Middle market infrastructure private equity firm

Ember Infrastructure

At a glance

Assets under management$1.3B (as of Apr 2025) S6
Deal typesPlatform, Add-on, Growth S4
SectorsEnvironmental & Waste, Industrial & Manufacturing

What Ember Infrastructure buys

Ember Infrastructure is a New York private equity firm that backs essential infrastructure businesses in water, waste, the energy transition, and industrials and agriculture. Its holdings include H2O Innovation (water and wastewater systems and contract operations), Earthwise Environmental Solutions (trash and recycling collection in Pennsylvania and Ohio), Advanced Recycling Technologies (metals recovery from waste streams) and GWTT (treatment of contaminated water at cleanup and construction sites). It reported $1.25 billion of assets in April 2025. Its first fund closed above $340 million in June 2022, and a second fund has since been raised.

Ember publishes no revenue, EBITDA or check size. It says it wants essential services with proven technology, strong managers, visible cash flow and a clear platform or growth opportunity. It takes majority stakes and makes growth investments. Its largest deal, the C$395 million H2O Innovation take-private, is far bigger than most founder-owned companies. A smaller owner is more likely to meet Ember as an add-on to a platform such as Earthwise or GWTT.

Recent deals

Announced in the 24 months before November 4, 2026.

DateCompanyTypeSectorSource
May 2026bestUVDutch maker of UV water disinfection systems, bought by H2O InnovationAdd-onIndustrial & ManufacturingSource
Sep 2025Lama Sistemas de FiltradosSpanish filtration system maker with 40 employees, bought by H2O InnovationAdd-onIndustrial & ManufacturingSource
Apr 2025Caban SystemsEmber led a $50 million equity round from existing investors in its majority-owned energy storage companyInvestmentSource
Nov 2024Advanced Recycling TechnologiesGrowth investment in a metals recovery and recycling platform based in Flemington, New JerseyGrowthEnvironmental & WasteSource
Nov 2024Mid-City ScrapMetal recycling operation in Westport, Massachusetts, bought by ART alongside Ember's investmentAdd-onEnvironmental & WasteSource

Portfolio by sector

From the firm's portfolio page S3.

Energy transition

  • Caban Systems
  • SunShare
  • ReGenerate

Waste

  • Earthwise Environmental Solutions
  • Advanced Recycling Technologies

Water

  • H2O Innovation
  • Ground/Water Treatment & Technology (GWTT)
  • OnSyte Performance
  • Low Impact Development Technologies

Greymont’s take

How Ember Infrastructure fits a seller

Ember suits owners of water, wastewater, waste and recycling businesses who want a specialist investor with operating partners, not a generalist. For most owners the realistic route is a sale to one of its platforms. Earthwise has been gathering local haulers in Pennsylvania and Ohio, and GWTT bought Carbonworks USA in 2024. In that deal the owner-operators stayed, and a co-founder moved into a regional business development role. When H2O Innovation went private, key executives kept a large part of their shares.

Ember publishes no size range, and its waste add-ons have not appeared in its news feed, so an owner has to ask directly. Two good questions: is this deal funded by Ember or by the platform itself, and how long does Ember expect to hold the platform before it sells?

Questions owners ask

Does Ember Infrastructure buy waste and recycling companies?

Yes. It owns Earthwise Environmental Solutions, which collects trash and recycling and processes construction debris in Pennsylvania and Ohio, and Advanced Recycling Technologies, which recovers metals from shredder residue and waste-to-energy ash. Waste is one of its four target sectors.

Does Ember own water and wastewater operators?

Yes. H2O Innovation, taken private in December 2023, runs contract operations for municipal and industrial water and wastewater systems, with about 750 employees in that business as of August 2025. It also builds and operates WaterHub reuse plants under long-term contracts.

How big does a company need to be for Ember?

Ember publishes no revenue, EBITDA or check size. Disclosed deals run from a $30 million commitment to SunShare in 2021 to the C$395 million H2O Innovation take-private in 2023, so smaller owners are more likely to reach it through a platform.

Do owners and staff stay after an Ember platform buys a company?

In the deals its platforms have published, they have. The Carbonworks owner-operators stayed with GWTT in 2024, all 40 Lama employees stayed with H2O Innovation in 2025, and the whole bestUV team joined H2O Innovation in 2026.

Sources

  1. S1Ember Infrastructure home page Accessed November 4, 2026
  2. S2Ember Infrastructure: Approach, target sectors and key criteria Accessed November 4, 2026
  3. S3Ember Infrastructure: Portfolio Investments Accessed November 4, 2026
  4. S4Ember Infrastructure: News & Ideas Accessed November 4, 2026
  5. S5Ember Infrastructure Closes Inaugural Fund with over $340 Million of Commitments (June 30, 2022) Accessed November 4, 2026
  6. S6Ember Leads $50 Million Investment in Caban (April 15, 2025) Accessed November 4, 2026
  7. S7Ember's 2025 Impact Report page, which refers to portfolio companies in EIF I and II Accessed November 4, 2026
  8. S8Ember Completes Take Private of H2O Innovation (December 8, 2023) Accessed November 4, 2026
  9. S9H2O Innovation signs definitive agreement to be acquired by Ember (October 3, 2023) Accessed November 4, 2026
  10. S10H2O Innovation Acquires NextEra Distributed Water (October 1, 2024) Accessed November 4, 2026
  11. S11Ember Completes Growth Investment In Advanced Recycling Technologies (November 26, 2024) Accessed November 4, 2026
  12. S12Ember Infrastructure Acquires Ground/Water Treatment & Technology (June 21, 2023) Accessed November 4, 2026
  13. S13GWTT Announces Acquisition of Carbonworks USA (June 28, 2024) Accessed November 4, 2026
  14. S14Ember Makes Growth Investment in OnSyte Performance (June 28, 2023) Accessed November 4, 2026
  15. S15Ember Invests in Low Impact Development Technologies (November 1, 2022) Accessed November 4, 2026
  16. S16Ember Infrastructure Announces Investment in Caban Systems (June 17, 2021) Accessed November 4, 2026
  17. S17SunShare Secures Investment from Ember (September 21, 2021) Accessed November 4, 2026
  18. S18H2O Innovation Acquires Lama to Expand Global Filtration Solutions (September 22, 2025) Accessed November 4, 2026
  19. S19H2O Innovation Enters the UV Disinfection Market with the Acquisition of bestUV (May 4, 2026) Accessed November 4, 2026
  20. S20H2O Innovation Captures New O&M Business (August 13, 2025) Accessed November 4, 2026
  21. S21H2O Innovation Closes $200 Million Project Debt Facility (May 13, 2026) Accessed November 4, 2026
  22. S22Earthwise Environmental Solutions home page Accessed November 4, 2026
  23. S23Big's Sanitation: About, which says Earthwise acquired the company in the fall of 2023 Accessed November 4, 2026
  24. S24Low Impact Development Technologies home page Accessed November 4, 2026
  25. S25Mon Valley Independent: Big's Sanitation has new owner (September 26, 2023), local news used only for the month Accessed November 4, 2026
  26. S26Micro Rolloff: About, an Earthwise Environmental Solutions company Accessed November 4, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Ember Infrastructure. Figures are as reported on the dates shown and may have changed. Request a correction

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