On 13 May, Belgian investment firm Alychlo provided water reuse innovator Ekopak NV with a €14 million capital injection. The funds will resolve Ekopak’s liquidity issues as it develops its flagship Waterkracht project. On 28 April, Belgium’s Financial Services and Markets Authority opened an administrative investigation into Ekopak’s disclosure compliance as a listed company.
Ekopak inconsistently communicated its 2024 results, including the removal of revenue recognition for Waterkracht, an industrial reuse initiative. The negative market perception caused Ekopak’s share price to plummet by 42.7%, resulting in a loss of confidence among shareholders in both Ekopak and Waterkracht. In 2024, Ekopak registered €47.6 million in sales and aims to reach €140.0 million by 2028.
The scrutiny surrounding Ekopak’s results highlights the challenges of implementing a water-as-a-service® (WaaS) business model. These challenges include the need for long-term reliability, compliance with stringent regulations, multifaceted stakeholder management, and recovering significant capital investments over extended payback periods.
Despite facing challenges, Europe is set to experience a significant increase in reuse investment, with a compound annual growth rate (CAGR) of 17.2%. This investment is projected to reach €1.5 billion by 2030. Notably, Belgium ranks as the third fastest-growing country in this area, providing an encouraging signal for circular economy advocates like Ekopak.
