Investor group holds double-digit stake in H2O America (HTO)

Rhea-AI Filing Summary

H2O America (HTO) has an updated ownership report from ATLAS Infrastructure Partners (UK) Ltd. and its parent GIP Atlas Holdings Limited. The filers report beneficial ownership of 4,615,265 shares of H2O America common stock, representing 11.03% of the outstanding class. All of these shares are reported with shared voting and shared dispositive power, with no sole voting or dispositive authority. The amendment states that it is being filed to correct the filers’ prior designation under Rule 13d‑1 in an original Schedule 13G and a previous amendment.

Key Figures

Shares beneficially owned: 4,615,265 shares Percent of class: 11.03% Shared voting power: 4,615,265 shares +4 more

7 metrics

Shares beneficially owned 4,615,265 shares Common stock of H2O America beneficially owned by the reporting group

Percent of class 11.03% Percentage of H2O America common stock beneficially owned by the reporting group

Shared voting power 4,615,265 shares Shares over which the filers have shared power to vote or direct the vote

Shared dispositive power 4,615,265 shares Shares over which the filers have shared power to dispose or direct disposition

Sole voting power 0 shares Shares over which the filers have sole power to vote or direct the vote

Sole dispositive power 0 shares Shares over which the filers have sole power to dispose or direct disposition

Equity interest in subsidiary 100% GIP Atlas Holdings Limited’s ownership of the equity interests of ATLAS Infrastructure Partners (UK) Ltd.

Key Terms

beneficially owned, shared voting power, shared dispositive power, Rule 13d-1

4 terms

beneficially owned financial

"Amount beneficially owned: 4,615,265"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

shared voting power financial

"Shared Voting Power 4,615,265.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"Shared Dispositive Power 4,615,265.00"

Rule 13d-1 regulatory

"correct the filer's designation under Rule 13d-1 in the original"

FAQ

How many H2O America (HTO) shares do ATLAS Infrastructure Partners (UK) Ltd. and GIP Atlas Holdings own?

ATLAS Infrastructure Partners (UK) Ltd. and GIP Atlas Holdings report beneficial ownership of 4,615,265 shares of H2O America common stock. These shares are all held with shared voting and shared dispositive power, with no sole authority reported.

What percentage of H2O America (HTO) does the reporting group beneficially own?

The reporting group states beneficial ownership of 11.03% of H2O America’s outstanding common stock. This percentage is based on 4,615,265 shares reported under shared voting and dispositive power in the Schedule 13G/A amendment.

Who are the reporting persons in this Schedule 13G/A for H2O America (HTO)?

The Schedule 13G/A lists ATLAS Infrastructure Partners (UK) Ltd. and GIP Atlas Holdings Limited as the reporting persons. GIP Atlas Holdings Limited is disclosed as the sole owner of ATLAS Infrastructure Partners (UK) Ltd., holding 100% of its equity interests.

What voting power do the filers report over H2O America (HTO) shares?

The filers report 0 shares with sole voting power and 4,615,265 shares with shared voting power. They also report no sole dispositive power and 4,615,265 shares with shared dispositive power over H2O America common stock.

Why was this Schedule 13G/A amendment filed for H2O America (HTO)?

The amendment states it was filed to correct the filers’ designation under Rule 13d‑1 in the original Schedule 13G filed March 10, 2026 and Amendment No. 1 filed April 8, 2026, which had an incorrect designation selected.

Does GIP Atlas Holdings exercise investment discretion over the H2O America (HTO) shares?

GIP Atlas Holdings Limited is described as the sole owner of ATLAS Infrastructure Partners (UK) Ltd., but the filing states that GIP Atlas Holdings does not exercise investment discretion with respect to that entity’s holdings in H2O America.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/19/2026 - 11:58 AM Accepted by SEC EDGAR 08/19/2026 - 11:58 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

H2O America

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

784305104

(CUSIP Number)

03/04/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 784305104

1

Names of Reporting Persons

ATLAS Infrastructure Partners (UK) Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,615,265.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,615,265.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,615,265.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

11.03 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: This amendment is being filed to correct the filer's designation under Rule 13d-1 in the original Schedule 13G filed on March 10, 2026, and Amendment No. 1 thereto filed on April 8, 2026 (together, the "Prior Filing"). The Prior Filing incorrectly selected Rule 13d-1(c) instead of Rule 13d-1(b).

SCHEDULE 13G

CUSIP Number(s): 784305104

1

Names of Reporting Persons

GIP Atlas Holdings Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,615,265.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,615,265.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,615,265.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

11.03 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: GIP Atlas Holdings Limited is the sole owner of Atlas Infrastructure Partners (UK) Ltd, holding 100% of its equity interests; however, it does not exercise investment discretion with respect to the entity. This amendment is being filed to correct the filer's designation under Rule 13d-1 in the original Schedule 13G filed on March 10, 2026, and Amendment No. 1 thereto filed on April 8, 2026 (together, the "Prior Filing"). The Prior Filing incorrectly selected Rule 13d-1(c) instead of Rule 13d-1(b).

SCHEDULE 13G

Item 1.
(a)	Name of issuer: H2O America
(b)	Address of issuer's principal executive offices: 110 West Taylor Street, San Jose, CA, 95110
Item 2.
(a)	Name of person filing: ATLAS Infrastructure Partners (UK) Ltd. GIP Atlas Holdings Limited
(b)	Address or principal business office or, if none, residence: 1ST Floor West, 1-3 College Hill, London, EC4R 2RA
(c)	Citizenship: United Kingdom
(d)	Title of class of securities: Common Stock, par value $0.001 per share
(e)	CUSIP No.: 784305104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 4,615,265
(b)	Percent of class: 11.03 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 4,615,265
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 4,615,265
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

ATLAS Infrastructure Partners (UK) Ltd.

Signature:	/s/ Clinton Joyner
Name/Title:	Partner and COO
Date:	08/19/2026

GIP Atlas Holdings Limited

Signature:	/s/ Clinton Joyner
Name/Title:	Partner and COO
Date:	08/19/2026