[00:00:00] Speaker A: So lumping all these companies together, they formed this treatment platform and expanded their offerings, generating approximately 240 million in revenue.
[00:00:17] Speaker B: I am Reece Tisdall and this is the Future of Water in which we talk about all the ways which companies, utilities and people are addressing the challenges and opportunities in water.
[00:00:27] Speaker A: Water.
[00:00:28] Speaker B: This is episode 123. That's a first. That's 1, 2, 3.
And I have a good feeling it's been going to be a great one. That's because today I'm joined by Bluefield senior analyst Amber Walsh, the busiest person in show business, who has just released some analysis on Grundfos acquisition of New Terra, a decentralized mobile water treatment firm based out of Pittsburgh, Pennsylvania. And Grundfos, who is the largest pump company in the world.
She's also dug into the competitive landscape for decentralized treatment. Decentralized treatment, another way of saying on site water management treatment or solutions for industrial and, or in some cases municipal and commercial facilities.
This is a topic that has been in the making or maybe a trend that's been in the making for quite some time. A lot of interest and I love it. And, and partly because it's no longer a number of just startups. There's some.
Some of the bigger companies in water are actively pursuing this space through a number of different ways, which I think Amber is going to get into hopefully. And I like the topic because it answers a couple key questions.
Why are water solutions providers moving in this direction towards, you know, on site decentralized treatment?
What are the risks to the companies and end users? At least, you know, why are they attracted to this as a solution? Are they concerned about the municipal water supplies and its reliability? Are they in rural places where they can't get reliable treatment? Are they concerned about the cost of water?
Maybe it's just getting more expensive depending on where they are. Are they concerned about climate?
That's one question all in one. And then my last point is how are the companies? As I already mentioned, there's some big players in the space across the value chain. How are, how are they approaching the market opportunities? There are a number of market opportunities that are out before them, high growth areas and some interest in their solution. So what are they doing about it? Is it an industrial play, is it a municipal play?
But also, are they looking at things like just light industry, Are they just looking at commercial? I like this. So it's a interesting matrix of opportunities to look at, at least as far as the companies are concerned. And this is why I really wanted to bring Amber into this because she's done a lot of research, not only on the demand side like we talked about in episode 121, data centers and semiconductors or high tech is another way to put it, but also she's looked at the competitive landscape. But before we get to Amber, you're gonna have to bear with me just a little bit because something caught my attention this past week. In fact, it didn't catch my attention this past week. It caught my attention this morning when I woke up to read an opinion piece by Katherine Rampel at the Washington Post. And her opinion piece struck a nerve.
Cuts to the federal statistical and scientific agencies like the Bureau of Labor Statistics, for one, the epa, noaa.
Those cuts risk crippling reliable data that underpins US Water infrastructure planning and funding.
Without trustworthy population, economic, housing, climate data, utilities and policymakers will certainly struggle to justify the hundreds of billions of dollars of planned capex to prioritize the projects, prioritize or secure investment on favorable terms just knowing where their own risks are. It's not just municipalities, it's also industries as well.
And Bluefield Research relies on a lot of this data. And we've just forecasted the US Pipe market.
My colleague Charlie Seuss has put together a model with Akshay Deshmukh on our side. And that model incorporates housing. Housing starts where the housing starts happening. Are they urban, are they rural? How big are they? And so what does that impact? Well, that impacts how many miles of pipe are going in the ground, new miles of pipe. So if you're a pipe supplier, pipe manufacturer, you're going to be interested in that. That also helps us determine of that new pipe, how much is going to be pvc, how much is going to be ductile iron, how much is going to be hdpe, how much is going to be concrete? Water, wastewater tells us how many fire hydrants. Everybody's concerned about fire. Don't you want to have enough fire hydrants to supply new project developments in places like Arizona and Texas?
