Institutional investors, technology, solid returns and SDGs as a bonus

QStone Capital acts as a partner of institutional investors, like pension funds, insurance companies, family offices and sovereign wealth funds by providing them with early access to the development of SDG compliant private capital investment opportunities where exposure to technology is the basis for solid financial returns.

An aligned partner in financing water treatment technology companies and projects

Re-use of water is an increasingly important measure for industries, cities and societies at large to secure a continuous supply of water. This provides a solid and expanding market for wastewater treatment technology companies. QStone Capital acts as a long-term finance partner to provide these companies with growth capital in the format of corporate finance as well as project finance.

What we do

QStone Capital: financial partner to wastewater companies

QStone Capital is an independent investment advisory boutique dedicated to the global wastewater treatment and technology markets. We act as a financial lifecycle partner for companies active in these areas through our platform of advisory services, including corporate and project finance advisory, capital raising and structuring services and corporate growth advisory. It is our ambition to build and maintain long-term partnerships with wastewater technology firms, wastewater processing projects and (longer term) investors.

Since inception, QStone has been a trusted advisory partner for corporates, public, semi-public and NGOs linked to the wastewater treatment and technology sectors.

QStone Capital: Managing investments for institutional investors

QStone Capital can also act as investment manager on behalf of institutional investors to source, assess, structure, monitor, add value and exit investments. The current focus is on individual transactions with a clear ambition to set up a dedicated wastewater technology private equity fund, leveraging our competitive edge and profit from the favourable characteristics of the wastewater treatment and technology markets. Our specialist focus, network and complementary expertise have resulted in a pipeline of proprietary investment opportunities with attractive risk/return parameters.

What makes us different

  • We are fully dedicated to the wastewater treatment and technology markets
  • Through our specialist focus, we have build an extensive network of international thought-industry leaders
  • Through our expertise we can connect technology companies with scalable off-taker niches and winning project consortia
  • Our team combines investment professionals who possess significant track record in private equity, structured finance and institutional investment management
  • QStone is closely aligned with senior management of a number of technology companies who provide technical advice and support in all phases of projects, from identifying and reviewing promising technologies, origination of investment opportunities, structuring and due diligence, monitoring investments as well as adding value when investments are being managed

Wastewater technology

We regard the UN Sustainable Development Goals (SDGs) as an opportunity to identify technology driven commercial investment propositions with solid risk-adjusted financial returns in combination with measurable value to society. We believe that this is especially applicable in areas where risk mitigation needs for industries overlap with risk mitigation needs for society at large.

Wastewater processing is a good example where new technologies enable circular uses within densely populated and industrial areas being sensitive for water stress. This does not only relate to SDG 6 – clean water and sanitation, but also SDG 12 –responsible consumption and production.

Wastewater treatment technology opportunity

Every year more than half of the freshwater withdrawn by consumers, industrial users and the agriculture sector is being wasted. With increasing water stress from growth (and concentration) of population and industries, ageing water wells and climate pressures, the $ 170b wastewater treatment and technology market is expected to grow on a yearly basis by more than 10%.

We believe that the markets feature various secular trends:

  • Companies with proven technologies are looking for (complementary) partners and for capital in order to scale their competitive advantage
  • Wastewater treatment and technology markets are becoming increasingly fragmented and as a result network and/or partnership opportunities arise
  • Industries and governments are increasingly looking for full-service, integral solution providers
  • Technologies have to adapt to the circular economy and must be efficient in terms of their ecological footprint
  • Regulatory pressures enable adoption of new technologies being cheaper and more efficient
  • This leads to an increase on Build Own Operate (“BOO”) projects with its own financial challenges like the requirement for long-term project linked capital, often in other (sometimes developing) jurisdictions.

