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 ( 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.

Wastewater technology

We have a cooperation with Lenntech ( offering innovative water treatment & membrane separation solutions since 1993.

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.


  • 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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