Ferguson and Lennar lead Greyter's $10M Series B: A Big Step Towards Changes in Residential Water Conservation
Jan 30, 2023, 11:00 ET
DENVER, Jan. 30, 2023 /PRNewswire/ -- Greyter Water Systems Inc., provider of The Greyter HOME™, a residential greywater reuse system advancing the construction and building industry completed a $10m Series B round. Led by Ferguson Ventures, the Corporate Venture Capital (CVC) arm of Ferguson, a leading North American value-added distributor serving the built-world industry, and LENX, the investment arm of Lennar, one of the nation's leading homebuilders, the investment offers Greyter the opportunity to scale its business to meet increasing demand from builders for sustainable and water efficient homes and communities.
The Greyter HOME is a revolutionary, award-winning appliance that meets the stringent NSF 350 standard for residential greywater reuse and can reduce indoor water consumption by as much as 25%. This first-of-its-kind, fully automated system captures water from showers and bathtubs, treats it to a near-potable quality, and provides clear, odor-free water to meet a home's toilet-flushing demands.
Greyter, by teaming up with Ferguson Ventures and LENX, is poised to make great strides toward changing the way water is used in residential homes.
With increasing stresses on water supply, homebuilders and municipalities are working together to reduce water consumption within the home. Greyter has been steadily building momentum since its Series A closing in early 2020, when it subsequently began integrating the Greyter HOME solution into residential homes at greater scale.
"Over the past 10 years, we've had an obsessive focus on developing a solution that manages water more efficiently because it makes no sense to flush toilets with drinking water," said Mark Sales, co-founder and CEO. "By capturing and treating shower and bath water so that it can be reused to meet the demands of toilet flushing, the Greyter HOME offers builders and municipalities the single greatest water conservation solution for the home.
"Ferguson is committed to helping our customers design and build water-efficient communities," says Blake Luse, Managing Director of Ferguson Ventures. "We invested in Greyter to accelerate the adoption of innovative and sustainable solutions to reduce water consumption. They have created a revolutionary product, and together we'll help the industry build better, more environmentally friendly homes."
"The importance of incorporating sustainable and logical environmental solutions into our homes and communities is front and center at Lennar," said Eric Feder, President of LENX. "Greyter has been an extraordinary partner, and this investment underscores our continued commitment to accelerate the ability to bring sustainable, water savings solutions to our homeowners across the country."
In 2022, Greyter teamed with Ferguson and Lennar to bring the Greyter technology to 29 homeowners at Lennar's Red Hawk community located in Castle Rock, Colorado. "We commend the town of Castle Rock's commitment to water conservation and its adoption of Regulation 86, which provided the framework for including the Greyter HOME solution within this community," said John Bell, co-founder and CCO. The completion of Red Hawk marks the Greyter HOME's third community with Lennar.
"We are extremely excited to see the industry helping to lead the charge on water conservation. Having investment from LENX and Ferguson Ventures continues to validate our innovative product and its importance to water sustainability efforts," said Mark Sales co-founder and CEO, "This is also a strong signal that the industry is addressing water conservation by ensuring that homes and buildings are energy efficient as well as water-efficient – the perfect combination for a sustainable future."
About Greyter Water Systems
With pressures on freshwater resources and with the rising costs of water, Greyter's mission is to work with builders and municipalities to create water efficient communities. The Greyter HOME is an award-winning, NSF 350 certified water recycling system that can help reduce indoor water consumption in a family home. Greyter also offers industry proven water reuse solutions for multi-unit, commercial and industrial buildings. Greyter is a privately held business led by a team with many years of experience in offering innovative water resource management solutions to the commercial/industrial and residential marketplace. For more information on the Greyter HOME and Greyter Water Systems visit www.greyter.com.
About Lennar Corporation
Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar's Financial Services segment provides mortgage financing, title and closing services primarily for buyers of Lennar's homes and, through LMF Commercial, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Lennar's Multifamily segment is a nationwide developer of high-quality multifamily rental properties. LENX drives Lennar's technology, innovation, and strategic investments. For more information about Lennar, please visit lennar.com.
Ferguson plc (NYSE: FERG; LSE: FERG) is a leading value-added distributor in North America providing expertise, solutions and products from infrastructure, plumbing and appliances to HVAC, fire, fabrication and more. We exist to make our customers' complex projects simple, successful and sustainable. Ferguson is headquartered in the U.K., with its operations and associates solely focused on North America and managed from Newport News, Virginia. For more information, please visit www.corporate.ferguson.com or follow us on LinkedIn: www.linkedin.com/company/ferguson-enterprises.
About Castle Rock Water
Castle Rock Water is municipally-owned and provides three distinct water services – drinking water, wastewater and stormwater. Though a part of the City of Castle Rock, the water provider is funded solely through rates and fees. Having one water provider for all water service provides consistency and reliability for service with an integrated approach for efficiencies. For more information about Castle Rock Water, please visit www.crgov.com
SOURCE Greyter Water Systems USA
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