The water utilities industry in the US is essential for providing safe and reliable water services to communities. Companies in this sector include public utility providers, private water companies, and various technology firms focusing on water management solutions. They offer services ranging from wastewater treatment to the construction of water supply networks. As sustainability takes center stage, the industry is evolving with innovative technologies addressing efficient water usage and conservation. With recent challenges around climate change and drought, investments are increasingly aimed at enhancing resilience and exploring alternative water sources, positioning the sector for significant growth in the coming years.


This list highlights a blend of corporate and venture capital investors actively shaping the water utilities sector in 2024. With headquarters spread across key cities like Washington, D.C., and New York, these investors range from established corporations like American Water, founded in 1886, to newer firms like Echo River Capital, established in 2022. Representing sizes from small teams to large public companies, they collectively executed 1,393 investments in various water utilities projects, underscoring a robust engagement with emerging technologies and essential infrastructure across the nation.


Top 15 Water Utilities Investors in the US


1. U.S. Department of Energy (DOE)

  • Website: energy.gov
  • Type: Corporate
  • Headquarters: Washington, D.C., District Of Columbia, United States (USA)
  • Founded year: 1977
  • Headcount: 10001+
  • Number of deals in 2024: 597
  • LinkedIn: u-s--department-of-energy

The U.S. Department of Energy (DOE) is a public entity established in 1977, located in Washington, D.C. It is responsible for overseeing national energy policy, energy production, and nuclear power research. The DOE serves various stakeholders, including government entities and the public, by providing guidance on energy efficiency, funding opportunities, and conducting research to address energy challenges. In recent years, the DOE has engaged in several transactions relevant to the water utilities sector, providing grants to organizations such as the Coastside County Water District, which raised $300,000 in October 2023, and the Atlantic County Utilities Authority, which secured $1,380,000 in June 2024. Additionally, the DOE has supported projects like Trident Desal, which received $50,000 in a grant in October 2020. These transactions highlight the DOE's role in facilitating funding for water utilities, particularly in projects that may involve energy efficiency and innovative water management solutions.


2. American Water

  • Website: amwater.com
  • Type: Corporate
  • Headquarters: Camden, New Jersey, United States (USA)
  • Founded year: 1886
  • Headcount: 5001-10000
  • Number of deals in 2024: 34
  • LinkedIn: american-water

American Water is a corporate investor based in Camden, New Jersey, founded in 1886. As a public entity, it provides essential water and wastewater services to approximately 3.4 million customers across the United States. The company operates in the water utility industry, ensuring a clean and safe water supply while managing wastewater treatment. Their services cater to residential, commercial, and governmental clients, emphasizing community support and environmental stewardship. In recent years, American Water has been actively acquiring other water utility companies to enhance its service capabilities. Notable transactions include the acquisition of Appalachian Utilities, where they plan to invest over $6.5 million to upgrade infrastructure, and the acquisition of Audubon Water Company for approximately $8 million, which will improve service for 2,900 customers. Additionally, their subsidiary, California American Water, has acquired West San Martin Water Works and Meadowbrook Water Company, further expanding their customer base and service reach. These strategic acquisitions highlight American Water's commitment to strengthening its position in the water utilities sector.


3. Kkr

  • Website: kkr.com
  • Type: Private Equity
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 1976
  • Headcount: 1001-5000
  • Number of deals in 2024: 74
  • LinkedIn: kkr

KKR & Co. Inc. is a prominent investment firm based in New York, specializing in private equity, credit, infrastructure, and real estate. Founded in 1976, KKR provides asset management solutions to institutional investors and individual clients, helping them navigate complex investment landscapes and achieve strong financial returns. Notably, KKR has made significant investments in the water utilities sector, including a 25% stake acquisition in Northumbrian Water Group Limited for approximately £870 million in 2022 and the acquisition of South Staffordshire Group, which operates two regulated water businesses serving 1.6 million people in England. These transactions highlight KKR's commitment to the water utilities industry, alongside their broader investment strategy.


