SOURCE Global, PBC, Innovator of Renewable Drinking Water Technology, Raises More Than $130 Million
Breakthrough Energy Ventures and Drawdown Fund co-lead Series D round
Proceeds used to accelerate scale, progress toward producing safest, most reliable, lowest-delivered-cost drinking water on the planet
SCOTTSDALE, Ariz.–(BUSINESS WIRE)–SOURCE Global, PBC (“SOURCE”), a world leader in sustainable drinking water technology, today announced that funds managed by Breakthrough Energy Ventures and Drawdown Fund co-led its $130 million Series D equity financing. Other significant participants in the financing are Microsoft’s Climate Innovation Fund, Fifth Wall, Blackrock, WIND Ventures, Duke Energy, Harvard Management Company, Material Impact Partners, Monashee Capital, and the Lightsmith Group.
To date, SOURCE has raised a total of $270 million and built a presence in more than 50 countries. The company plans to further scale its commercial, community, and consumer offerings globally and to accelerate innovation in advanced renewable water technologies.
“We are thrilled to expand our partnership with this category-creating business,” said Carmichael Roberts, Managing Partner at Material Impact and Co-Lead at Breakthrough Energy’s Investment Committee. “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.”
SOURCE Global’s patented Hydropanel technology – the world’s first truly renewable drinking water platform – uniquely serves the significant, fast-growing demand for clean, sustainable drinking water delivered through climate-resilient solutions at scale. SOURCE® Hydropanels use the sun to draw pure, constantly replenished water vapor out of the air and transform it into fresh, perfectly mineralized drinking water even in remote, low-humidity locations. Hydropanels scale from small arrays to multi-thousand panel water farms serving entire communities, businesses, and sustainable bottling operations.
“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,” said Dr. Cody Friesen, Founder and CEO of SOURCE. “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.”
The SOURCE Hydropanel system is a programmable, distributed, infrastructure-free, and fully digitized water solution. It works entirely off the grid, requires no outside source of electricity or piped water infrastructure, and produces high-quality drinking water on site and in a variety of climates and conditions. Digital sensors inside the panels and a cloud-based, 24-hour monitoring system create unparalleled insight into the quality and quantity of the water.
“SOURCE is a truly singular company, powered by technology at the convergence of renewable energy and water, with the potential to scale exponentially faster than the market for solar photovoltaics,” said Erik Snyder, Drawdown Fund’s CEO and founder. “We are excited to be part of a solution that not only can help mitigate the significant climate impacts of extracting, treating, bottling, and transporting drinking water, but also deliver water abundance and create climate resilience for people around the world.”
“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,” said Brandon Middaugh, Director, Microsoft Climate Innovation Fund. “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.”
Source Global, PBC’s mission is to perfect drinking water for every person, every place. The company’s SOURCE® Hydropanels create drinking water using sunlight and air as the only inputs, and can put the power of safe, sustainable drinking water in the hands of every person in nearly every climate and corner of the world. A Public Benefit Corporation, SOURCE is on Fast Company’s 2020 list of most innovative social good companies. The company is headquartered in Scottsdale, Arizona, and operates in more than 50 countries. SOURCE is a registered trademark of SOURCE Global, PBC. For more information, visit www.source.co and follow us on Facebook, LinkedIn, Twitter and Instagram.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities referred to in this press release, nor will there be any sale of any such securities, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.