Ember Completes Take Private of H2O Innovation

Ember Infrastructure Management, LP (“Ember”) announces today the completion of the previously announced acquisition of H2O Innovation Inc. (“H2O Innovation” or the “Company”) by an entity controlled by funds and vehicles managed by Ember, with the participation of Ontario Power Generation Inc. Pension Fund (“OPG”), Investissement Québec (“IQ”), Caisse de dépôt et placement du Québec (“CDPQ”) and key executives of the Company, for a purchase price of $C395 million.

“Closing this transaction marks the start of an exciting chapter for H2O Innovation, as we continue our expansion with the resources and expertise that our new partners at Ember can bring to the Company and our customers,” said Frédéric Dugré, President, Chief Executive Officer and co-Founder of H2O Innovation. “Together, we are well positioned to accelerate our organic growth and make strategic acquisitions that will further enhance our customer offering, enabling them to more efficiently use and protect our shared water resources. Today, our nearly 1,100 employees, united by our strong corporate culture, join me in the pursuit of continued growth and the enthusiastic undertaking of the opportunities ahead.”

“We at Ember see an important and attractive opportunity to support H2O Innovation’s management in continuing to build a leading integrated water solutions company, focused on providing best-in-class technologies and services to its customers,” said Elena Savostianova, Founder and Managing Partner of Ember. “Communities and businesses alike are faced with strained water resources as a result of climate change, new requirements associated with increased regulation, and stakeholder demand for improved resource stewardship. We believe H2O Innovation is very well positioned to meet these needs for its customers as it continues to grow its footprint and the scope of its solutions.”

As part of this transaction, IQ, previously the largest shareholder of H2O Innovation, rolled over all of its H2O Innovation shares and increased its equity ownership in the Company. Furthermore, CDPQ and the key executives of H2O Innovation have rolled over significant portions of their H2O Innovation shares.

Weil, Gotshal & Manges LLP and Davies Ward Phillips & Vineberg LLP served as legal counsel to Ember, Norton Rose Fulbright Canada LLP served as legal counsel to H2O Innovation, Fasken Martineau DuMoulin LLP served as legal counsel to IQ and Blake, Cassels & Graydon LLP served as legal counsel to CDPQ. Scotiabank Capital Inc. acted as exclusive financial advisor to H2O Innovation and Desjardins Capital Markets acted as independent financial advisor to the Special Committee of H2O Innovation. Raymond James acted as financial advisor to Ember.

About H2O Innovation

Innovation is in our name, and it is what drives the organization. H2O Innovation is a complete water solutions company focused on providing best-in-class technologies and services to its customers. The Company’s activities rely on three pillars: i) Water Technologies & Services (WTS) applies membrane technologies and engineering expertise to deliver equipment and services to municipal and industrial water, wastewater, and water reuse customers, ii) Specialty Products (SP) is a set of businesses that manufacture and supply a complete line of specialty chemicals, consumables and engineered products for the global water treatment industry, and iii) Operation & Maintenance (O&M) provides contract operations and associated services for water and wastewater treatment systems. Through innovation, we strive to simplify water. For more information, visit www.h2oinnovation.com.

About Ember

Ember is a private equity firm investing in businesses delivering infrastructure solutions that reduce carbon intensity, enhance resource efficiency, and increase resilience to climate impacts. Headquartered in New York City, Ember invests across the energy transition, water, waste, and industrial sectors. For more information, please visit www.ember-infra.com.

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