Aquaback Technologies, based in Port Saint Lucie, Florida, specializes in patented wastewater treatment solutions using energy-efficient water distillation. They have received a $110 million investment from GEM, a Luxembourg-based private alternative investment group. The investment comes in a share subscription facility, allowing Aquaback to issue shares of common stock to GEM over a 36-month period following a public listing. Aquaback will also issue warrants to GEM, enabling them to purchase up to 3.25% of the company’s common stock at an exercise price that provides additional funding.
Under the leadership of Scott C. Newquist, Aquaback has developed a technology that recycles the heat of vaporization through standardized distillation methods. This technology reduces wastewater recycling costs and produces clean distilled water at a lower price than typical potable water rates, preventing wastewater contamination. The distillers can be used in various applications, including industrial wastewater treatment, safe point-of-entry water supply, recycling of contaminated source water, advanced water treatment to remove emerging contaminants, production of feed water for green hydrogen electrolyzers, and advanced treatment of septic and sewage to counter nitrogen pollution.