Firstly, I do not consider DEM and PWN to be outright...

Firstly, I do not consider DEM and PWN to be outright competitors although they certainly may share at least one market (based on the in-development shopify storefront), namely the high-margin cross-selling of chemicals, pumps and filters

PWN is, imo at its cornerstone, a minerals processing technology company whose innovative technology enables a reduced environmental and energy footprint for the processing of complex brines and producing a high quality product with minimal wate.

PWN is currently operating from a position of commercial stealth, so it is a little difficult to comment at the moment on their intended strategic plans. Although if PWN were to expand into the general wastewater treatment market, it is highly fragmented with a lot of smaller players, so there would no doubt be a number of opportunities for PWN. Maybe it was as simple as the company not fitting into their strategic plans.

Looking at de.mem, it appears that they:

1. Technology focused on their own proprietary membrane tech. Agressive research campaign with NTU resulting in a number of innovations in membrane technology over the last several years. Large portfolio of IP protected by patent.

2. they have adopted a very agressive acquisition focused business model (similar to the Worley approach) - Pumptec, Gautec and now Calica

3, treatment plants have business model adopting a capex intensive model involving build, own, operate water treatment systems,

4. focused on "institutional clients"

5. cross-sell high margin consumables - chemicals, pumps and filters.

6. Geographical focus, while Australia-wide and international (Germany and Singapore), revenues mainly Queensland and Tasmania

I think PWN, appears to be a little more conservative in terms of its approach - particularly in respect to aopting a technology licensing based, "capital light" business model and its partnering wiith Worley. While it is a little difficult to analyse their intent due to the veil of secrecy they are currently operating under. Perhaps, this lack of "show boating" also reflects their conservatism.

Although, it would be informative to know what technologies were encapsulated in the acquisition from VU ( ann 18th November 2020) and what the expansion of the collaboration with VU (to be signed before 15th May 2021) will entail.

Finally, keep in mind that, after the Multi-West acquisition, PWN still has a circa 10m warchest available to fund its expansion - either organic or by way of acquisition.