proprietary technology portfolio (CarboCycle®, Biosources®, Dell Sources®, Membrapac®, PhytoStep®, Transfileau®, BiosFer®, Granutrans®, ThermoStep®, Oxystem®), an exclusive French license to Royal HaskoningDHV's Nereda® aerobic granular sludge process (commercialized as Villa Calypseau®, delivering 30–50% energy savings versus conventional plants), in-house BIM Level 2 3D design capabilities, and two acquired subsidiaries: Feljas & Masson (hydraulic works and pumping, acquired 2020) and Ar-Val (waste management and biodigestate valorization, integrated 2023). The Cométha project with Syctom and SIAAP extends the portfolio into co-methanization of sewage sludge with residual municipal organic waste.

Sources generates revenue primarily through turnkey design-build construction contracts awarded via French public procurement (appels d'offres), supplemented by engineering bureau services (~2,000 expertise days per year) and a growing operation and maintenance service line. Pricing is project-specific and not publicly disclosed. The group reported €80M in revenue, more than €6M in operating result, 170 employees, and €21M+ in mobilizable equity as of early 2024, with 60 active projects representing over €150M in annual activity and 500+ completed plant references over its 20+ year history. The company is privately held under Sources Holding (capital €10.99M) following a 2018 LBO that brought 10 key executives and minority investors Turenne Capital, BPI, and Isatis Capital into the capital structure.

Name

Sources

Legal name

SAS SOURCES

Website

https://sources.fr

Company type

Private

Founded year

2000

Operating status

Operating

Short description

Independent French group designing, building, and operating turnkey municipal and industrial water treatment plants (wastewater, drinking water, methanization) for French municipalities and industrial clients, leveraging proprietary processes and an exclusive French Nereda® aerobic granular sludge license.

Ownership category

akta.pro rank

Headquarters

HQ city

Nanterre

HQ country

France

HQ region

Europe

Offices13 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Design-Build Equipment Sales (Constructions clés en main): Turnkey construction of wastewater treatment plants and drinking water production facilities. Equipment sales and construction contracting represent the majority of revenue. In 2019, construction activity exceeded €60 million with equipment sales of nearly €30 million. In 2021, construction activity reached approximately €90 million with equipment sales exceeding €43 million.
2. Engineering and Design Services (Ingénierie): Engineering bureau providing expertise studies to various actors in the water treatment profession, delivering approximately 2,000 days of engineering expertise per year. Historically represented about 20% of revenue (as of 2010). In 2021, engineering activity supplemented construction revenues.
3. Operation and Maintenance Services (Exploitation): Station operation and maintenance services, including start-up support, operator training, performance optimization, and technical assistance. Newly developed service deployed on several construction contracts that included an operational period, to be expanded to other stations.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Sources is an independent French engineering and construction group that designs, builds, and operates turnkey water treatment infrastructure for municipalities and industrial clients. Its offerings cover municipal wastewater treatment plants (1,000 to 500,000 EH), drinking water production facilities (10 to 2,000 m3/h), industrial wastewater treatment, sludge digestion and co-methanization units, stormwater basins, and large-scale pumping/storage equipment, supported by proprietary processes (CarboCycle®, Biosources®, Dell Sources®, Membrapac®, Transfileau®, Villa Calypseau®/Nereda®) and in-house BIM-based 3D engineering design.

Product overview

Sources is an independent French group providing end-to-end water treatment solutions — a single company that designs, builds, and operates municipal and industrial wastewater treatment plants, drinking water production facilities, and digestion/methanization units. The offering spans multiple service modules (Conception/Engineering, Construction, and Exploitation/Operation) supported by proprietary technologies and two acquired subsidiaries: Feljas & Masson (hydraulic work) and Ar-Val (waste management and biodigester valorization). The product portfolio includes turnkey treatment stations ranging from small municipalities (1,000 EH) to large metropolitan facilities (500,000+ EH), with specialized branded technologies such as Villa Calypseau® (Nereda® aerobic granular sludge), Cométha (co-methanization), CarboCycle® (micropollutant removal via activated charcoal), Biosources® (biofiltration), and others (Membrapac®, PhytoStep®, Transfileau®, etc.). Sources also offers BIM-enabled 3D engineering design and remote operation capabilities through StepVision®.

