TurnClear Spins Out to Reshape Industrial Water Treatment with TaaS Model

MIAMI, FL – February 06, 2026 – In a significant move set to accelerate a major shift in industrial water management, Upwell Water has announced the spinout of its decentralized water and wastewater treatment division into a new standalone entity named TurnClear. The transaction is bolstered by a major capital infusion from Nuveen, a global investment manager with $1.4 trillion in assets, signaling strong institutional confidence in a service-based future for a vital industrial resource.

TurnClear enters the market with a focused mission: to provide water and wastewater treatment through a utility-style, 'Treatment-as-a-Service' (TaaS) model. This approach allows commercial and industrial clients to bypass the heavy upfront capital expenditure traditionally required for advanced water systems, instead paying a predictable monthly fee for a fully managed solution.

A New Utility Model for Industrial Water

The core of TurnClear's strategy is to dismantle the financial and operational barriers that have historically slowed the adoption of modern water treatment technologies. Rather than selling complex equipment, the company builds, owns, and operates a growing fleet of decentralized treatment assets, delivering clean water and compliant wastewater management as a service.

"TurnClear was created to eliminate the capital and operational friction that slows adoption of water treatment solutions," said Dr. Hu Fleming, who will lead the new entity as Chief Executive Officer after previously heading Upwell Water’s treatment division. "By owning and operating treatment assets, we enable customers to access high-performance systems through a service model that aligns cost with usage and performance."

This TaaS model is gaining significant traction in a market ripe for disruption. The global Water Treatment as a Service market was valued at nearly $23 billion in 2024 and is projected to exceed $41 billion by 2030. This growth is driven by industries seeking to offload the complexities of water management—from system design and installation to ongoing maintenance and regulatory compliance—to focus on their core business activities. TurnClear is targeting a wide array of sectors facing unique water challenges, including data centers, power generation, chemicals, mining, and food and beverage production.

Tamin Pechet, Chief Executive Officer of Upwell Water, described the spinout as the culmination of extensive development. “TurnClear is the result of several years of investment, operational development, and industry collaboration,” Pechet stated. “With this spinout and infusion of growth capital from Nuveen, TurnClear is uniquely positioned to scale a modern approach to water treatment that aligns with how many customers want treatment to be provided and financed.”

Private Capital Flows into Green Infrastructure

The significant investment from Nuveen is a powerful endorsement of both TurnClear's model and the broader investment appeal of the water sector. It highlights a growing trend where private capital is increasingly directed toward critical infrastructure and environmental technologies that promise both financial returns and positive environmental, social, and governance (ESG) outcomes.

Nuveen's backing is strategic, reflecting a deep understanding of the pressures facing modern industry. “Increased industrial activity and onshoring, coupled with rising compliance requirements, complex treatment needs, and tight labor markets are all supportive of a turnkey treatment solution that lets customers focus on their core activities,” commented Chris Steinbaugh, Senior Director at Nuveen.

This investment aligns with Nuveen's broader strategy of targeting infrastructure that supports foundational economic and technological growth. As institutional investors expand their private market allocations, sectors like water—which underpins everything from manufacturing and energy production to the booming AI and data center industries—are becoming prime targets. The move is indicative of a market shift from viewing environmental challenges as a risk to seeing them as a significant investment opportunity. TurnClear's business of building, owning, and operating physical assets places it squarely in the category of essential infrastructure, a space known for generating stable, long-term returns.

Tackling Scarcity and Stricter Regulations

The demand for solutions like those offered by TurnClear is being supercharged by a convergence of environmental and regulatory pressures. With approximately 25% of the world's population living in regions of extreme water stress and industrial water demand projected to soar, the need for efficient water reuse and recycling has never been more acute. Companies are increasingly motivated by both water scarcity and the high costs of sourcing fresh water and discharging wastewater.

Simultaneously, the regulatory landscape is becoming more stringent. Governments worldwide are tightening discharge limits and introducing new rules for emerging contaminants like per- and polyfluoroalkyl substances (PFAS), a class of persistent chemicals now facing strict new limits. This "hot micro-segment" of the market is forcing industries to seek out advanced treatment technologies—such as high-grade membranes and activated carbon systems—that can ensure compliance and avoid costly penalties.

TurnClear's decentralized model is particularly well-suited to this environment. By deploying smaller, modular treatment systems at or near the point of use, the company can provide tailored solutions that address specific challenges, from permit compliance and contaminant removal to enabling closed-loop water recycling. This flexibility offers a scalable and often faster path to compliance compared to reliance on large, centralized municipal systems.

A Competitive and Collaborative Landscape

TurnClear is entering a competitive field populated by established global giants like Veolia, SUEZ, and Evoqua Water Technologies, many of which also offer service-based solutions. However, the company aims to differentiate itself through its pure-play focus on the decentralized TaaS model and a highly collaborative approach.

Instead of developing all its technology in-house, TurnClear will continue to partner with leading system designers, manufacturers, and service providers. The company has already announced collaborations with industry specialists such as Aquatech International Corp., known for its expertise in desalination and zero liquid discharge, and Fluence Corp., a provider of modular water and wastewater treatment solutions.

This partnership strategy allows TurnClear to remain agile, integrating best-in-class technologies into its service offering without the overhead of extensive internal research and development. By acting as an integrator and operator, the company can focus on its core value proposition: delivering reliable, compliant, and capital-free water treatment. The new capital from Nuveen will be instrumental in expanding this partner ecosystem and growing its fleet of treatment assets to meet the surging demand from industries navigating the complex water challenges of the 21st century.