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This document sets out the process we have followed for our Water Breakthrough Challenge 2 innovation competition (Breakthrough 2) and the reasons for our funding decisions. We opened Breakthrough 2 in October 2021. We invited water companies, in partnership with others, to enter two streams of the competition. • The Catalyst Stream made approximately £5 million available for entries valued between £100,000 and up to £1 million. • The Transform Stream made approximately £34 million available for entries valued between £1 million and up to £10 million. The Catalyst stream opened on 11 October 2021 and closed for entries on 8 December 2021. We announced the 13 winners on 22 March 2022. The Transform stream opened on 11 October 2021 and closed for stage 1 entries on 16 November 2021 and closed for stage 2 entries on 8 February 2022. We offered eight entries funding and announced seven of these winners on 28 April 2022.