History of Consolidated Water – Consolidated Water – building, maintaining and operating water desalination plants

History

Early Years

Consolidated Water was established in 1973 as a private water utility in Grand Cayman, the largest island in the Cayman Islands group, and obtained its first public utility license in the Cayman Islands in 1979.

The company realized significant growth by capitalizing on our exclusive water utility franchise in Grand Cayman, as well as acquiring a number of other established businesses in the Caribbean region. We leveraged these acquisitions, using our technical expertise and regional knowledge, to obtain contract extensions and new projects.

Utilization of SWRO

We installed our first SWRO plant in 1989 and now have almost 30 years of design insight and operational experience with this technology. SWRO is now used in all the company’s operations. Our water production and distribution business model was first introduced in the Cayman Islands in 1990, and is now used throughout the company’s operations.

Going Public

The Company became publicly traded and was listed on the NASDAQ stock market in 1995. Although being “born and raised” as a Caymanian company the listing on NASDAQ required the Company to be compliant with (US) Securities and Exchange Commission (SEC) regulations as well as other US Laws and Regulations

Cayman Islands

In the Cayman Islands, the company operates as Cayman Water Company Limited and Ocean Conversion (Cayman) Limited which, together, operate seven plants to produce all the piped drinking water on Grand Cayman home to almost 95% of the nation’s population.

The Bahamas

Consolidated Water moved into the Bahamian market in July of 2001 by supplying and operating a plant under a 10-year agreement to produce up to 115,000 US gallons per day for the Bimini Sands marina and resort development in South Bimini.

Consolidated Water (Bahamas) Ltd. produces and supplies up to 12 million US gallons per day of water to the Water & Sewerage Corporation of the Government of the Bahamas for distribution to Nassau the nation’s capital and the rest of New Providence Island where over 70% of Bahamian’s live and work.

Our largest SWRO plant, which was commissioned in July 2006, is the Blue Hills plant in Nassau, Bahamas with a production capacity of 12 million US gallons (45,450 m3) per day.

Caribbean Expansion

In July 2000, Consolidated Water acquired Consolidated Water (Belize) Limited, which supplied up to 550,000 US gallons (2,100 m3) of water per day to the operator of the distribution system on Ambergris Caye, Belize, Central America.

Through the acquisition of five companies in February 2003, Consolidated Water commenced operations in Barbados, obtained affiliate operations in the British Virgin Islands and expanded its operations in the Cayman Islands and the Bahamas.

In Barbados, through June 2007, the Company operated a plant that provided up to 1.3 million US gallons(4,920 m3) of irrigation water per day for the three golf courses of the prestigious Sandy Lane Resort.

In BVI, the Company has an equity investment in and an Engineering and Management Services Agreements with its affiliate Ocean Conversion (BVI) Ltd. (“OCBVI”). OCBVI operates SWRO plants on Tortola and Jost van Dyke, which supply water to the government of the British Virgin Islands for distribution.

In 2006 , the Company formed a Bermudan affiliate, Consolidated Water (Bermuda) Limited, with two other shareholders and in early 2007 was awarded a contract by the Government of Bermuda to construct and operate a 1.2 million US gallon (4,545 m3) per day seawater desalination plant on the north coast of Bermuda at Tynes Bay.

Current Status

We supply water to a variety of customers including residences, hotels and resort properties, and government-owned utility companies. We currently operate 11 desalination plants of various capacities in 3 countries – the Cayman Islands, the Bahamas and the British Virgin Islands.

Over the past 30 years, the company has grown from a small Cayman Islands based utility business with revenues of less than $10 million dollars per year to a National water provider with 2022 revenues in excess of $94 million dollars.

Consolidated Water continues to actively pursue advanced water treatment projects, design/build, and acquisition opportunities in the Caribbean and the Americas and other areas but will consider profitable ventures that arise elsewhere in the world.

Timeline

1973 – Cayman Water Company incorporates in the Cayman Islands to provide water and sewerage services to the Governor’s Harbour residential development on Seven Mile Beach, Grand Cayman.

