Heartland announces $45M investment from The Baupost Group

March 18, 2022
Baupost's investment enables Heartland to expand its technological offering and accelerate its strategy to offer wastewater treatment as a service.

HUDSON, Mass., March 17, 2022 (PRNewswire) — Heartland Water Technology, Inc., an industry-leading provider of wastewater treatment technologies, announced the closing of a $45 million investment round by Boston-based investment manager The Baupost Group, L.L.C.

Since 2008 Heartland has operated at the intersection of water, renewable energy and resource recovery, developing innovative products to solve some of the world's most challenging wastewater problems. The Heartland team designs, builds and operates decentralized modular wastewater treatment systems.

Industrial companies and municipalities are simultaneously seeing significant wastewater treatment cost increases and pressure to improve their environmental, social and governance (ESG) profile. As the regulatory requirements for existing and emerging contaminants rapidly evolve, companies and municipalities are looking for on-site treatment solutions to take trucks off the road, reduce environmental risk and establish control of the wastewater treatment process.

"Heartland exists to tackle the most challenging wastewater environmental problems," said Heartland CEO Earl Jones. "This is a singular time for the wastewater industry. With increasing water scarcity and climate change, it's imperative that we view wastewater as a resource to recover and not a waste to be disposed of."

Baupost's investment enables Heartland to expand its technological offering and accelerate its strategy to offer wastewater treatment as a service. By partnering with Heartland, companies and municipalities will be able to implement complete wastewater treatment solutions, improving their ESG profile while minimizing capital expenditure requirements.    

"Heartland brings to bear the technology, leadership, and track record needed to address some of today's most significant wastewater environmental problems while helping customers achieve their ESG goals cost effectively," said Tom Blumenthal, partner and head of private corporate investing, The Baupost Group. "We are proud to be helping Heartland expand on the important work they have been doing for years."

"Throughout my career I have learned that the value of having the 'right' partner cannot be over-stated," said Heartland's Chairman Rob Cawthorn. "As Chairman, this was my primary focus, and I am delighted to say that we found the right partner. The Baupost Group is one of the very best long-term focused investment managers in the industry, known for their integrity, active partnership, and value-add that far exceeds their capital."

"From our first meeting, it was clear that the Baupost team shares our passion for the environment and sees our vision," added Jones. "The backing of our partners at The Baupost Group will substantially expand Heartland's ability to make a positive impact on our environment."

About Heartland Water Technology

Heartland Water Technology, Inc. (www.heartlandtech.com) develops innovative solutions for treating the world's most challenging wastewaters. Focused at the intersection of water, renewable energy and resource recovery, Heartland's team offers complete turnkey solutions in an infrastructure as-a-service offering. Its proprietary direct contact wastewater evaporation solution, the Heartland Concentrator™, has a proven track record of successfully treating a wide range of industrial wastewaters. Heartland has delivered its simple, robust, reliable and cost-effective technology to industrial and municipal customers from Virginia to Alaska.

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