Upwell Water has spun out its decentralized water and wastewater treatment-as-a-service business into TurnClear, creating a standalone company focused on serving commercial and industrial customers. The transaction coincides with an institutional capital infusion from Nuveen intended to accelerate TurnClear’s growth.
TurnClear offers a utility-style, service-based model in which customers pay a monthly fee rather than make large upfront capital investments. The company builds, owns, and operates a portfolio of decentralized treatment assets serving a range of end markets, including data centers, power, chemicals, mining, and food and beverage. TurnClear positions its service model to address customer needs, including reuse and recycling, emerging contaminant treatment, and permit compliance.
The new funding is expected to support the continued expansion of TurnClear’s treatment fleet and increase its capacity to finance additional projects in partnership with industry providers. TurnClear will continue collaborating across the water sector and will support previously announced partners, including Aquatech International Corp. and Fluence, as well as other system designers, manufacturers, and service providers.
TurnClear will be led by Dr. Hu Fleming, formerly president of Upwell Water’s treatment division, who will continue as chief executive officer. Upwell Water, which described itself as a technology-enabled water resource and infrastructure company, said it remains supported by private investment firms, including Crestview Partners.
KEY QUOTES
“TurnClear was created to eliminate the capital and operational friction that slows adoption of water treatment solutions. By owning and operating treatment assets, we enable customers to access high-performance systems through a service model that aligns cost with usage and performance.”
Dr. Hu Fleming, Chief Executive Officer, TurnClear
“TurnClear is the result of several years of investment, operational development, and industry collaboration. With this spinout and infusion of growth capital from Nuveen, TurnClear is uniquely positioned to scale a modern approach to water treatment that aligns with how many customers want treatment to be provided and financed.”
Tamin Pechet, Chief Executive Officer, Upwell Water
“We are excited to partner with Hu and Upwell Water to serve the growing commercial and industrial opportunity. Increased industrial activity and onshoring, coupled with rising compliance requirements, complex treatment needs, and tight labor markets are all supportive of a turnkey treatment solution that lets customers focus on their core activities.”
Chris Steinbaugh, Senior Director, Nuveen
