H2O America investor reports 11.17% passive stake

ATLAS Infrastructure Partners (UK) Ltd. and its parent report 11.17% beneficial ownership of H2O America’s common stock and correct their prior Rule 13d-1 designation.

Rhea-AI Filing Summary

H2O America (HTO) has an updated Schedule 13G/A showing that ATLAS Infrastructure Partners (UK) Ltd. and its parent GIP Atlas Holdings Limited report beneficial ownership of 4,675,469 shares of common stock, representing 11.17% of the class, with shared voting and dispositive power over all of these shares.

The ownership percentage is calculated based on 41,856,804 shares of common stock outstanding as of July 24, 2026. The amendment also states that it is being filed to correct the filers’ prior designation under Rule 13d-1 and clarifies that GIP Atlas Holdings Limited owns 100% of ATLAS Infrastructure Partners (UK) Ltd. but does not exercise investment discretion for it.

Key Figures

Shares beneficially owned: 4,675,469 shares Percent of class: 11.17% Shares outstanding baseline: 41,856,804 shares +4 more

7 metrics

Shares beneficially owned 4,675,469 shares Common Stock of H2O America reported by the filers

Percent of class 11.17% Portion of H2O America common stock class beneficially owned

Shares outstanding baseline 41,856,804 shares Common stock outstanding as of July 24, 2026, used to calculate ownership percentage

Shared voting power 4,675,469 shares Shares over which the filers have shared power to vote or direct the vote

Shared dispositive power 4,675,469 shares Shares over which the filers have shared power to dispose or direct disposition

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

Amendment number 3 This filing is identified as Amendment No. 3 to the Schedule 13G

Key Terms

beneficially owned, shared voting power, shared dispositive power, Rule 13d-1, +2 more

6 terms

beneficially owned financial

"Item 4. | Ownership (a) | Amount beneficially owned: 4,675,469"

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 4,675,469.00"

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 4,675,469.00"

Rule 13d-1 regulatory

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

Schedule 13G/A regulatory

"This amendment is being filed to correct the filer's designation"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

percent of class financial

"Percent of class: 11.17 %"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What ownership stake in HTO does ATLAS Infrastructure Partners (UK) Ltd. report in this Schedule 13G/A?

ATLAS Infrastructure Partners (UK) Ltd. reports beneficial ownership of 4,675,469 shares of H2O America common stock, representing 11.17% of the class, with shared voting and shared dispositive power over all of these shares.

How is the 11.17% ownership percentage in HTO calculated in the filing?

The 11.17% ownership percentage is calculated based on 41,856,804 shares of H2O America common stock outstanding as of July 24, 2026, as reported in the company’s Form 10-Q for the period ended June 30, 2026.

What voting and dispositive powers over HTO shares are reported in this Schedule 13G/A amendment?

The filers report 0 shares with sole voting or dispositive power and 4,675,469 shares with shared voting power and shared dispositive power, matching the total number of shares beneficially owned.

What change is being made by this Amendment No. 3 to the HTO Schedule 13G/A?

The amendment states it is being 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 incorrectly selected a different designation.

What relationship between GIP Atlas Holdings Limited and ATLAS Infrastructure Partners (UK) Ltd. is disclosed regarding HTO?

GIP Atlas Holdings Limited is disclosed as the sole owner of ATLAS Infrastructure Partners (UK) Ltd., holding 100% of its equity interests, while stating that it does not exercise investment discretion with respect to ATLAS Infrastructure Partners (UK) Ltd.

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

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 09/22/2026 - 06:44 PM Accepted by SEC EDGAR 09/22/2026 - 06:43 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

H2O America

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

784305104

(CUSIP Number)

09/21/2026

(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 4,675,469.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,675,469.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,675,469.00

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)

11.17 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: The percentages used in this Schedule 13G are calculated based upon 41,856,804 Common Stock outstanding as of July 24, 2026, as reported in the Company's Report on Form 10-Q for the period ended June 30, 2026, filed with the Securities and Exchange Commission on July 28, 2026. 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 4,675,469.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,675,469.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,675,469.00

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)

11.17 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: The percentages used in this Schedule 13G are calculated based upon 41,856,804 Common Stock outstanding as of July 24, 2026, as reported in the Company's Report on Form 10-Q for the period ended June 30, 2026, filed with the Securities and Exchange Commission on July 28, 2026. 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: 4,675,469
(b)	Percent of class: 11.17 %
(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: 4,675,469
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 4,675,469
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:	Clinton Joyner
Name/Title:	Partner and COO
Date:	09/22/2026

GIP Atlas Holdings Limited

Signature:	Clinton Joyner
Name/Title:	Partner and COO
Date:	09/22/2026