$150M Bet Puts Cambrian at the Center of Water Reuse

ING Capital credit facility supports expansion of on-site wastewater reuse as US industry faces tighter water rules

5 Jun 2025

Cambrian, a US-based industrial water technology company, has secured a $150m credit facility from ING Capital to expand its on-site wastewater reuse systems, as manufacturers face growing pressure to cut water use and meet stricter environmental standards.

The financing is intended to support wider deployment of Cambrian’s decentralised treatment plants, which process industrial wastewater at the source and recycle it for reuse. The systems also generate biogas, which can be used as a renewable energy source for industrial operations.

The deal comes as prolonged drought conditions in parts of the US and tighter enforcement of water discharge rules increase demand for alternatives to centralised treatment infrastructure. Companies in sectors such as food processing, brewing and chemicals are seeking ways to reduce reliance on freshwater supplies while maintaining production.

“This partnership allows us to meet a surge in demand for smarter, more efficient water reuse,” said Matthew Silver, Cambrian’s chief executive. “Industries are under growing pressure to act, and we’re giving them a proven, turnkey solution.”

Cambrian operates on a pay-as-you-go model, under which customers avoid large upfront capital costs and instead pay based on the volume of water reused and energy produced. The company says this lowers barriers to adoption and allows facilities to scale capacity as needed.

Proceeds from the ING facility will be used to expand operations across North America and finance new customer installations. ING Capital said the structure reflects growing lender interest in infrastructure assets linked to environmental performance and long-term service contracts.

Regulatory pressure is also shaping the market. States including California are tightening water reuse and discharge standards, while the Environmental Protection Agency has stepped up oversight of industrial wastewater permits. At the same time, companies are under scrutiny from investors and customers to meet environmental, social and governance targets.

“This is a signal that institutional investors now see decentralised water infrastructure as a scalable, investable model,” said Rachel Meyer, a water strategy consultant. “It’s a win-win for companies and communities.”

While decentralised systems remain a small part of overall water infrastructure, rising water stress and regulatory costs are prompting more industrial users to reconsider how wastewater is treated and reused on site. Cambrian’s expansion will test whether such models can move from niche applications to broader industrial adoption.