Aquaporin, an innovative water technology company dedicated to rethinking water filtration with biotechnology, announced that Aquaporin and AquaShield, the global brand partner of health technology company Philips in water solutions segment, have entered a partnership to deliver clean drinking water to Chinese consumers with Philips-branded purifiers powered by Aquaporin Inside® – Aquaporin’s unique technology.
The partnership between Aquaporin and Philips Water Solutions is far-reaching in nature, bringing co-development, co-branding, market access, and double-digit revenue growth. The exclusive agreement has an initial focus on greater China where Aquaporin will be the exclusive provider of membrane technology in the majority of Philips Water Solutions’ extensive range of water purifiers.
“We are thrilled to embark on this journey with Philips Water Solutions, an important industry player in water purification, to deliver purified water to hundreds of thousands of homes across China. By combining our unique Aquaporin Inside® technology with co-branded Aquaporin and Philips Water Solutions purifiers we provide customers in China with a cutting-edge differentiated and innovative product”,says Matt Boczkowski, Chief Executive Officer at Aquaporin.
China makes up around half of the global market for point-of-use water purifiers where Philips Water Solutions is the market leader with a great number of purifiers sold annually.
Chief Executive Officer at AquaShield, Alex Rishoej, says: “Aquaporin delivers on both innovation, quality, and market differentiation with their technology. Gaining momentum on the Chinese market is a tough nut to crack, but with Aquaporin we see huge potential in their unique technology and how it is rooted in the way nature filters water”.
Philips Water Solutions and Aquaporin estimate that more than 140,000 households had a Philips Water Solutions purifier powered by Aquaporin Inside® at the end of 2022. This number is expected to largely increase by the end of 2023.
This partnership framework agreement does not change the previously announced financial guidance for the financial year ending December 31, 2022.