Differentiator

Problem solved

Functional benefit

Brands

• Villa Calypseau®: A new generation of compact and economical wastewater treatment stations using aerobic granular sludge technology (Nereda® process)
• Cométha
• CarboCycle®
• Biosources®
• Dell Sources®
• Membrapac®
• PhytoStep®
• Transfileau®
• BiosFer®
• Granutrans®
• ThermoStep®
• StepVision®
• Oxystem®

Products and services

• Municipal Wastewater Treatment Stations Turnkey municipal wastewater treatment plants designed and built for French municipalities and intercommunal authorities, ranging from small communes to large metropolitan areas (up to 500,000 EH). References include Amiens (262,000 EH), Bordeaux Métropole (470,000 EH), SIAH (500,000 EH), Limoges Métropole (285,000 EH), and others.
• Industrial Wastewater Treatment Stations Industrial wastewater treatment stations designed for specific industrial effluent streams, including agro-food and manufacturing sectors, with capacity to treat various industrial contaminants and integrate with existing processes.
• Drinking Water Production Plants Drinking water production plants with capacities from 10 to 2,000 m3/h, treating surface water, borehole water, and other sources through filtration, ozonation, ultrafiltration, and CAG filtration. References include Le Choletais (1,200 m3/h), Régie des eaux des Coëvrons (180 m3/h), and Régie Municipale de La Réole (380 m3/h).
• Digestion and Methanization Units Sludge digestion and methanization units for wastewater treatment plants, including traditional mesophilic digestion, two-stage digestion, and the innovative Cométha co-methanization process combining sewage sludge with the organic fraction of residual municipal waste, led by Sources alongside John Cockerill Proserpol, UniLasalle, and UTC.
• Stormwater Retention Basins Stormwater storage basins with pretreatment, pumping, and vacuum cleaning systems, designed for flood control and water quality protection, with capacities such as the 4,500 m3 basin in Limoges Métropole and the 510 m3 basin in Vaudreuil.
• Large Pump Stations and Storage Basin Equipment Large pumping stations and storage basin equipment including pumping, washing, and deodorization systems, delivered via the Feljas & Masson subsidiary dedicated to hydraulic works.
• Villa Calypseau® (Compact Nereda®-Based Wastewater Treatment Station) A new generation of compact and economical wastewater treatment stations using aerobic granular sludge technology (Nereda® process), exclusively licensed to Sources for France since 2018. Stations are 2–3 times more compact than conventional stations, save 30–50% electrical consumption, eliminate chemical reagents, and enable aesthetic integration.
• Engineering and Design Services (Conception) Engineering and design service for water treatment plants, including wastewater treatment stations, drinking water production plants, and storage basin equipment. Features in-house 3D/BIM design capabilities, process engineering, and proprietary technology integration.
• Construction Management Services Construction management service for water treatment plants, covering project management, contractor coordination, procurement, and installation supervision, with regional office network for local project delivery across France.
• Operation and Maintenance Services (Exploitation) Operation, commissioning, and maintenance services for water treatment stations, including operator training, performance optimization, emergency repair, and technical assistance for municipalities and industries.
• Feljas & Masson (Hydraulic Works Subsidiary) Subsidiary of Sources dedicated to hydraulic works, nationally recognized for large-scale specific hydraulic construction projects including pumping, washing, and deodorization of storage basins. Acquired in early 2020 and headquartered in Laval.
• Ar-Val (Waste Management and Sorting Subsidiary) One of the French leaders in waste management and sorting, also recognized in the valorization of biodegradable waste through methanization. Integrated into Sources group at end of 2023 as a subsidiary, based in Vannes.

Quantifiable outcome

• Energy savings of 30–50% compared to conventional wastewater treatment plants with Villa Calypseau®/Nereda® technology
• +5 more outcomes

Named customers18 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature13 records

Partnerships

Seven partnerships are on record, tiered core.

