Water Standard

What is it? A $250 million deal to finance and build H2Ocean Cristina, a 50,000-70,000m3/d oceangoing seawater desalination vessel.

Who is responsible? Water Standard Company (WSC) is developing the plant, using Veolia Water North America as EPC contractor and Norit X-Flow's Seaguard UF pretreatment system.

Why is it shortlisted?

• Despite the absence of a firm water purchase agreement, Water Standard Company succeeded in securing a $250 million equity commitment from two major US funds for its oceangoing desalination vessel. The deal is one of the largest initial fundings of a startup in the water sector, and is unprecedented in the desalination arena.

• The deal breaks a "chicken-and-egg" deadlock which has made large-scale ship-mounted desalination plants impossible to finance in the past.

• At a time when major land-based projects are facing financing difficulties and frustrating delays, the Water Standard deal considerably enhances the prospects for mobile, short-term desalination solutions to mitigate temporary water shortages around the world.