Ember Infrastructure Takes H2O Innovation Private

H2O Innovation Acquires NextEra Distributed Water

October 1, 2024

Environmental Services

H2O Innovation Inc. has acquired NextEra Distributed Water in a carve-out transaction, integrating the business into a new Water Infrastructure & Development business line to operate NextEra’s WaterHub assets. The acquisition brings in-house large-scale asset development and ownership capabilities — enabling H2O Innovation to offer turn-key onsite wastewater treatment and reuse projects delivered at no upfront capital cost and operated under long-term contracts; the deal is supported by follow-on investment from funds managed by Ember Infrastructure Management LP and existing minority owners.

CDPQ to Acquire Innergex Renewable Energy Inc. for C$10.0 Billion

February 25, 2025

Energy

Caisse de dépôt et placement du Québec (CDPQ) has entered into a definitive agreement to acquire all issued and outstanding common shares of Innergex Renewable Energy Inc. for C$13.75 per share, implying a total enterprise value of C$10.0 billion. The transaction will take Innergex private, has unanimous support from Innergex’s board and backing from largest shareholder Hydro-Québec, and is expected to close by Q4 2025 subject to customary approvals.

Newterra Acquires H2O Engineering, Inc.

October 7, 2022

Environmental Services

Newterra, a Frontenac-backed environmental and water-treatment platform, has acquired H2O Engineering, Inc., a San Luis Obispo-based provider of tailored water treatment systems, system integration, automation, rentals, and service. The deal expands Newterra’s West Coast engineering, manufacturing and service capabilities and broadens its end-market reach into controlled-environment agriculture, light industrial, remediation and food & beverage sectors.

Integrated Water Services and Sciens Water Acquire Hyperion International Technologies

March 7, 2023

Infrastructure

Integrated Water Services, in partnership with Sciens Water Opportunities Management (an affiliate of Sciens Capital), acquired 100% of Hyperion International Technologies, a control-systems and engineering services provider for water and wastewater markets. The deal expands IWS’s product and digital services capabilities in modular MBR and wastewater reuse technologies; Hyperion’s General Manager Scott Johnson will lead the business as Al Ouchie transitions to retirement.

Nolan Capital Acquires Majority Stake in Water Engineering, Inc.

March 21, 2022

Industrial Services

Nolan Capital, the family office of Peter Nolan, has acquired a majority stake in Water Engineering, Inc., a Omaha-based provider of industrial water treatment solutions, chemicals and services. Nolan Capital’s Southern California portfolio company, Apollo Technologies, will join the combined Water Engineering platform as the investor and management team intend to pursue further acquisitions to build a national water treatment platform.

Ember Infrastructure Makes $35M Growth Investment in Caban Systems

June 17, 2021

Energy

Ember Infrastructure, a private equity platform focused on low-carbon infrastructure, has invested $35 million in Caban Systems to support the company’s manufacturing scale-up and expansion of its Energy-as-a-Service (EaaS) offerings. The capital will increase Caban’s manufacturing capacity, accelerate deployment of its lithium‑ion storage and energy management systems, and help the company deliver clean, distributed energy solutions to telecommunications and digital infrastructure customers globally.