That's a big aspect or a critical factor for us in thinking this through. We also look at it on the industrial side. There are hundreds of thousands of industrial facilities of all different sizes. We'll bring Amber Walsh on in a little bit, but part of her analysis in forecasting 16 different industrial verticals, some sexy, some not so sexy, but the bottom line is they all have facilities, and that helps size the markets. Not only where are the pulp and paper facilities, where are the chemical facilities or chemical manufacturing facilities, where are the general manufacturing facilities, where are the food and beverage facilities? Are they all over the country? Are they in the south? In the southern region? Are they in the Pacific Northwest? That has an influence. It also has an influence on how states fund development, including water, wastewater, infrastructure, but also gives the industrial facilities an idea of where the challenges may or may not be. So I think a key part of this is having visibility.
Things like noaa, as I've said before, NOAA and the weather service, they put up hundreds, thousands of balloons every day into the atmosphere to identify weather patterns. And what does that mean for water? Well, it provides data and information about weather, whether that impacts local farmers and what they need to think about, whether it be for the day or over the next coming days.
It also impacts municipal utilities, stormwater, large climatic events, large storms. They're bigger, faster than they have been historically. The data shows that Bluefield has the data Partly thanks to NOAA over time, precipitation events have steadily climbed since the 60s. Got an interesting exhibit on that. Maybe I'll put that on LinkedIn and you can check it out.
But as we've seen in Texas just this past week, these flash floods and large storm events, the more notification, the better information we have, data backed information we have about these potential events, the better we can make decisions.
So in any case, not to go on a rant, it's just a concern and like I said, it struck a nerve with me at 5:15 this morning.
But this all makes me think of Michael Lewis as the fifth risk and the role of people behind the scenes, the unsung heroes that make our lives not only better but also possible as they are. Like I said, from the weather service to, you know, to helping farmers, to helping property developers, to understanding demographic shifts, to even the police.
So as they say about data, garbage in, garbage out. So the data's garbage.
You're going to get garbage out and you're going to get garbage decisions.
If you'd like to learn more about how Bluefield is helping companies navigate these data driven decisions, we've got a lot of it. We present it through our Data Navigator platform. But we work with companies all the time and helping shape their decisions. We're not sticking our finger up in the air to see which way the winds are blowing.
Our decisions, our forecast, whether it be for the municipal sector, the industrial sector, whether it be for data centers, whether it be for oil and gas, we try to use the best data as possible so that the government data, we're all at risk.
That being said, let's get to Amber Walsh and talk about decentralized water wastewater treatment as well as Grundfos and Nutera.
All right, so I'm joined here by Amber Walsh. Amber, how goes it?
[00:08:52] Speaker A: Good. How are you?
[00:08:54] Speaker B: I am pretty good. Pretty good. I think for those who are interested, I mean we're recording this early Friday morning.
We're in the Boston area. We're not in the same office right now. But yeah, I think as Mike Gaylor, who cleans up the mess that we make on these podcasts, I was telling him that not long ago, like we gotta quit talking about the weather. But one of my comments was that you could judge the, you could judge weather patterns around the world at least every two weeks in two week increments by what we talk about on the podcast. So I'm gonna let everybody know the weather here is foggy and not rainy. Supposed to clear up this weekend? I think so it'll be good. Mountain biking, horseback riding and other activities. I assume you have plans for the weekend which is horseback riding. I assume.
[00:09:48] Speaker A: Yes, you'd be correct.
[00:09:51] Speaker B: Excellent. So with that being said, now everybody knows a little bit more about our personal lives on the weekends and what we do.
So you've done some research, Amber, on a recent deal on grundfos acquiring New Terra, which is a US based company.
Grundfos is a Denmark based pump company at its core. Why do we care? What's so important about this?
[00:10:16] Speaker A: Yeah, definitely. And thanks for having me on the pod.
So Grundfos is one of the world's largest pump manufacturers. They supply industries with pumps ranging from food and bev pharma, semiconductors, data centers and so forth. And they really focus on energy efficiency.
