US – Sustainable drinking water technology company, Source Global, has raised US$130 million in equity financing to accelerate innovation in advanced renewable water technologies.
The funds raised in a Series D financing co-led by Breakthrough Energy Ventures and Drawdown Fund will also be used to further scale the company’s commercial, community, and consumer offerings globally.
Other significant participants in the financing included Microsoft’s Climate Innovation Fund, Fifth Wall, Blackrock, WIND Ventures, Duke Energy, Harvard Management Company, and many more.
To date, Source said it has raised a total of US$270 million and built a presence in more than 50 countries.
The company offers premium, renewable bottled drinking water that is produced using patented Source Hydropanels.
Source Global said the Source Hydropanel is a technology that incorporates multiple patented inventions that makes use of the power from the sun to extract clean, pollutant-free drinking water from the air.
The collected water in form of condensed water vapor is collected in the reservoir and then mineralized for ideal composition and taste, making it a premium quality drinking water.
Dr. Cody Friesen, Founder and CEO of SOURCE stated: “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.”
He revealed that the Source Hydropanel system is a programmable, distributed, infrastructure-free, and fully digitized water solution.
According to Friesen, the system 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.
In addition, the system has digital sensors inside the panels and a cloud-based, 24-hour monitoring system that creates unparalleled insight into the quality and quantity of the water.
OWYN secures growth investment round
Elsewhere, Only What You Need (OWYN), a leading brand in plant-based protein beverages and other functional nutrition products, has secured a growth investment to drive national expansion and increase distribution channels.
The proceeds of this latest funding round will also be used to grow the company’s online presence and eCommerce platform, and expand its advertising and marketing efforts.
The round was led by Purchase Capital with participation from Hammock Park Capital LLC and existing investor PowerPlant Ventures.
The company stated that it uses a proprietary blend of pea, pumpkin, and flax as the protein instead of the whey protein to produce its plant-based protein beverages that are said to be free from the top eight allergens.
Dr. Donald Kirby, an OWYN Medical Advisory Board Member said: “There are more than 85 million individuals in the U.S. who depend on dairy-free and allergen-free products.”
We believe OWYN’s proven proprietary process and offering are filling a critical need that will continue to grow in the coming years.”
The funding follows the acquisition of a majority ownership stake in OWYN last year by United Nutritional Brands, an affiliate of Purchase Capital which provides patient capital for private and public companies.
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