Sustainable Drinking Water Tech Provider SOURCE Global Raises Over $130 Million
Sustainable drinking water technology company SOURCE Global announced today that it has raised $130 million in a Series D equity financing, in a deal led by Bill Gates-backed Breakthrough Energy Ventures and venture capital investor Drawdown fund.
SOURCE Global’s technology creates drinking water, using sunlight and air as the only inputs. The company’s patented Hydropanels use the sun to draw pure water vapor out of the air and convert it into drinking water. The system works off the grid, requiring no outside source of electricity or piped water infrastructure, and producing water on site and in a variety of climates and conditions. The Hydropanels scale from small arrays to multi-thousand panel water farms.
Dr. Cody Friesen, Founder and CEO of SOURCE, said:
“Clean, safe water is humanity’s most essential need, but at least 2.4 billion people on Planet Earth don’t have clean water to drink, and by 2050, six billion people will suffer from clean water scarcity as a result of climate change. With this new round of funding, we will accelerate our work to make high-quality drinking water an endlessly renewable resource and move closer to our vision of bringing perfect water to every person, every place.”
SOURCE has now raised a total of $270 million, and established a presence in 50 countries. The company stated that it intends to further scale its commercial, community and consumer offerings globally and boost innovation in advanced renewable water technologies.
Carmichael Roberts, Managing Partner at Material Impact and Co-Lead at Breakthrough Energy’s Investment Committee, said:
“We are thrilled to expand our partnership with this category-creating business. Over the last half-dozen years, SOURCE has been building a tightly interconnected set of global solutions that have the power to make potable water poverty a thing of the past. As SOURCE continues to execute and grow, we believe the company will have a generational impact.”
Additional participants in the funding round included Microsoft’s Climate Innovation Fund, Fifth Wall, Blackrock, WIND Ventures, Duke Energy, Harvard Management Company, Material Impact Partners, Monashee Capital, and the Lightsmith Group.
Brandon Middaugh, Director, Microsoft Climate Innovation Fund, said:
“The mission of SOURCE Global aligns with Microsoft’s commitments to sustainable innovation in water availability and to climate equity for underserved communities and economies. By redefining access to clean, safe drinking water, SOURCE Global is enhancing social and economic opportunity and resilience in water stressed regions. We are excited to work together to further scale this solution globally.”