H2O Innovation announced the acquisition of the remaining 76% of Genesys Membrane Products (GMP) for €1.54 M ($2.40 M), with a valuation based on 6x EBITDA. The deal, expected to enhance EBITDA by over 10%, will consolidate GMP’s results into H2O's financials. For 2020, GMP reported revenues of €5.00 M ($7.75 M). This acquisition positions H2O to expand in the Latin American membrane market, particularly targeting the mining sector. The move is seen as a strategic step towards H2O's goal of becoming a leading supplier of membrane specialty chemicals.
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H2O Innovation Inc. announced the award of a new operation and maintenance (O&M) contract in Florida worth $5.1 million, alongside the renewal of an existing contract in New York. The Florida contract, starting October 1, 2020, will create 20 jobs and encompasses water distribution and natural gas operations. This marks H2O's first O&M project in Florida and expands its presence in the state, leveraging previous project synergies. The total O&M backlog now stands at $84.9 million.