1975 – Company installs its fi┬¡rst seawater distillation desalination unit in Grand Cayman with a production capacity of 50,000 gallons ( 190 m3) of water per day.

1979 – Company receives a 20-year water production and distribution license from the Cayman Islands government to supply the West Bay Beach area of Grand Cayman. Water production is relocated to the present Abel Castillo Water Works site in Governor’s Harbour.

1989 – Company partners with Reliable Water Company for the provision and operation of its first seawater reverse osmosis desalination plant.

1990 – Company receives a new 20-year potable water production and distribution license from the Cayman Islands government for the provision of water to Seven Mile Beach, Grand Cayman and expands its service area into the district of West Bay, Grand Cayman.

1996 – Cayman Water Company is listed on the NASDAQ National Market in the U.S. Company retires its last seawater distillation desalination unit in Grand Cayman and transitions to 100% seawater reverse osmosis desalination.

1998 – Cayman Water Company changes its name to Consolidated Water Co. Ltd.

2000 – Company acquires Belize Water Limited in Belize, Central America

2001 – Company begins operations in South Bimini, The Bahamas, supplying 115,000 gallons (435 m3) of water per day to Bimini Sands Resort.

2002 – Company acquires the Ellesmere Britannia water production and supply operations serving the Hyatt and Britannia Village on Grand Cayman.

2003 – Company acquires interests in fi┬¡ve companies operating in The Bahamas, Barbados, the British Virgin Islands, and the Cayman Islands. Company signs an exclusive 23-year water supply agreement with Belize Water Services Limited.

2004 – HURRICANE IVAN. Grand Cayman sustains catastrophic damage from wind and flooding. Water service recommences with the Company’s Governor’s Harbour and West Bay plants within 36 hours after the hurricane.

2006 – Consolidated Water common stock is listed on the NASDAQ Global Select Market in the U.S. and builds its largest desalination facility, the Blue Hills 7.2 million (27,250 m3) gallons per day plant in Nassau, Bahamas.

2007 – Company expands the North Sound seawater desalination plant in Grand Cayman, doubling its capacity to 1.6 million gallons (6,000 m3) per day.

2008 – Company expands its West Bay seawater desalination plant to 910,000 gallons (3,444 m3) per day. Company’s Bermuda affiliate builds the 1.2 million gallons (4,545 m3) per day plant at Tynes Bay.

2009 – Company builds the 2.4 million gallons (9,085 m3) per day North Side Water Works facility, the largest seawater reverse osmosis plant on Grand Cayman.

2010 – Company expands and renovates the Red Gate seawater desalination plant in Grand Cayman.

2011 – Company expands its Blue Hills, Bahamas plant to 12 million gallons (45,450 m3) per day, making it the largest diesel-driven seawater desalination plant in the world.

2013 – Company builds a 250,000 gallons (945 m3) per day desalination plant in Bali, Indonesia, the Company’s first seawater desalination facility outside of the Caribbean and Central America.

2014 – Total water production capacity worldwide reaches 26 million gallons per day, with 14 plants operating in five countries.

2016 – The company acquires a controlling interest in Aerex Industries the leading membrane system manufacturer (MSS, or OEM) in southeastern USA. Aerex also fabricates several different types of advanced water treatment systems and components for municipal and industrial applications.

2019 – The company acquires a controlling interest in PERC Water, a leading west coast design/build/operate firm. The PERC acquisition will expand our geographic footprint, expand into new markets, and enhance our recurring revenue stream.

2020 – Company acquires the remaining 49% of Aerex Industries and now owns 100%. Aerex is now the flagship of the Manufacturing division and will drive growth in US Markets.

2022 – PERC Water signs agreement to construct and commission a four million gallon per day advanced wastewater treatment facility for Liberty Utilities which will be located in Goodyear, Arizona.

2023 – Company acquires remaining 39% of PERC Water.

2023 – Consolidated Water and subsidiary, PERC Water, Win $204 million contract to Design, Build, Operate, and Maintain a seawater desalination plant in Hawaii

2023 – Consolidated Water commemorates 50th Anniversary with the ringing of the NASDAQ opening bell.