SKion Water
SKion Water is the water-technology investment arm of SKion GmbH, the holding company of German billionaire industrialist Susanne Klatten. Based in Bad Homburg, it both buys and builds water companies, like Ovivo, ELIQUO and Paques, and takes minority stakes in early water tech. As of 2026 its Leviathan-tracked book holds 5 water-technology investments.
Compiled by Antoine Walter, (don't) Waste Water, from official filings and direct intelligence in Leviathan.
The take
SKion Water is what happens when one of Germany's wealthiest industrial families decides water is a long game. It is the water arm of SKion GmbH, the holding company of Susanne Klatten, and since 2010 CEO Reinhard Hübner has turned a standing start into a water group that crossed a billion dollars in revenue, assembled through roughly 38 acquisitions, with Ovivo, ELIQUO, Paques, EnviroChemie and ADASA among the names now under its roof.
SKion Water runs on two engines. The first is buy and build: it takes controlling stakes in established water businesses and folds them into an operating group spanning municipal and industrial wastewater, anaerobic treatment, membranes and digital water. The second, the slice Leviathan tracks as its venture book, is a handful of minority bets on early water technology, 5 companies including the silicon-carbide membrane maker Cembrane and the leak-detection startup FIDO Tech, and the data shows it leading most of the rounds it joins.
As of December 2025, SKion Water is actively reshaping its biggest holding: its subsidiary Ovivo completed the sale of its electronics division to Ecolab, sharpening the group around water and wastewater. For a newcomer that is the tell. SKion Water is not a fund writing cheques and waiting, it is an operator that happens to invest, using a patient family balance sheet to consolidate a fragmented industry one acquisition at a time, with the venture stakes serving as early radar on the technologies that group might need next.
On the show
Water Commitment Score
Compiled from official filings, third-party records, and direct intelligence from investors and founders, in Leviathan · recomputed monthly · as of Jun 2026.
How they invest
Portfolio · 5 water companies
Invests alongside
Highlighted = profiled on (don't) Waste Water.
Frequently asked
- What does SKion Water invest in?
- SKion Water invests in water and wastewater technology. It buys controlling stakes in established water companies, with an operating group that includes Ovivo, ELIQUO, Paques and EnviroChemie, and takes minority stakes in early water-tech startups such as Cembrane and FIDO Tech. As of 2026 Leviathan tracks 5 such technology investments.
- Who owns SKion Water?
- SKion Water is a subsidiary of SKion GmbH, the investment holding company of German industrialist Susanne Klatten, one of the country's wealthiest people. That backing gives SKion Water patient, balance-sheet capital rather than a fixed-life fund, which is why it can buy and build water companies over many years.
- Who runs SKion Water?
- SKion Water has been led since 2010 by CEO Reinhard Hübner, a former McKinsey water-practice leader who built the platform from scratch. Managing Director Dr. Dirk Brusis, a process engineer, has co-run its development since 2012. Together they oversee both the acquisitions and the venture stakes.
- Is SKion Water the same as SKion?
- No. SKion GmbH is the parent investment company of Susanne Klatten, active across many sectors including chemicals and batteries. SKion Water is its dedicated water-technology arm, based in Bad Homburg, Germany. Only SKion Water's water businesses and water-tech investments appear on this page.
- Where is SKion Water based?
- SKion Water is headquartered in Bad Homburg, near Frankfurt, Germany, and was founded in 2011 with an early investment in the Dutch anaerobic-treatment specialist Paques. From that base it operates a group of water businesses across Europe and beyond, from municipal wastewater to industrial water reuse.