But starting in 2020 we saw this push that they've been making towards water treatment solutions as they're traditionally focused on hardware. This is an interesting play. And then the recent New Terra deal expands upon this. So that's been their fifth acquisition since 2020. Nutera, like you mentioned, US based company, whereas Grundfos is largely Europe based.
Nuteris focuses on packaged modular wastewater treatment systems. So they have a host of treatment tech from mbr, RO filtration.
And what's interesting about them is they have that ready to go, ready to deploy, system packaging which is key for certain industries that are more fast paced moving. And then last point I'll touch on is that the deal expands Grundfos treatment platform both in offerings with the treatment tech expansion, but also geographically, so pushes further into the US market.
[00:11:41] Speaker B: Yeah, I think that's Interesting because Grundfos we've looked at, we just actually our colleague Mike Miroff had put out some analysis on the pump market and pump players, particularly in the US and potential impacts from things like tariffs, build American, buy American, what that means for them. But in doing so I think Mike had highlighted that Grundfos is the largest pump company in the world.
It's pretty significant in the US Footprint is smaller than its other regions, but it's been making a push in this direction. So New Terra is part of that. I think they're making other moves in other ways. But let's talk about Grundfos strategy and its expansion into treatment because I like this, this is like a value chain repositioning or expansion. So you mentioned five acquisitions including Nutera. So can you give us a little bit more insights on these deals?
[00:12:35] Speaker A: Yeah, definitely. So starting in 2020, Grundfos, they acquired Era Water. So that's Denmark based company and so they develop and manufacture water treatment systems and they have a broad range of industries which they serve as well as applications that they're able to do. And so they serve primarily European markets. They have industrial and municipal end users. They do offer containerized and frame mounted solutions.
So they are a leading supplier of that decentralized water treatment equipment and solutions across Europe.
That was step one. Next they acquired Mechanical Equipment Company in 2021. So that's a US based company really focused on ultra pure water for pharma. And then that company acquired Waterworks to expand this offering.
And then most recently before the New Terra deal, Greenfos acquired the CNI business. So the commercial and industrial business of Culligan and this expands their presence in Europe. So in Italy, France and the UK this was the strategic move to expand solutions in tech for industrial and commercial plays.
So lumping all these companies together, they formed this treatment platform and expanded their offerings generating approximately 240 million in revenue, mostly in Europe. And they project that this is going to grow pretty significantly to 350 million with that new Terra acquisition. So definitely interesting stuff on the water treatment front.
[00:14:20] Speaker B: Yeah. And it seems, you know, we've been looking at Nutera for a while actually since the early days. New Terra's been around a while and you know they used to be owned by XPV and then they were acquired by another private equity firm. So that's actually been flipped a couple times over the past couple years. But I think what's also interesting about Grundfos is it seems to be focusing more on lighter industries as well. So that would be whether it be high tech, food and beverage. You mentioned pharma, you know when they acquired was it mechanical equipment company looking at things like pharmaceutical.
So that's a one sort of way that they're positioned or positioning their solutions and services. So this is helpful color but so what question. The question coming to mind is why a company like Grundfos might be expanding into treatment systems. I mean like I said, they are the biggest pump company in the world.
They're really strong to have I think very good brand recognition.
So they've got you know, the pumps as we say is their bread and butter. But why not just stick to that? Why are they, why are they getting into this?
[00:15:32] Speaker A: Yeah, definitely. So the, the move really highlights the realized opportunity in the water treatment space. So it is a march in play. There are higher margins, lifecycle services, recurring revenue which is big. So you see we see a lot of these water as a service, treatment as a service. Coming up, O and M contracts so you can get into these industrial facilities and then continue that revenue stream for 5, 10, 15 years, however long those contracts are. So that's also that customer lock in piece of it.
