Sustainable
From contamination to innovation: solving the PFAS problem
By Katie Woodhouse
What PFAS are, the health and regulatory pressures around them, and the detection, treatment and clean-up work of companies held in the WHEB funds.
For decades, they’ve been hiding in plain sight - coating your rain jacket, lining your popcorn bag, even woven into dental floss1. PFAS, or per- and polyfluoroalkyl substances, have quietly worked their way into nearly every part of our lives. But the tide is turning.
With growing awareness of the health and environmental risks, the world is waking up to the urgent need for change. And across the globe, companies are stepping up with the tools and technologies to make that change possible.
What are PFAS and why do they matter?
PFAS are a group of over 10,000 synthetic chemicals known for their durability and resistance to heat, water, and oil. First developed in the 1940s, they’ve been used in everything from Teflon pans and firefighting foams to food packaging, electronics, and textiles. Their ability to repel moisture and grease has made them a staple in industrial processes and consumer products.
However, that same resilience is also the problem. PFAS don’t break down easily in the environment or the human body. Once released, they persist for decades, if not longer, earning them the nickname "forever chemicals".
The health risks associated with PFAS exposure are now well documented. Studies have linked exposure to PFAS to cancer, thyroid dysfunction, immune suppression, reproductive harm, and developmental issues in children². Over time, PFAS accumulate in our bodies and ecosystems. Shockingly, 99% of all humans, including foetuses, have detectible levels of PFAS in their blood³.
In Europe alone, there are over 17,000 PFAS “hot-spots”. These could be close to manufacturing sites or military bases where firefighting foam may have been used. PFAS are an everyday concern for the residents in these areas, where they are even unable to eat the vegetables grown in their gardens⁴.
The regulatory response
Governments have begun to respond. In the US, the Environmental Protection Agency (EPA) made history in April 2024, introducing national limits on PFAS in drinking water. This step alone will protect up to 100 million people⁵.
The EPA also designated certain PFAS as hazardous substances under the Superfund law, holding polluters financially accountable for clean-up. Legal cases followed swiftly. Companies like 3M and DuPont are now facing thousands of lawsuits and have agreed to multi-billion-dollar settlements.
However, recent developments have created uncertainty. In early 2025, the Trump administration rescinded several proposed PFAS regulations, including a key EPA rule that would have limited PFAS discharges into waterways. This rollback shifts more of the regulatory burden to individual states and has raised concerns among environmentalists.
In contrast, the EU is proposing a near-total ban on over 10,000 PFAS. The European Chemicals Agency (ECHA) is leading efforts to phase out their use, particularly in food packaging, textiles and industrial applications⁶.
Who’s solving the PFAS problem?
As the pressure mounts, a growing group of companies, held in the WHEB funds, are leading the charge with solutions for detection, treatment, and clean-up.
Veralto focuses on environmental and water quality technologies. Its tools help municipalities and companies monitor PFAS in real time, offering essential information for compliance and safety. Veralto’s partnership with Axine also provides a solution to destroy PFAS through electrochemical oxidation technology⁷. With a strong presence in rapidly growing markets, Veralto offers stable revenue growth and margin expansion.
Agilent equips laboratories to detect PFAS at parts-per-trillion levels, helping customers meet the new regulatory standards⁸. Its advanced scientific instruments are in high demand across defensive sectors such as healthcare and environmental testing, providing resilience across the business cycle from recurring customers.
Arcadis, a global design and engineering firm, specialises in remediation services for contaminated sites. It works with cities, water utilities, and private companies to assess PFAS pollution and implement clean-up strategies like filtration, soil removal, and water treatment⁹. By consulting across a range of sectors, Arcadis can provide environmental impact along with earnings growth opportunities.
A leader in water tech, Xylem offers filtration systems capable of removing PFAS from drinking water. Its technologies are being implemented in municipal water systems around the world to meet stricter quality standards and protect public health¹⁰. Xylem is set to benefit from regulatory tailwinds and the rising demand for clean water solutions.
Whilst PFAS-related revenues are currently a small percentage of total revenues at these businesses, the PFAS testing market is predicted to grow at 14.5% to 2030¹¹, providing an opportunity for meaningful returns.
What’s next?
PFAS are no longer flying under the radar. Regulatory scrutiny is rising, lawsuits are multiplying, and consumers are demanding transparency. Businesses can no longer afford to ignore PFAS.
This challenge can be overcome though, provided it’s met with innovation and accountability. As companies like Veralto, Agilent, Arcadis, and Xylem are showing, science and technology offer a path forward. With the right investment, collaboration, and urgency, the era of forever chemicals can become much more finite.
¹ https://time.com/6281242/pfas-forever-chemicals-home-beauty-body-products/
² https://www.epa.gov/pfas/our-current-understanding-human-health-and-environmental-risks-pfas
³ https://chemsec.org/wrappedinchemicals/facts/pfas-fact-1/
⁴ https://chemsec.org/wrappedinchemicals/facts/pfas-fact-1/
⁵ https://www.epa.gov/pfas/key-epa-actions-address-pfas
⁶ https://www.gleisslutz.com/en/news-events/know-how/pfas-restriction-proposal-eu-level
⁷ https://investors.veralto.com/2024-11-13-Veralto-Invests-in-Axine-Water-Technologies
⁸ https://www.agilent.com/en/solutions/environmental/pfas-testing
⁹ https://www.arcadis.com/campaigns/pfas/index.html
¹⁰ https://www.xylem.com/en-uk/making-waves/water-utilities-news/combatting-pfas-through-proven-water-technologies/
¹¹ https://www.marketsandmarkets.com/Market-Reports/pfas-testing-market-168277170.html
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