4. IFC - International Finance Corporation

  • Website: ifc.org
  • Type: Venture Capital
  • Headquarters: Washington, D.C., District Of Columbia, United States (USA)
  • Founded year: 1956
  • Headcount: 1001-5000
  • Number of deals in 2024: 107
  • LinkedIn: ifclinkedin

The International Finance Corporation (IFC) is a not-for-profit organization established in 1956, headquartered in Washington, D.C. It focuses on private sector development in emerging markets by providing investment, advisory, and asset management services to businesses and financial institutions. IFC aims to foster economic growth and address poverty challenges in over 100 countries. Among its notable transactions in the water utilities sector, IFC has invested in Georgia Global Utilities, which raised $300 million in debt financing in July 2024, and Sabesp, which secured $183.6 million in post-IPO debt in November 2024. Additionally, IFC has supported companies like dloHaiti and Aqualyng, further emphasizing its commitment to enhancing water access and sustainability through strategic investments.


5. Echo River Capital

  • Website: echorivercap.com
  • Type: Venture Capital
  • Headquarters: San Francisco, California, United States (USA)
  • Founded year: 2022
  • Headcount: 1-10
  • Number of deals in 2024: 5
  • LinkedIn: echo-river-cap

Echo River Capital is an investment firm based in San Francisco, California, founded in 2022. The firm specializes in early-stage water technology companies and focuses on impact investing to tackle global water challenges. By providing capital and strategic support, Echo River Capital aims to enhance water management and sustainability. Notable transactions include investments in CityTaps, which raised funds to improve urban water supply systems, and Uravu Labs, which focuses on renewable water solutions. Additionally, they participated in the funding of DigitalPaani, a startup dedicated to innovative water management solutions. Their portfolio reflects a strong commitment to supporting innovative companies in the water sector.


6. Y Combinator

  • Website: ycombinator.com
  • Type: Venture Capital
  • Headquarters: San Francisco, California, United States (USA)
  • Founded year: 2005
  • Headcount: 51-200
  • Number of deals in 2024: 802
  • LinkedIn: y-combinator

Y Combinator is a prominent startup accelerator and venture capital firm based in San Francisco, California, founded in 2005. It provides funding and mentorship to early-stage technology companies through a structured program that includes resources like the Startup School and co-founder matching services. Y Combinator has successfully launched over 4,000 startups, making it a key player in the technology startup ecosystem. Among its diverse portfolio, Y Combinator has invested in several companies relevant to the water utilities sector, including Valor Water Analytics, which raised $120,000 in a seed round in 2014, and Pylon, which raised $17 million in a Series A round in 2024. Additionally, Pylon was part of Y Combinator's summer 2021 cohort, where it received $125,000 in seed funding. These investments highlight Y Combinator's engagement with innovative solutions in water management and analytics, reinforcing its relevance in the water utilities industry.


7. DXP Enterprises, Inc.

  • Website: dxpe.com
  • Type: Corporate
  • Headquarters: Houston, Texas, United States (USA)
  • Founded year: 1908
  • Headcount: 1001-5000
  • Number of deals in 2024: 6
  • LinkedIn: dxp-enterprises-inc-

DXP Enterprises, Inc. is an industrial distributor based in Houston, Texas, founded in 1908. The company provides a wide range of products and services across various sectors, including manufacturing, oil and gas, and renewable energy. Recently, DXP has made significant strides in the water utilities sector through a series of strategic acquisitions. Notably, they acquired Hartwell Environmental Corporation, a manufacturer’s representative focused on the water and wastewater industry, and Sullivan Environmental Technologies Inc., which also specializes in this field. Additionally, DXP acquired Premier Water, a distributor in the water and wastewater treatment markets in North and South Carolina. These transactions highlight DXP's commitment to enhancing its capabilities in the water treatment market, indicating a strong presence in the water utilities industry.


8. Elemental Impact


Elemental Impact is a not-for-profit organization based in Honolulu, Hawaii, founded in 2012. Their mission is to scale climate technologies with significant community impact by providing funding opportunities, community engagement strategies, and educational resources. They focus on addressing the funding gap for early-stage climate projects and fostering partnerships that enhance community benefits. Notably, Elemental Impact has been involved in several transactions relevant to the water utilities sector, including investments in Cambrian Innovation and Microvi Biotechnologies, both of which are engaged in innovative water treatment solutions. Additionally, their participation in the seed funding round for DigitalPaani, which aims to expand wastewater treatment technologies in India, highlights their commitment to advancing water utility technologies and solutions.