And also they have seen declining pump sales over the past year. So about 3%, 4% down year over year. So although it is a small percentage currently of their total revenues, I think it's under 5%. It does serve as an interesting area, a growth area, a way to diversify their revenue streams and becoming a more integrated solution provider.
So it gives them a little cushion away from just the hardware play.
[00:16:39] Speaker B: Yeah, and it's not just Grundfos. I'll save this question for a little bit. But you know there are other players so there is a lot of competitive positioning in this market on, on a number of different fronts. But let's talk about sort of market opportunity.
I'd mentioned light industries, but what, what are they looking at and you know, what do they see as the upside?
[00:17:03] Speaker A: Definitely. So they have this goal of expanding in the US by 50%.
So Grundfos is really making a push for the US market and there is opportunity here even amid some political controversy. So we do see that high tech is a fast growing sector. Grundfos already has a significant footprint in data center cooling, so so they have efficient pumps that are already in place so that brand recognition piece could come into play.
We recently released a report on the US data center market where we say it's going to grow at about 7.8% compound annual growth rate through the end of the decade. So the expansion into treatment for data centers could serve as just the next step there.
And then we also see pharma, like we mentioned with some of their acquisitions, it has high growth, requires ultra pure water. So there's increased spend on the water treatment side and there's really been an expansion in this industry.
Covid post Covid.
The takeoff of some popular drugs like Ozempic for weight loss.
So that's really pushed the industry into new greenfield facilities.
And then another one that's worth mentioning is there's opportunity in food and Bev.
So it is a little lower growth, 5 to 6%. Still higher than the industry, the whole industrial segment. But we do see this as a good entry point for industrial water. It's very fragmented. They face pushback from municipalities with surcharges, especially wastewater that has high organic contents. There's that focus on sustainability for branding purposes and, and they're really looking for specialized solutions. Like we see Cambrian innovation is one that they do the power energy purchase agreements so kind of offset that carbon footprint and also optimize water usage. So really in summary there, there is still opportunity here in the US Makes sense why Grundfos is pushing towards that. We see new builds happening, especially if the, the regulatory environment is promoting manufacturing expansions. We see sustainability targets. Industry is still taking that in stride. And then also regulations for discharge.
[00:19:31] Speaker B: Okay, so. And hopefully not to be redundant here, but I guess the question I have is. So you've, you've identified sort of the verticals or sectors of opportunity. There's this growth happening which all makes sense. We've talked a little bit about this even on this pod, I think two podcast episodes. So that'd be probably number 121. We talked about data centers or high tech data centers and semiconductors.
But when it comes to decentralized or modular treatment, there is a lot of buzz. There's actually been a lot of buzz for a while. Right. But it seems like there is some, you know, with deals by Grundfos and there are other companies, there seems to be some, can we call it momentum, definite more realized buzz happening where companies are really pushing.
So why is that the case?
[00:20:24] Speaker A: Definitely. So we see that water reuse is really gaining traction and these modular decentralized systems are a good way to tackle that faster deployment like we had previously mentioned, especially for projects with tighter timelines like data centers. They're just looking for how can they get that water system checked off and not slow the process down. And also a big component of why this decentralized treatment is popular is because you can outsource the risk component. So you can have the water as a service, treatment as a service, however they're branding it and you can take the company that's providing the service can take on that compliance risk, and then the industrial facility can focus on what they're actually interested in, which is meeting their bottom line and producing the products that they're. They're aiming for. So there is that water scarcity piece, especially in western US Meeting sustainability goals. But then I think a key driver is that regulation meeting and being compliant with regulation.
[00:21:39] Speaker B: Yeah, I think it makes it. The faster deployment makes sense, right? I mean, some cases these are just containers, right, with treatment trains in them. You come in, you plug them in and they deal, whether it be at a data center or a food and beverage facility.