The ability to provide the right structured finance solution significantly increases the chances for a successful project while it provides investors and lenders an attractive risk/return profile and addresses the needs of developers, suppliers and off-takers at the same time


  • Jeroen M. Tielman

    Jeroen M. Tielman,

    Over 30 years of experience in asset management – capital markets including:
    Founder & Managing Partner, IMQubator (APG backed)
    Managing Director Commerce, Strategy and Innovation, Cordares (pension asset manager, now part of APG)
    Founder & Managing Partner, FundPartners (PGGM backed)
    SVP - Global Head of Product Management, ABN AMRO Asset Management

    MSc. Business Economics (Erasmus University Rotterdam) Certified investment analyst (RBA)

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  • Suresh Kumar

    Suresh Kumar,
    Partner - Country Manager India

    Seasoned executive management professional with more than 32 years of experience
    of which 16 years in environmental consultancy in the Middle East and India
    specialized in Innovative Service Projects and Plans for government and private sector
    Past President of Knowledge Oman and judge at the Pan Arab MIT EF Arab Startup competition
    Advisor/Mentor of innovative start-up businesses in Oman, India and East Africa
    Executive Program in General Management - Technology, Strategy and Innovation (Massachusetts Institute of Technology - Sloan School of Management)
    Fellow Member of The Institute of Chartered Accountants of India and Bachelors Degree in Science, India

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  • Merit van der Lee

    Merit van der Lee

    7 years research experience in analytical, physical and theoretical chemistry related to chemical Enhanced Oil Recovery (Shell).

    Master Molecular Sciences
    Bachelor Analytical and Physical Chemistry

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  • Cesar Chu Ortega

    Cesar Chu Ortega
    Solutions Engineer

    Electro Coagulation based water treatment solutions
    Industries: textile, solid waste, food and beverage
    Active for QStone in Europe and India
    BA in Chemistry

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  • Rucksar Tabassum

    Rucksar Tabassum
    Assistant Project Developer

    Prior experience in Apparels and Telecommunications industries in Bangladesh
    Passionate about Sustainability oriented innovations
    MSc in International Business from Rotterdam Business School

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  • Victor Bekink

    Victor Bekink,

    Independent financial advisor for corporates, investors and projects
    Lawyer, Stibbe

    LLM. Dutch Law (Rijksuniversiteit Groningen)

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  • Marc Feyaerts

    Marc Feyaerts

    30 years experience in wastewater treatment and reuse
    Process engineer in wastewater related challenges with focus on circular economy
    Industry focus: Food & Beverage, Textile, and Chemicals
    Master of Bioscience Engineering (University of Leuven)

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  • Andrea Kralikova

    Andrea Kralikova

    As a Management Consultant advised private and not for profit sector within different industries internationally
    Over 10 years of experience combining Risk Management, Finance and Sustainability. Passionate about Circular Economy

    MSc. International Business. Postgrad Sustainable Finance and Investments at Harvard.

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  • Eric van Sonsbeek

    Eric van Sonsbeek

    More than 30 years experience in waste water treatment
    Recognized innovator
    Serving several industries including textile, solid waste and mining
    Advising QStone on projects in Europe and Asia
    Chemical Engineer (University of Twente)

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Impact Through Art Foundation (ITAF) develops and promotes art projects with a strong environmental and social component. The foundation aims to impact positively the world by being a force for change. Non-judgmental and creative, art is the ideal driver to widen the audience and deepen the discussion around some of our most pressing humanitarian and environmental concerns. ITAF also aims to build bridges between different disciplines (science, design, business and art) through art to fulfil the mission set.

Intake List

QStone Capital not only assesses innovative water treatment technology on its technical merits but on its economic benefits as well. After all, the purpose of innovation is to improve results and/or to reduce costs. For most industries, including the textile industry, we focus on zero liquid discharge and hence full water re-use not only to meet the UN Sustainable Development Goal 6.3 in its fullest extent possible.

In order to make a good analysis of cost savings we take the following steps:

  1. Economic analysis of the current water treatment installation along the dimensions of original investment, operational- and maintenance expenses and utilization rates etc. All of this will be summarized into a cost per M3 treated water.
  2. Determination of the industrial processes generating the wastewater to be treated.
  3. Lab analysis of the waste water to be treated and the contaminants to be eliminated.
  4. Determination of the technical modules as part of the proposed tailor made innovative water treatment solution for full water re-use.
  5. Translation of the investment and operation & maintenance of the innovative solution into a total cost per M3.
  6. Determine the savings of using the innovative technology as compared to the current situation.

Set up of this intake list

This intake list consists of three parts:

  1. General data
  2. Wastewater analysis and requirements of water for re-use
  3. Economic data of existing waste water treatment installation


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