9. Watts Water Technologies

  • Website: watts.com
  • Type: Corporate
  • Headquarters: North Andover, Massachusetts, United States (USA)
  • Founded year: 1874
  • Headcount: 5001-10000
  • LinkedIn: watts-water-technologies

Watts Water Technologies, founded in 1874 and based in North Andover, Massachusetts, is a corporate investor specializing in plumbing and HVAC solutions. The company provides a wide range of products for water management, heating, and drainage systems, catering to contractors, builders, and facility managers across residential, commercial, and industrial applications. Watts has made several strategic acquisitions to enhance its portfolio in the water utilities sector, including the acquisition of Alamo Water Refiners' water softener business in 2005, which had an annual revenue of approximately $13 million. Additionally, they acquired HF Scientific in 2005, further solidifying their presence in water quality and management solutions. Other notable acquisitions include Tekmar Control Systems and Blue Ridge Atlantic Enterprises, which contribute to their comprehensive offerings in water management solutions.


10. A. O. Smith Corporation

  • Website: aosmith.com
  • Type: Corporate
  • Headquarters: Milwaukee, Wisconsin, United States (USA)
  • Founded year: 1874
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: a.-o.-smith-corporation

A. O. Smith Corporation is a Milwaukee-based manufacturer specializing in water heating and treatment solutions, founded in 1874. The company provides a diverse range of products, including residential and commercial water heaters and boilers, catering to both businesses and consumers. A. O. Smith has a global presence with a strong emphasis on innovation and sustainability. In recent years, the company has strategically expanded its footprint in the water treatment sector through several key acquisitions. Notably, in 2017, A. O. Smith acquired Hague Quality Water International, enhancing its water softening capabilities. In 2019, it acquired Water-Right, Inc., further solidifying its position in the water treatment market. More recently, in 2021 and 2022, A. O. Smith acquired Master Water Conditioning Corporation and Atlantic Filter Corporation, respectively, both of which are focused on water treatment solutions. These transactions reflect A. O. Smith's commitment to enhancing its water treatment business and its relevance in the water utilities industry.


11. Bowman Consulting

  • Website: bowman.com
  • Type: Corporate
  • Headquarters: Reston, Virginia, United States (USA)
  • Founded year: 1995
  • Headcount: 1001-5000
  • Number of deals in 2024: 8
  • LinkedIn: bowman-consulting

Bowman Consulting Group Ltd. is an engineering and consulting firm based in Reston, Virginia, founded in 1995. The company provides a wide range of services, including civil/site engineering, transportation engineering, and environmental consulting. They cater to both government agencies and private sector companies, ensuring compliance and efficiency in infrastructure project execution. In recent years, Bowman has made significant strides in the water utilities sector through strategic acquisitions. Notably, they acquired Element Engineering LLC in July 2024, enhancing their national water-wastewater practice and expanding their presence in Colorado. This acquisition is expected to contribute approximately $4 million in annualized net service billing. Additionally, their acquisition of Terra Associates, a civil design and engineering firm, aligns with their growth strategy in Texas, further solidifying their involvement in water-related projects. Overall, Bowman's focus on expanding their engineering capabilities in the water sector positions them as a relevant player in the water utilities investment landscape.


12. Burnt Island Ventures


Burnt Island Ventures is a venture capital firm based in New York, founded in 2020, that focuses on the water industry. The firm is dedicated to providing funding and support to water entrepreneurs and startups, helping them develop innovative solutions to address pressing water-related challenges, particularly in the context of climate change. In 2024, Burnt Island Ventures participated in several significant transactions, including a Series A funding round for Subeca, a San Diego-based provider of advanced water metering systems, which raised $6 million to scale its operations. Additionally, they were involved in the Seed Round for HOPE Hydration, further demonstrating their commitment to investing in water technology ventures. Their previous investments also include Shower Stream and ZwitterCo, with the latter raising $33 million in a Series A round, indicating their active role in supporting companies that contribute to the water utilities sector.


