What Iv3 Aqua does

Iv3 Aqua is a private water infrastructure company established in 2021 and domiciled in the Sultanate of Oman, operating as a long-term owner-operator of water and wastewater treatment assets across water-stressed regions. The company was founded by a team with three decades of experience from two prior NYSE-listed water companies — Ionics, Inc. and Seven Seas Water/AquaVenture Holdings — and is owned by its employees and A.P. Moller Holding A/S, a Danish long-duration holding company. Its name ("Ionics version 3") reflects the third water business developed by the founding leadership.

The company's core product lines are seawater reverse osmosis (SWRO) desalination, wastewater treatment and reuse, and municipal water utility operations. Key operating assets include the Qurayyat Desalination Plant (QDC) in Oman, a 200,000 m³/day SWRO facility ranked in the top 4% of desalination plants globally and serving the Muscat Zone (population ~1.7 million); an SWRO plant at the Arab Shipbuilding & Repair Yard (ASRY) in Bahrain supplying industrial process water; and a minority equity stake in Subic Water and Sewage Co., Inc. (SUBICWATER), a Philippine municipal utility producing approximately 90,000 m³/day and serving around 260,000 people.

Iv3 Aqua generates revenue primarily through recurring, subscription-style arrangements under its Water-as-a-Service (WaaS) model, where clients pay for guaranteed water quantity, quality, and price with no upfront capital investment, and through water utility concession/owner-operator agreements covering the full municipal water cycle (abstraction, treatment, distribution, billing, infrastructure). The company targets two primary segments: industrial clients needing alternative water sources to relieve pressure on local freshwater supplies, and public utilities and municipalities seeking private-sector partners for water and sanitation infrastructure. Go-to-market is enterprise field sales targeting long-term partnerships in Bahrain, Oman, and the Philippines.

Name

Iv3 Aqua

Legal name

Iv3 Aqua Group

Website

https://iv3aqua.com

Company type

Private

Founded year

2021

Operating status

Operating

Short description

Iv3 Aqua is a private water infrastructure operator established in 2021 that builds, owns, and operates seawater reverse osmosis desalination plants and municipal water utilities under a Water-as-a-Service model across Bahrain, Oman, and the Philippines.

Ownership category

akta.pro rank

Product category

Water Treatment and Utility Services

NAICS

Water Supply and Irrigation Systems (221310)

SIC

Water Supply (4941), Electric, Gas & Sanitary Services (4900)

akta.pro primary industry

Seawater Reverse Osmosis (SWRO) Plants & Operations (EUANAFAA)

akta.pro secondary industry

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

Keywords

• Seawater desalination services
• Wastewater treatment solutions
• Water utility operations
• Industrial water supply
• Water as a service

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Water-as-a-Service (WaaS): The company provides water supply services at guaranteed quantity, quality, and price. Clients pay for reliable water delivery without upfront capital investment. This is a recurring revenue model based on water volume supplied and service availability.
2. Water Utility Operations: Operating water and wastewater treatment plants as concessionaire or owner-operator, managing the entire municipal water and sewerage cycle including abstraction, treatment, distribution, billing, and infrastructure development.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels2 records

Core offering

Iv3 Aqua is a long-term owner-operator of water and wastewater treatment assets, providing seawater reverse osmosis (SWRO) desalination, municipal water and wastewater utility services, and a Water-as-a-Service (WaaS) model that delivers guaranteed quantity, quality, and price without requiring upfront client investment. The company operates SWRO plants in Bahrain and Oman and runs the SUBICWATER utility in the Philippines serving approximately 260,000 people.

Product overview

Iv3 Aqua is a water management company and long-term owner-operator of water and wastewater treatment assets and businesses, built on 30 years of expertise from predecessor companies Ionics, Inc. and Seven Seas Water/AquaVenture Holdings. The company operates three core product lines: (1) seawater reverse osmosis (SWRO) desalination plants supplying process and potable water — including the ASRY SWRO plant in Bahrain and the Qurayyat Desalination Plant (QDC) in Oman, one of the largest SWRO plants globally at 200,000 m³/day; (2) Subic Water and Sewage Co., Inc. (SUBICWATER), a municipal water and wastewater utility serving ~260,000 people in the Philippines; and (3) the Water-as-a-Service (WaaS) model offering guaranteed water supply at defined quantity, quality, and price with no upfront client investment. The portfolio also includes water treatment and reuse services supporting irrigation, industrial processes, and cooling applications.

