Interview with Bawat Water Technologies CEO Marcus Hummer

For those who are not familiar with Bawat – can you briefly introduce the company, your business model, and the role you play within ballast water treatment and marine environmental technology?

Bawat is a Danish marine technology company listed on Nasdaq First North in Stockholm, focused exclusively on ballast water treatment. From our base just north of Copenhagen, we help shipowners and ports comply with the IMO Ballast Water Management Convention by ensuring ballast water is treated reliably, efficiently and sustainably. Our business model is built on one technology platform used across three complementary legs: engineered BWMS installations on board vessels, containerised mobile treatment systems, and Ballast Water Treatment as a Service (BaaS). This allows us to offer both ship-based and shore-based solutions, creating value through equipment sales as well as recurring service fees.

You offer a patented, heat-based BWMS technology that differs from traditional filter and UV-based systems. Can you describe how the technology works and what problem it solves for shipowners and ports?

Our system uses heat as the treatment method, essentially pasteurising the ballast water in a single pass. We utilise available waste heat from the vessel, heat the water once, cool it down again, and after that one treatment it meets the D2 standard — without chemicals, filters or holding time. The biggest problem we solve is reliability: our technology is completely independent of water quality, salinity and turbidity, meaning it works in real port conditions where traditional UV or chemical systems often fail. That gives owners predictable compliance and ports a robust way to handle non-compliant ballast water even when onboard systems are not installed or not functioning.

Bawat operates both through the sale of BWMS systems and through Ballast Water Treatment as a Service (BaaS). How do you view the development of each business area, and which market segments are currently your top priorities?

Both areas are strategically important and reinforce each other. Onboard installations remain our original core, giving owners a highly sustainable and low-OPEX solution that uses the vessel’s own waste heat. At the same time, BaaS is growing quickly as awareness of non-compliance issues increases. By deploying mobile container units in ports, shipyards and terminals, we can treat ballast water for vessels whose equipment is not functioning or when they are entering drydock. Our immediate focus is the European market, where demand is high and port state control is increasingly active, supported by owners who want flexibility through a mix of onboard systems and shore-based treatment options.

Global regulations around ballast water treatment are tightening, and IMO requirements are driving significant demand. What trends and industry shifts within the maritime sector do you see as most important going forward?

The biggest driver for us is the increasing focus from port state control now that the implementation phase of the convention is over. Authorities are becoming more aware of the practical non-compliance gap, and many vessels still struggle with their installed systems under real conditions. We address this gap by providing shore-based reception and treatment capacity. In addition, the broader sustainability trend is strong: shipowners and charterers favour solutions with no chemicals, low energy use and a clear environmental profile — all of which align directly with our heat-based, one-pass technology.

You are working with international partners and expansion projects across North America, Europe, and Asia. How do you approach partnerships and distribution to accelerate global adoption of your solutions?

Our model is designed for scalability. For hardware sales we work with local agents who generate business and support us in closing contracts. For BaaS, where execution on the ground is required, we collaborate with local partners outside Europe and share revenues in a way that benefits both sides. Currently Europe is our primary focus due to regulatory momentum, while the US is expected to become increasingly relevant from 2026 onward as port state enforcement tightens.

Where do you see Bawat one year from now?

In a year, I see us doing more of what we are doing today — but at a larger scale. We expect more BWMS installations in operation, a broader deployment of mobile BaaS units in key European ports and yards, and renewed engagement with the US market as their regulatory environment matures. Overall, Bawat should be further strengthened as a leading provider of both ship- and shore-based ballast water treatment solutions.

Can you give us three reasons why Bawat Water Technologies is an attractive investment opportunity today?

First, Bawat is transitioning from a development-stage company into an operating business with increasing revenues and a volume level around break-even — fundamentally improving the investment profile.
Second, we hold a unique technology and market position: to our knowledge, we are the only company offering a heat-based, one-pass BWMS that works both onboard and onshore in a highly regulated market.
Third, our model is scalable and relatively asset-light — each mobile unit can generate recurring revenues over many years, making the combination of a large regulated market, strong environmental credentials and a scalable platform very attractive for medium- to long-term investors.