LiqTech International, Inc., a clean technology company, designs, develops, produces, markets, and sells automated filtering systems, ceramic silicon carbide liquid applications, and diesel particulate air filters in the United States, Canada, Europe, Asia, and South America. It operates in three segments: Water, Ceramics, and Plastics. The company manufactures and sells silicon carbide ceramic filtration technologies for liquid and gas purification; and diesel particulate filters for exhaust emission control solutions to the verified retrofit and the original equipment manufacturer market. It also develops, manufactures, and sells liquid filtration systems, which are used for the marine scrubber systems, filtration of produced water, pre-filtration of reverse osmosis drinking water, industrial applications, producing clean drinking water, pool and spa water, food and beverage applicationz, seawater reverse osmosis, filter press, and UV disinfection. In addition, the company manufactures machined and welded plastic parts. LiqTech International, Inc. sells its products primarily to industrial customers through direct sales, systems integrators, distributors, agents, and partners. The company was formerly known as Blue Moose Media, Inc. and changed its name to LiqTech International, Inc. in October 2011. LiqTech International, Inc. was founded in 2000 and is headquartered in Ballerup, Denmark.
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Here are a few brief analogies for LiqTech International (LIQT):
Imagine them as **Xylem for advanced ceramic filters**, specializing in high-performance filtration for industrial water and marine pollution control.
Think of them as the **"Intel Inside" for critical silicon carbide filtration components** used in water treatment and environmental systems.
They are like a **Corning, but focused on pioneering silicon carbide ceramic technology** for industrial filtration and environmental solutions rather than glass.
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- Silicon Carbide (SiC) Ceramic Membranes: Advanced ceramic membranes made from silicon carbide used for highly efficient liquid filtration and purification in demanding industrial applications.
- Filtration Systems: Integrated filtration units incorporating their SiC ceramic membranes, designed and built for industrial water treatment, separation, and purification processes across various sectors.
- Diesel Particulate Filters (DPFs): Ceramic filters utilizing silicon carbide technology to capture particulate matter from diesel engine exhaust, reducing harmful emissions.
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LiqTech International (LIQT) primarily sells its advanced silicon carbide ceramic filters and integrated systems to other companies (B2B).
Based on their business model and SEC filings, LiqTech's customers are typically:
- Original Equipment Manufacturers (OEMs): Companies that integrate LiqTech's filtration technology into their own products or systems for resale.
- System Integrators: Companies that design and build complete industrial purification solutions, utilizing LiqTech's components as part of larger projects for their clients.
- End-users in various industrial sectors: Businesses operating directly in industries such as marine (e.g., for exhaust gas scrubbers), industrial water treatment, oil & gas, and power plants, who purchase LiqTech's filters or systems for their operational needs.
LiqTech's financial disclosures indicate that no single customer accounted for 10% or more of their revenue for the fiscal year ended December 31, 2022. As such, LiqTech does not publicly disclose the names of individual major customer companies.
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Fei Chen, Chief Executive Officer, President & Director
Ms. Chen was appointed Chief Executive Officer, President, and Director of LiqTech International, Inc. effective September 12, 2022. She brings management experience and a demonstrated track record of success to her role.
David Nørby Kowalczyk, Chief Financial Officer & Chief Operating Officer
Mr. Kowalczyk was appointed Chief Financial and Chief Operating Officer, effective March 1, 2025. He has over two decades of experience in finance and operations, having held senior leadership positions at global industrial companies. His previous roles include Vice President, Business Finance and Systems at Hempel A/S; Chief Financial Officer at Globus Wine; Vice President and Group Management Member at Flügger; Business Finance Director for Business Operations at Novozymes; Auditor and Consultant at PricewaterhouseCoopers; and Equity Analyst at Nordea Securities. Mr. Kowalczyk holds dual master's degrees in Auditing and Accounting, as well as Finance and Investments from Copenhagen Business School.
Tobias Baldrian Madsen, Head of Strategy and Business Intelligence
Mr. Madsen serves as the Head of Strategy and Business Intelligence for LiqTech International.
Janne Pedersen, Vice President of Sales, LiqTech Holding
Ms. Pedersen was appointed Vice President of Sales at LiqTech Holding, effective November 1, 2022. She holds an MSc degree in Agriculture from Copenhagen University and possesses extensive industrial knowledge in water treatment, membrane filtration, and instrumentation. Her career includes successful tenures in sales, business development, and product management at companies such as Hach Lange, Grundfos, Diatom, FOSS Analytical, and Alfa Laval.