So that's one way to do it. And in some cases they're temporary rental units that stay in place for 1, 2, 3, 5 years, depending on the needs. And in some cases, maybe the company in fact takes it over. Then the other thing that is, is harder to track. But there is definitely, I mean, I don't know if you said esg, but sort of these ESG goals, but there's also just a broader concern about risk, right? We talked about Wash, we have talked about Washington uncertainty and is there enough capital out there to continue to maintain what is aging municipal infrastructure? A good example, I think, tying back to your data center report and I think the podcast is, If I recall, 95 to 97% of data centers are tied to municipal systems. But if those municipal systems are already stressed, if they now have to deal with capital investments that deal with lead, they have to deal. Potentially, they have to. Or the city does. They have to deal with capital investments to deal with pfas and emerging contaminants.
And then, you know, fundamentally their pipes are old and maybe there have been demographic shifts and then they're dealing with climate, right? Whether it be addressing climate. So then if you're an industry, if you're one of these industrial facilities, you say, well, can we rely on them? Right? We don't want to stop operations because, you know, our service providers are at risk. So is it easier, more cost effective? Do they gain or capture control of water management and the cost.
So they just go out to one of these third parties and say, hey, roll this trailer up to my house, so to speak, and provide me ongoing reliable water service and wastewater treatment. So I think it makes sense, right? It makes a lot of sense.
So it makes sense to other people too, or other companies, should I say.
So this is what I was alluding to earlier.
Grundfos is active in this space clearly since 2020 through M& A.
Who else is active? Where else is the noise coming from across the competitive landscape?
[00:24:10] Speaker A: So this is, it is interesting to look at. Okay, so what is Grundfos doing? But there are other companies doing similar strategic deployments. So Xylem, we saw they acquired a Voqua a couple of years back. So that's a big deal. Instead of kind of combining multiple smaller deals. However, this really expanded Xylem, traditionally a hardware provider of oka, a large footprint in treatment, especially industrial treatment, also micro pollutants. So they really expanded their treatment offerings with that acquisition.
So that's one that comes top of mind. Pretty similar in how they initially started as the hardware play and expanded into treatment.
Another one that comes to mind is SAR. So they acquired Niehaus back in 2020 I believe.
So they, they really expanded their industrial water offerings. They acquired a host of companies to expand this. So Aqua Chem in the US but they also, I believe we talked about this on a pod a couple years back, but they leveraged the restructuring of Danaher spinning out Peralta. They acquired some containerized units there when Veolia and Suez were merging. They acquired some mobile treatment units in Europe too. So they've really expanded their industrial water solutions business.
It accounts for nearly a quarter. I think it's 24% of total revenues and that's up from just about 20% a year ago. So it is expanding. They've put money into it. They are backed by private equity, so EQT infrastructure backs them. So that helps with the expansion and acquisition strategy. And then one last thing that comes to mind, and I always bring this up, is the interest in the middle market for industrial treatment plays. And we've really seen that private equity is interested in building their own mid tier industrial water solutions platform. So we've seen Science Water do this with the acquisition of IWC and other membrane providers.
Nolan Capital is doing this through water engineering and Peak Rock Capital is doing this through Rochester Midland Corporation.
So they're rolling up a bunch of regional plays and specialized providers under one platform.
So a little different than what Grundfos is doing, but along similar lines.
[00:26:52] Speaker B: Yeah, it's just the players that you mentioned there, it's really interesting to see. You know, sar, which is France based, they've acquired Niehaus out of the Netherlands while back.
But what you know, they're, they're within France are probably better known for their utility concessions competing against companies like you know, Veolia in that regard and in other concessions around Europe and or rest world.
So that's one aspect and then there's Xylem. You mentioned the hardware player, you know, a pump player at that. So maybe more directly or closely aligned with Grundfos than some of the others.
And then you've got these middle market players that are sort of playing if you want to call it on the margin. So you know, it's hard. I can't visualize it on a podcast. One of these days we'll go video.
But you've done, you've got an interesting value chain analysis of the different players that are targeting this space providing solutions and other players include everybody from.