• Ar-ValcoreStrategic or Co-development Partner · 1 January 2023One of the French leaders in waste management and sorting, also recognized in biodigester valorization. Integrated at the end of 2023 as a subsidiary of Sources, based in Vannes.
• Feljas & MassoncoreStrategic or Co-development Partner · 1 January 2020National leader in hydraulic works, pumping, and large-scale specific works. Acquired at the beginning of 2020 and operates as Sources' dedicated subsidiary. Feljas & Masson Bretagne agency was also integrated, strengthening Sources' presence in Western France. Based in Laval.
• John Cockerill ProserpolcoreStrategic or Co-development Partner · 1 January 2017Part of the Cométha consortium selected by Syctom and SIAAP for the co-digestion of wastewater sludge and municipal organic waste. The consortium (Sources/John Cockerill Proserpol/UniLasalle/UTC) conducted laboratory R&D (2017–2019) and was selected for Phase 2 industrial pilot plant (~€11 million HT).
• UniLasallecoreStrategic or Co-development Partner · 1 January 2017Academic and research partner in the Cométha consortium for co-digestion R&D, contributing expertise from university research alongside Sources and John Cockerill Proserpol.
• UTC (Université de Technologie de Compiègne)coreStrategic or Co-development Partner · 1 January 2017Academic and research partner in the Cométha consortium, contributing technological expertise in the co-digestion R&D project selected by Syctom and SIAAP.
• SyctomcoreStrategic or Co-development Partner · 1 January 2017Syctom (Établissement public territorial de bassin de gestion des déchets) partnered with Sources through the Cométha project innovation call for projects to build an industrial-scale co-digestion plant for wastewater sludge and residual organic fraction of municipal waste.
• SIAAPcoreStrategic or Co-development Partner · 1 January 2017SIAAP (Syndicat Interdépartemental pour l'Assainissement de l'Agglomération Parisienne) partnered with Sources through the Cométha project innovation call for projects to build an industrial-scale co-digestion plant for wastewater sludge and residual organic fraction of municipal waste.

Scale indicators11 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• SAUR: SAUR is a major French water and wastewater services company serving municipalities and industries with turnkey water infrastructure. It is a direct peer of Sources as both compete for French public procurement contracts in water treatment plant design, build, and operation, with similar customer profile (municipalities, industrial clients) and full-lifecycle delivery model.
• VA TECH WABAG: WABAG is a global pure-play water treatment EPC contractor headquartered in Austria with strong municipal and industrial reference base. It is directly comparable to Sources as both are independent, technology-led water EPC specialists; notably, WABAG was Sources' original JV partner when the company was founded in 2000.
• Naldeo: Naldeo is an independent French engineering and consulting group specialized in water, environment, and energy infrastructure. It is directly comparable to Sources as both are independent French firms delivering engineering and project services to municipal water and wastewater clients, with Naldeo leaning more toward consulting and Sources toward turnkey EPC delivery.
• Sogedo: Sogedo is a French regional water and wastewater services company operating municipal and industrial water treatment infrastructure across France. It is a direct peer of Sources as both serve French municipalities with end-to-end water services (design, build, operate) and compete for the same regional public procurement opportunities.

Broad incumbents

• Xylem: Xylem is a global water technology company offering pumps, treatment systems, and smart water solutions to municipal and industrial customers. It is a broad incumbent comparable to Sources as it supplies technology and equipment to the same French water infrastructure market, though Xylem is primarily a technology/equipment vendor rather than turnkey EPC contractor.
• Severn Trent Services: Severn Trent is a major UK-listed water utility with significant EPC, operations, and treatment services capabilities. It is a broad incumbent comparable to Sources as both operate municipal water and wastewater infrastructure under long-term contracts, though Severn Trent benefits from a regulated UK utility base that Sources does not have in France.
• Veolia: Veolia is the dominant global water and wastewater services group with major operations in France across municipal concessions, design-build, and operations. It is a broad incumbent comparable to Sources because it competes for the same French municipal water tenders, though Veolia's scale, balance sheet, and integrated concessions portfolio far exceed Sources' mid-market footprint.
• SUEZ: SUEZ is one of the dominant French water and waste management groups with extensive municipal concessions and water treatment infrastructure operations globally. It is comparable to Sources as it competes directly for French municipal water infrastructure tenders and inherited Degrémont (Sources' founder's former employer and a pioneer in French water EPC) as part of its water technology portfolio.

Market position

Strengths6 records

Weaknesses6 records

Competitive moat6 records

Customer concentration

• LinkedInlinkedin.com/company/groupesources

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 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 Sources