This is the first transaction in OriginClear’s corporate strategy to rapidly acquire US water service companies focused on specialised water treatment.
PWT expects to report 2015 revenues of more than US$6 million. Based on the current backlog of orders, PWT believes it will achieve revenues of more than US$7 million in 2016.
“Industrial users are increasingly outsourcing their water treatment, but it is a very fragmented business,” said Riggs Eckelberry, CEO of OriginClear. “We believe that there is value in building a single group of water service companies, each with a specific and complementary focus. PWT is a great first acquisition in this process. We plan at least four more in the next two years.”