I'm trying to think of that value chain. There's Veolia, there's Ecolab, there's you mentioned Peralto, there's Camira, there's US Alco and on and on. So those are good examples.
And on the, the middle market piece is really interesting as well because I know a lot are interest because these are the companies building out platforms.
Any other players that Grundfos may or may not be sort of bumping up against because this is not their strong suit. Right. So they're coming in. That's one of the challenges. It's not they just because you move horizontally along the value chain, you move into treatment, you're going to bump up against the players we talked about. Who else is in that space?
[00:28:40] Speaker A: Yeah, so we see the larger companies, the diversified like your Veolias, Ecolab, so they are established in the treatment space. They get a lot of the large contracts deployed across multiple facilities.
We've also seen gradient in the treatment space. They've really leveraged innovative technology and digital optimization to grow their business quite rapidly.
And then we see Fluence, Aquatech, Metal Water, they're more in line with that treatment containerized plug and play solutions.
So definitely expanding offerings is also expanding your host of competitors that you're going to run up against.
So that that's been interesting to look at.
[00:29:31] Speaker B: Yeah, it's interesting to see where they're coming from, where they're going and I think, you know, maybe the best way to do it is. So we've unpacked a lot here, lots of company names, lots of data points. So let's step back for a second and maybe maybe put a bow around this. And so when you look at decentralized treatment with The Grundfos Nutera deals being the hook or the reason we're talking about this, what key themes or trends are defining this market shift? Like, if you're looking at it either as an outsider or a company not mentioned in this podcast thus far, what are some of the key trends to think about and how are companies doing it?
[00:30:17] Speaker A: Yeah, first of front of mind would be the M and A fueled growth.
So we've mentioned a lot of acquisitions and companies expanding inorganically. So whether that be Groomfos or PE firms consolidating across the value chain.
So there is a lot of activity happening. We actually saw quite a pickup over the past year or so. It's tapering out a bit. But there was a quarterly that we had put together what, two or three, three quarters ago and I was just looking at all the deals that had happened, like, wow, this is so dramatically increased from a couple of years back.
So there has been that M and A fueled growth. I think what's interesting about the decentralized space is that aspect of being locked in with your customer and your facility. Because something that's tricky with industrial is it's so fragmented, there's all these facilities.
Sometimes you have to go facility to facility to get these contracts and these plays. So once you get a facility you want to be locked in. So that services O and M that comes with these systems is an important recurring revenue stream. And then I would also say that push towards sustainability, the water reuse, focus, circularity is something that we see a lot.
So how can these facilities insulate their operational risk, potentially reduce costs over time?
So that's key. And then the last piece of this, and we haven't mentioned it all that much, but it's in that research note is about the digital integration piece. So something that we're seeing, companies like Veolia with hubgrade gradient with smart ops AI, they're using digital as a tool to optimize these systems to gain a competitive edge. And we're seeing that along the players that we've mentioned.
[00:32:16] Speaker B: But it doesn't seem maybe there are a couple outliers, but fewer using it, if any, as a spearhead. The digital piece, that is. Right. It's really a complementary add on to these other systems to make them operate more efficiently, run better and to monitor the assets themselves.
[00:32:36] Speaker A: Right, definitely. So I would agree with that. And then there are obviously the companies that are leveraging digital.
Like we see Ecolab, they really have their Nalco water base for chemicals in treatment.
But then they're also Leveraging their technology, their digital applications and that's gotten them in a host of data centers with digital realty, for example, to really look at a higher level. Okay, what's the water use coming in, going out and definitely a differentiator there gradient similarly. But if we look across the competitive landscape, it is mostly an add on especially if you look at like the chemical companies chimera.
They have digital offerings for monitoring that complements their primary offerings. But isn't. Yeah, that spearhead.