Kim Hansen, Managing Director, LiqTech Plastics
Mr. Hansen was appointed Managing Director of LiqTech Plastics, effective October 1, 2022. He holds an MSc degree in Business Administration from Aarhus University and has many years of leadership experience with international companies including Mercuri International Group and Grundfos. Recently, he served as Managing Director of Flexiket, Intertek, and Bording Link, where he achieved successful turnarounds and transformations. Mr. Hansen is currently the Chairman of the Board at Varo Machinery A/S.
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LiqTech International's main products and services operate within several addressable markets globally:
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Ceramic Membranes (for liquid filtration and water treatment applications): The global ceramic membranes market is estimated to be approximately USD 6.74 billion in 2025 and is projected to expand to USD 19.49 billion by 2035, growing at a CAGR of 11.2%. Another estimate places the global market size at USD 8.13 billion in 2025, anticipated to reach USD 12.43 billion by 2030, with a CAGR of 8.86% from 2025 to 2030.
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Marine Scrubber Systems: The global marine scrubber systems market was valued at over USD 8 billion in 2024, with projections indicating growth from USD 8.8 billion in 2025 to USD 19.5 billion by 2034, at a CAGR of 9.2%. Another report estimates the global market at USD 6.73 billion in 2024, expected to reach approximately USD 24.98 billion by 2034, with a CAGR of 14.01% from 2025 to 2034.
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Silicon Carbide Ceramics (as a material, including for filters and membranes): The global silicon carbide ceramics market was valued at USD 1.35 billion in 2024 and is projected to reach USD 2.37 billion by 2035, growing at a CAGR of 5.25% from 2025 to 2035. Another source estimates the market size at USD 1.75 billion in 2024, with a projection to reach USD 3.05 billion by 2032, exhibiting a CAGR of 7.3% from 2025 to 2032.
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Diesel Particulate Filters (DPF) and Plastics manufacturing products: null
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LiqTech International (LIQT) is expected to drive future revenue growth over the next two to three years through several key initiatives and market expansions:
- Expansion in the Oil & Gas Water Treatment Market: LiqTech is actively growing its presence in the oil and gas sector, particularly for produced water treatment and lithium brine pretreatment. Recent drivers include significant commercial orders for its PureFlow™ mobile units in North America, following successful pilot programs. The company also secured an order for a commercial pilot unit for oil and gas produced water filtration for customers in the Middle East and North Africa. This segment is expected to contribute to sequential growth, with a record oil and gas order anticipated in Q1 2025.
- Growth in the Swimming Pool Filtration Systems Market: The company has identified its swimming pool systems as a leading growth driver, especially following the launch of its enhanced Aqua Solution membrane technology. LiqTech has received a notable number of pool system orders from various geographic locations and obtained NSF certification for its swimming pool systems in the U.S., which opens up new market opportunities. The order flow for this segment is projected to remain strong.
- Increased Penetration in the Marine Water Treatment and Industrial Applications in Asia and Europe: LiqTech is expanding its reach in the marine scrubber market and industrial water treatment applications through strategic partnerships. This includes establishing a joint venture in China for marine water treatment, which has already led to new marine scrubber orders and a framework agreement for aftersales support. Additionally, the company has entered into agreements for marine scrubber water treatment solutions in the Greek and South Korean markets.
- Development and Commercialization of New Filtration Applications: LiqTech is focusing on new and challenging purification applications beyond its core offerings. Recent initiatives include pilot programs for microplastics removal for a petrochemical company and a contract to supply an advanced membrane filtration system for oily wastewater for a prominent steel manufacturer in the United States, slated for commissioning in the latter half of 2025.
- Growth in Recurring Revenue Streams: The company is emphasizing the stabilization and growth of its recurring revenue opportunities, such as aftermarket sales, service, and replacement parts, by leveraging its differentiated technology. This focus on predictable revenue streams is considered foundational for sustainable profitability.
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Share Issuance
- In May 2020, LiqTech International completed an $8 million private placement, issuing 1.6 million shares of common stock and pre-funded warrants at $5.00 per share.
- In June 2022, the company issued $6.0 million in senior promissory notes and warrants to purchase 531,250 shares of common stock.
Inbound Investments
- LiqTech International secured an $8 million private placement from institutional investors in May 2020.
- In March 2021, the company secured a $15.0 million Senior Unsecured Convertible Note with an institutional investor.
- A 90% joint venture in China received RMB 8.0 million (approximately $1.1 million) in R&D funding structured as a long-term loan as reported in Q2 2025.
Capital Expenditures
- LiqTech International's capital expenditures were $424.04K in 2020, $2.89 million in 2021, $1.69 million in 2022, $1.13 million in 2023, and $3.71 million in 2024.
- Proceeds from a $15.0 million convertible note in March 2021 were primarily intended to fund investments in manufacturing.
- The company plans to continue investing in Research & Development to enhance new technologies and existing products.
