Transforming SDG6 into win-win business cases

At QStone Capital, we develop industrial water re-use (finance) projects while converting innovative water treatment technologies into cost covering revenues for industries and attractive returns for financiers.

Industrial water re-use: not only saving water but also avoiding pollution

Innovative water treatment technologies enable water-intensive industries (like for example the textile industry) to drastically reduce the pressure on fresh water sources as well as to avoid any discharge of polluted water (Sustainable Development Goal 6).

What we do

QStone Capital: financial partner in developing industrial water treatment projects

QStone Capital is an independent financial advisory boutique dedicated to SDG6. We develop industrial water reuse projects and related investment opportunities in India, Bangladesh, and Europe and we translate innovative water treatment technologies into savings (and additional revenues) for (textile) industries and into attractive returns for financiers.
For India, QStone is a founding shareholder of a joint venture called RecStone Water Technologies Pvt. Ltd. together with a textile machine producer based in Tamil Nadu. For its activities in Bangladesh, QStone Capital has set up a fully-owned subsidiary called Bangladesh Water Treatment Partners. With regards to the identification of innovative water technologies, QStone Capital has established a cooperation with Lenntech (www.lenntech.com) in the Netherlands.

Institutional investors and SDG6

Professional investors still seem to be hesitant to walk their SDG6 talk. Becoming an active partner in the development of scalable industrial water treatment projects involving innovative cost reducing technologies is the way forward.
The imminent market driven migration of industries towards full circular water treatment (Zero liquid discharge) could provide engaged investors with very attractive investment opportunities not only in terms of solid returns but also in terms of unambiguous environmental impact.
In our opinion, there is no excuse that single industrial water treatment projects would be too small for institutional investors as we are facing an era of industry wide conversion requiring institutional scale funding.

Team

  • Jeroen M. Tielman

    Jeroen M. Tielman,
    CEO

    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
    Head Institutional Relations, Theta Capital Management Independent Non-Executive Director, True Partner Capital

    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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  • 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
    BSC in Chemistry

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  • Rucksar Tabassum

    Rucksar Tabassum
    Project Manager

    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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  • Marc Feyaerts

    Marc Feyaerts
    Advisor

    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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Projects

Sustainable Transformation of Bangladesh’s Textile Industry

A Comprehensive Solution for Circular Water Management

The textile sector in Bangladesh represents an economic powerhouse, contributing over 84% of the country’s export earnings. However, this vital industry faces significant challenges related to water consumption and environmental sustainability. Excessive reliance on groundwater and inefficient wastewater treatment practices have led to rising concerns among policymakers, brands, and communities.

In collaboration with the Sustainable Manufacturing and Environmental Pollution (SMEP) program, QStone Capital is introducing an innovative solution to address these issues:

  • Modular Zero Liquid Discharge (ZLD) Systems for circular water management, achieving up to 95% wastewater reuse.
  • A 1% Consumer Surcharge Model to provide sustainable financing for the implementation of advanced technologies.

This initiative sets a benchmark for achieving both environmental and economic sustainability in the textile industry.

1. Excessive Groundwater Use

The textile industry in Bangladesh heavily depends on finite freshwater resources, extracting large volumes of groundwater to meet production needs. This overreliance has led to a rapid depletion of aquifers, threatening water security for both industrial and community use.

2. Inadequate Wastewater Treatment

The majority of textile facilities in Bangladesh rely on linear water treatment systems, which operate on a one-way flow: extracting freshwater, using it in production, and discharging untreated or partially treated wastewater. These systems predominantly employ physical-chemical and biological treatment processes, which, while capable of addressing basic pollutants, fall short in tackling the precursors of compounds essential for circular water management.

One of the most significant issues is the discharge of coloured water, containing persistent synthetic dyes and chemicals. These pollutants are resistant to conventional treatment methods and have severe impacts on local water bodies, ecosystems, and community health. Without addressing this challenge, achieving water reuse and sustainability in the textile industry is unattainable.

3. Rising Regulatory Pressure

With growing global emphasis on sustainable production, textile manufacturers are under increasing pressure to comply with stricter environmental regulations. This is particularly true for export markets demanding demonstrable progress toward water reuse and pollution reduction.

4. Economic Barriers to Adoption

While advanced treatment technologies exist, their high installation and operational costs pose significant financial challenges for many textile facilities. This lack of accessible financing prevents widespread adoption of sustainable solutions, leaving manufacturers reliant on inefficient systems that contribute to environmental degradation.

QStone Capital, with support from SMEP, is pioneering a dual approach to overcome these challenges:

1. Modular Zero Liquid Discharge (ZLD) Systems

Our ZLD systems are designed to address the unique needs of Bangladesh’s textile industry. These containerized systems are:

  • Efficient: Achieving up to 95% wastewater reuse, drastically reducing freshwater demand.
  • Compact: Requiring only 700 square feet, they can be integrated into existing facilities with minimal disruption.
  • Customizable: Flexible enough to meet the specific requirements of knit dyeing, denim washing, and woven production facilities.

How the ZLD System Works:

  1. Electrocoagulation (EC): Removes silica, colour, and heavy metals that clog membranes and harm ecosystems.
  2. Membrane Systems (UF/RO): Treat wastewater to a reusable standard.
  3. Evaporation and Crystallization: Recover valuable salts, minimizing waste and enabling circular resource use.

The modular design ensures scalability and cost efficiency, making ZLD accessible to factories of varying sizes.