[00:33:27] Speaker B: I think there's one other thing that we haven't talked. Well, I think I've alluded to but just in wrapping this up and that is it's interesting to see.
Well, even when you look at the companies themselves. Right. Some are targeting different aspects of the water sector, whether it be and I say that broadly speaking, water, wastewater, stormwater, but also municipality, cni as you mentioned, commercial and industrial.
And so some players have just said hey, we're just looking primarily or almost exclusively at industrial or even light industry some cases. Whereas. So that could be a grundfos. Right. As I already mentioned then you've got Xylem. They're active across all verticals almost. So it's interesting to see that they are looking at muni, they're looking at industrial, they're looking at commercial.
So I think that's the kind of the fun part of the competitive exercise that I think you've unpacked and done so pretty well here. Not only just value chain analysis, but also what markets are looking at. Yeah, this is all super interesting and combines a lot of things that people are pretty topped up about. Right. I think it's the decentralized piece. People have been hopped up about that for a long time.
And I think you've highlighted the players and activity in the space. The other is some of these industrial verticals. I think was it time gets away from us. But you've already forecast 15 or 16 different industrial verticals and quite honestly some are more exciting than others.
And I think a lot of these players seem to be targeting the exciting pieces of that.
That puzzle so. Well, good on you for doing that. So before I let you go and thanks for all of this, what else you got going on? What are you working on these days?
[00:35:25] Speaker A: Working on a couple research notes in the works and then also a deep dive into the US semiconductor market.
[00:35:34] Speaker B: Nice.
So for all the listeners and before we got on, people need to realize Amber's the hardest working person in show business.
Super valuable on a lot of different fronts, whether it be municipal reuse to we're doing research into oil and gas and I know you're involved in that. Then you've got data centers, you got semiconductors, so. Well, good on you, Amber. And in addition to getting on podcasts, the last two out of three.
So thanks for getting up, but I do appreciate the fact that you'd like to get up early.
So it's early morning recording and those are always better for me at least. So selfishly. So thanks for jumping on.
With that being said, we will enjoy your weekend. The weather will be nice hopefully, and we will talk again soon.
[00:36:23] Speaker A: Thanks for having me.
[00:36:25] Speaker B: All right, take care.
All right, so that's it for today's breakdown. If you want more intel like this, head over to bluefieldresearch.com and you can get a lot of this in writing. But thanks for being part of the journey.
What's turning out to be an interesting 2025 we're already in the second half, which is a good thing, bad thing. Upside, it's summer. Bad side is second half of the year and we're halfway through summer.
So before we sign off, and I don't say this enough, I want to thank all the people involved in making this podcast and all the other ones happen.
These people include Mike Gaylor, Ryan Sullivan, Kelly Talbot, Steph Aldock.
I'd be talking to myself if it weren't for them and not to be excluded are all the Bluefield analysts that come on to this podcast, starting with Amber Walsh, who you just heard from.
I'm thinking about Ethan Edwards, Greg Goodwin, Keith Hayes, Chloe Meyer, Zineb, my man, Maria Cardinal, Mike Miroff, who else we got out there? If I've forgotten anybody, apologies, Charlie Suess. Thanks to all of them for joining. If you are in Boston, Barcelona, New York, Chicago, San Francisco, Paris, let us know. That's where we are. So if you're already there, we're already there too. Let us know. We can always set up a meeting, have a cup of coffee, break bread, talk water.
Send us a Note to water expertsluefieldresearch.com if you have any topic ideas you'd like us to discuss. Got a really good one last week and appreciate it. Now we got to figure out how to execute on it in one form or another.
Like I always say, we're doing this for you. And lastly, tell a friend about it because I like friends and I am Reese Tisdell and I'll catch you next time as we keep watching what's happening in the water sector one signal at a time.
This podcast and these water industry insights have been brought to you by the one and only Bluefield Research. To learn more about us, visit us as always and once
[email protected] until we talk again. Be well, be safe, and take care of Sam.
