IDE Technologies Secures Partnership with City of Fort Lauderdale for New Innovative Water Treatment Plant

Prospect Lake Clean Water Center to produce 50 million gallons of clean, clear water per day, strengthening Fort Lauderdale’s water supply

KADIMA, Israel--(BUSINESS WIRE)--IDE Technologies, a leading global provider of water treatment solutions, announced the closing of a public private partnership (P3) project with the City of Fort Lauderdale to design, construct and operate a new mega water treatment plant in Fort Lauderdale, Florida. IDE has partnered with Ridgewood Infrastructure (RI) to create this unique project in which IDE and RI will fund 25% of the project costs and own the risk of construction and the long term risk of operation and maintenance of the project.

"This project is a true public private partnership between the City of Fort Lauderdale, IDE and Ridgewood Infrastructure, each bringing its strengths and best capabilities. We are excited to start the project and proud to add Prospect Lake Clean Water Center to our list of innovative, large scale water infrastructure projects. We look forward to a long, continuous relationship with all stakeholders," said Lihy Teuerstein, CEO, IDE Water Assets.

Leveraging state-of-the-art water treatment technology, the Prospect Lake Clean Water Center will use nanofiltration and ion-exchange technology and will replace the city’s existing Fiveash water treatment plant that has been in operation for almost 70 years, providing clear, clean high-quality water for decades to come. Once complete, the Prospect Lake Clean Water Center will have the capacity to produce 50 million gallons of treated water per day, strengthening and improving the sustainability of Fort Lauderdale’s water supply.

“As IDE continues to secure BOT and DBOM desalination projects, we are expanding our activity in the water treatment sector, including innovative and unique technologies to purify water. This project is a perfect example of our investment and commitment to these efforts,” said Alon Tavor, CEO, IDE Group.

For more information on IDE’s large scale projects and advanced, proprietary water treatment solutions, visit www.ide-tech.com.

About IDE Technologies

A world leading provider of desalination and water treatment solutions, IDE specializes in the development, engineering, construction, and operation of some of the world's largest and most advanced thermal and membrane desalination facilities and industrial water treatment plants. IDE partners with a wide range of customers – Municipal and Industrial – on all aspects of water treatment and delivers quality projects worldwide. For more information, visit www.ide-tech.com.

About Ridgewood Infrastructure

Ridgewood Infrastructure is a leading infrastructure investor in the U.S. lower middle market with sectors of focus including Water, Energy Transition, Transportation, and Utilities. For more information, please visit www.ridgewoodinfrastructure.com.