13. Franklin Electric


Franklin Electric Co., Inc. is a corporate investor based in Fort Wayne, Indiana, specializing in water and energy management systems. Founded in 1958, the company has established itself as a key player in the manufacturing and distribution of pumps, motors, and controls for a variety of applications. Franklin Electric operates globally and is committed to quality and innovation in its offerings. The company has made several strategic acquisitions to bolster its position in the water utilities sector, including the acquisition of Milan Supply Company, a groundwater distributor, for $5.9 million in 2019, and the acquisition of Industrias Rotor Pump SA, an Argentinian provider of water pumping equipment, which enhances their Water Systems segment. These transactions reflect Franklin Electric's focus on expanding its footprint in the groundwater product distribution market and its dedication to serving the water utilities industry.


14. Blackstone

  • Website: blackstone.com
  • Type: Private Equity
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 1985
  • Headcount: 1001-5000
  • Number of deals in 2024: 57
  • LinkedIn: blackstonegroup

Blackstone Inc. is a prominent investment management firm based in New York, specializing in alternative investments across various sectors, including private equity, real estate, and credit solutions. Founded in 1985, Blackstone has built a reputation for delivering lasting value through its extensive portfolio and strategic investment approaches. Notably, Blackstone has made significant investments in sectors that intersect with water utilities, such as their acquisition of Tallgrass Energy, which operates in the energy sector, and their majority stake in Geosyntec Consultants, an environmental engineering firm focused on addressing climate regulations and environmental challenges. These transactions reflect Blackstone's commitment to investing in businesses that align with growing demands for sustainable practices and infrastructure, which are critical in the context of water utilities.


15. Ferguson HVAC

  • Website: ferguson.com
  • Type: Corporate
  • Headquarters: Wichita, Kansas, United States (USA)
  • Founded year: 1953
  • Headcount: 201-500
  • Number of deals in 2024: 1
  • LinkedIn: ferguson-hvac

Ferguson HVAC, founded in 1953 and based in Wichita, Kansas, is a corporate investor specializing in plumbing supply and HVAC equipment. The company serves both residential and commercial customers, providing essential supplies for installations and repairs. Ferguson operates through an online platform, facilitating direct purchases for customers. Notably, Ferguson has been involved in several acquisitions that enhance its product offerings in plumbing and related sectors. For instance, the acquisition of J.D. Daddario Co., which specializes in plumbing and electrical supplies, aligns with their strategy to expand operations in key markets. Additionally, the acquisition of Ramapo Wholesalers aims to strengthen Ferguson's presence in the Northeast, further indicating their commitment to the plumbing supply industry, which is closely related to water utilities. These transactions highlight Ferguson's role in the plumbing supply chain, making them a relevant player in the water utilities context.



Water Utilities Insights: Key Investors in the US


InvestorHeadquarterSizeFoundedDeals 2024
U.S. Department of Energy (DOE)Washington, D.C., District Of Columbia, United States (USA)10001+1977597
American WaterCamden, New Jersey, United States (USA)5001-10000188634
KkrNew York, New York, United States (USA)1001-5000197674
IFC - International Finance CorporationWashington, D.C., District Of Columbia, United States (USA)1001-50001956107
Echo River CapitalSan Francisco, California, United States (USA)1-1020225
Y CombinatorSan Francisco, California, United States (USA)51-2002005802
DXP Enterprises, Inc.Houston, Texas, United States (USA)1001-500019086
Elemental ImpactHonolulu, Hawaii, United States (USA)51-200201219
Watts Water TechnologiesNorth Andover, Massachusetts, United States (USA)5001-1000018740
A. O. Smith CorporationMilwaukee, Wisconsin, United States (USA)10001+18743
Bowman ConsultingReston, Virginia, United States (USA)1001-500019958
Burnt Island VenturesNew York, New York, United States (USA)1-1020207
Franklin ElectricFort Wayne, Indiana, United States (USA)5001-1000019580
BlackstoneNew York, New York, United States (USA)1001-5000198557
Ferguson HVACWichita, Kansas, United States (USA)201-50019531


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