Differentiator

Problem solved

Functional benefit

Brands

• Water-as-a-Service (WaaS): A business model pioneered by Seven Seas Water offering clients a hassle-free, reliable water supply at a guaranteed quantity, quality, and price without requiring any upfront investment by the client.

Products and services

• Qurayyat Desalination Plant (QDC) — Seawater Reverse Osmosis (SWRO) A 200,000 cubic meters per day seawater reverse osmosis (SWRO) desalination plant in Qurayyat, Oman, ranked in the top 4% of desalination plants globally. Supplies water to the Muscat Zone including Muscat city with 1.7 million people. Offtaker is Nama Power and Water Procurement Company (PWP).
• ASRY Seawater Reverse Osmosis (SWRO) Plant Seawater reverse osmosis desalination plant supplying high-quality process water treated to potable standards for industrial activities including blasting, cleaning and washing at Arab Shipbuilding & Repair Yard (ASRY) in Bahrain.
• Subic Water and Sewage Co., Inc. (SUBICWATER) Municipal water and wastewater utility providing water and sanitation services to approximately 260,000 people in Olongapo City and Subic Bay Freeport Zone in the Philippines. Produces around 90,000 cubic meters per day from surface water and groundwater, and operates eight wastewater treatment plants.
• Water-as-a-Service (WaaS) A service model offering clients a hassle-free, reliable water supply at a guaranteed quantity, quality, and price without requiring any upfront investment. Provides tailored solutions for complex water supply problems based on project-specific needs and local conditions.
• Water Treatment and Reuse Services Wastewater treatment and reuse solutions providing alternative water sources for irrigation, industrial processes, cooling applications, and direct potable reuse to reduce demand on freshwater sources such as rivers, lakes, and aquifers.

Quantifiable outcome

• Top 4% of desalination plants globally - QDC is highly ranked among largest SWRO plants worldwide
• +1 more outcomes

Named customers2 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

Feature2 records

Partnerships

One partnership is on record.

• Nama Power and Water Procurement Company SAOC (PWP)coreStrategic or Co-development PartnerNama Power and Water Procurement Company SAOC (PWP) is the exclusive purchaser of water from all Independent Water Projects across Oman. QDC's offtaker is PWP, making it a critical strategic partnership for water sales.

Scale indicators7 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Cadagua: Spanish EPC and operator of desalination and wastewater treatment plants. Comparable as a mid-tier water infrastructure specialist pursuing Build-Own-Operate concessions in MENA and SE Asia.
• Metito: UAE-headquartered water treatment and desalination specialist with a strong MENA footprint. Competes directly with Iv3 Aqua for industrial and municipal SWRO contracts across the Gulf.
• Seven Seas Water Corporation: The direct predecessor of Iv3 Aqua and the original pioneer of the Water-as-a-Service model. Operates SWRO and water treatment plants in the Caribbean and Americas under long-term offtake agreements — almost identical business model and customer profile to Iv3 Aqua.
• IDE Technologies: Israel-based desalination technology and project developer behind some of the world's largest SWRO plants (e.g., Sorek, Carlsbad). Highly comparable on proprietary RO technology and project finance-led EPC models.
• ACWA Power: Saudi-listed developer and operator of large-scale desalination and power projects. Directly comparable on SWRO plant scale, GCC offtaker structures (e.g., Saudi Water Partnership Company), and long-tenure concession economics.

Broad incumbents

• Doosan Enerbility (formerly Doosan Heavy Industries): Korean EPC contractor with major desalination plant references (e.g., Shuaibah 3, Yanbu). Competes for the same large SWRO tenders that Iv3 Aqua targets in MENA.
• Suez: French water utility and treatment major with comparable municipal concession and desalination activities. Competes in tendered O&M contracts globally and overlaps with Iv3 Aqua's industrial water service portfolio.
• Veolia Environnement: Global water services giant operating municipal and industrial water concessions across 50+ countries. Overlaps with Iv3 Aqua's utility operations (SUBICWATER-style concessions) and reuse expertise, but at vastly greater scale and breadth.
• Acciona Agua: Spanish division of Acciona focused on water treatment, desalination and concessions. Comparable on large-scale SWRO EPC and long-term operation of municipal water infrastructure.

Regional players

• Saline Water Conversion Corporation (SWCC): Saudi state-owned operator of the world's largest desalination fleet. Adjacent rather than competitive (state-owned), but the most relevant regional reference for Gulf desalination scale and operating model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

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

M&A

Investments1 record

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

Frequently asked questions about Iv3 Aqua