2. The 1% Consumer Surcharge Model

The financial challenges of adopting advanced systems are addressed through the 1% Consumer Surcharge, a pioneering funding mechanism that aligns the interests of all stakeholders.

How It Works:

  • End consumers contribute 1% of the retail price of garments purchased from participating brands.
  • Funds are managed by an independent, auditable investment fund entity to ensure transparency and accountability.
  • Textile manufacturers receive financial support to implement ZLD systems, offsetting the cost of installation and operation.

Benefits:

  • For fashion brands: The surcharge provides a transparent and measurable way to meet sustainability commitments without increasing production costs.
  • For consumers: A small contribution (e.g., €0.50 on a €50 garment) has a significant impact on global water sustainability.v
  • For textile factories: Access to funding enables them to adopt circular water practices without financial strain.

The SMEP-supported pilot will test the modular ZLD system across three distinct facility types:

  1. Knit Dyeing
  2. Denim Washing
  3. Woven Production

The pilot will operate for one month at each site, generating valuable insights into:

  • Operational Efficiency: Measuring water recovery, energy use, and brine management.
  • Cost Optimization: Exploring integration with renewable energy to reduce operational expenses.
  • Scalability: Demonstrating adaptability for factories of different sizes and processes.

These insights will inform the development of an optimized, scalable model that can be replicated in other regions.

By addressing both technical and financial barriers, this initiative creates a win-win scenario for all stakeholders:

  1. Textile Manufacturers
    • Achieve up to 95% water reuse, reducing reliance on freshwater.
    • Access funding for advanced technologies, minimizing financial risk.
    • Future-proof operations against stricter environmental regulations.
  2. Fashion Brands
    • Meet global sustainability goals with a transparent, measurable approach.
    • Enhance brand reputation by aligning with consumer demand for ethical practices.
    • Strengthen supply chain partnerships through innovative financing.
  3. Consumers
    • Contribute meaningfully to environmental sustainability with a minimal financial impact.
    • Support brands that prioritize responsible production.
  4. Financiers and Policy Makers
    • Gain a replicable model for sustainable manufacturing in developing economies.
    • Create long-term environmental and economic value through scalable solutions.

The Path Forward

This initiative is more than a pilot—it’s a roadmap for sustainable textile production. With successful implementation, the model will:

  • Set a global standard for water management in the textile industry.
  • Expand to other textile-producing regions, including India, Vietnam, and Pakistan.
  • Drive measurable progress toward achieving UN Sustainable Development Goals (SDGs), particularly SDG 6 (Clean Water) and SDG 12 (Responsible Consumption and Production).

Join Us in Leading the Change

QStone Capital invites:

  • Fashion Brands to collaborate on scaling the 1% Consumer Surcharge model.
  • Textile Manufacturers to pilot the Modular ZLD system and transform water management practices.
  • Financiers to invest in scalable, high-impact sustainability solutions.

Together, we can redefine the textile industry’s approach to water and create a sustainable future for Bangladesh and beyond.

For inquiries or partnership opportunities, please Contact Us.

Partners

  • Kingsley Group

    Kingsley Group

    Kingsley Group is a trusted provider of engineering and industrial solutions, specializing in water and wastewater treatment systems. As a key partner in QStone's wastewater treatment initiatives in Bangladesh, Kingsley collaborates closely with QStone Capital and Lenntech Solutions to ensure successful project execution.

    As part of the consortium for the SMEP-funded Zero Liquid Discharge (ZLD) Project, Kingsley is responsible for local commissioning and ongoing maintenance, contributing to the sustainable transformation of the textile industry's wastewater management practices.

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  • Lenntech

    Lenntech

    Lenntech Water Treatment Solutions is a globally recognized design and manufacturing company specializing in innovative and sustainable water treatment technologies. Serving a wide range of industries, Lenntech offers tailored solutions for water purification, filtration, and recycling.

    As a key partner in QStone Capital’s SMEP-funded Zero Liquid Discharge (ZLD) Pilot Project in Bangladesh, Lenntech brings its expertise in advanced water treatment to support sustainable practices in the textile industry.

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  • Solidaridad

    Solidaridad Network

    Solidaridad Network is an international organization committed to promoting sustainable supply chains across various sectors, including textiles. As the lead partner in the SMEP-funded Zero Liquid Discharge (ZLD) Project in Bangladesh, Solidaridad plays an important role in driving innovative solutions to reduce environmental impact.

    Together with QStone Capital as the co-lead, Solidaridad is working to advance sustainable wastewater management and circular practices in the textile industry.

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  • Trident Water Systems

    Trident

    Trident Water Systems is a trusted provider of advanced water treatment technologies and solutions, with extensive expertise in industrial and municipal applications.

    As a key technology supplier, Trident collaborates with QStone Capital and Lenntech in the SMEP-funded Zero Liquid Discharge (ZLD) Pilot Project in Bangladesh.

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  • TSI Securities

    TSI Securities Limited is a leading financial services provider, specializing in domestic and cross-border financing solutions across debt and equity. With a robust network of Development Finance Institutions (DFIs), Multilateral Agencies (MLAs), Export Credit Agencies (ECAs), and international banks, TSI facilitates seamless access to cross-border syndicates.

    As a valued partner in QStone Capital’s SMEP-funded project, TSI Securities plays a critical role in developing and supporting the innovative 1% financial concept to drive sustainable change in the textile industry.

Contact

Please contact us for more information at: info@qstonecapital.com / jeroen@qstonecapital.com