Upwell Water Spins Out TurnClear, Backed by Nuveen, to Scale Treatment-as-a-Service Platform

MIAMI--(BUSINESS WIRE)--Upwell Water today announced the spinout of its decentralized water and wastewater treatment-as-a-service business into TurnClear, a standalone entity serving the commercial and industrial market. The transaction coincides with a significant infusion of institutional capital from Nuveen, a global investment manager with $1.4 trillion in assets under management, to accelerate the growth of the platform.

TurnClear provides water and wastewater treatment solutions through a utility-style, service-based model that allows customers to pay a monthly fee rather than making large upfront capital investments. The company builds, owns, and operates a growing portfolio of decentralized treatment assets that can serve a wide range of end markets. Examples include data centers, the power sector, chemicals, mining, food and beverage, and more. Through its offering, TurnClear helps meet a variety of customer needs, including reuse and recycling, emerging contaminant treatment, permit compliance, and other applications.

The new capital will support the continued expansion of TurnClear’s fleet and enhance its capacity to fund new treatment projects in partnership with industry providers. The company will continue to collaborate across the water industry, supporting previously announced industry partners such as Aquatech International Corp. and Fluence Corp., and other leading system designers, manufacturers, and service providers.

Dr. Hu Fleming, formerly President of Upwell Water’s treatment division, will continue to lead TurnClear as Chief Executive Officer.

“TurnClear was created to eliminate the capital and operational friction that slows adoption of water treatment solutions,” said Dr. Fleming. “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.”

Tamin Pechet, Chief Executive Officer of Upwell Water, added, “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.”

“We are excited to partner with Hu and Upwell Water to serve the growing commercial and industrial opportunity,” said Chris Steinbaugh, Senior Director at Nuveen. “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.”

About TurnClear

TurnClear provides decentralized water and wastewater treatment through a modern, utility‑style, treatment-as-a-service model. The company owns and operates a fleet of distributed treatment plants and partners with leading industry participants to deliver reliable, compliant solutions for commercial and industrial clients.

www.turnclearwater.com

About Upwell Water

Upwell Water is a technology-enabled water resource and infrastructure company. Its water utilities, supply, and treatment divisions address challenges related to aging infrastructure, scarcity, and pollution through a utility-style customer experience. Upwell Water is supported by leading private investment firms, including Crestview Partners.

www.water.llc