BlackRock funds lead Series C1 round
SCOTTSDALE, Ariz.–(BUSINESS WIRE)–Zero Mass Water, Inc., a company making drinking water a renewable resource through its SOURCE® Hydropanels, today announced that funds managed by BlackRock led its $50 million Series C1 equity financing. Duke Energy also participated, and both Breakthrough Energy Ventures and Material Impact Fund expanded their positions in the company.
Zero Mass Water’s technology provides safe, clean drinking water for industrial, commercial, residential and community applications and is already installed in 45 countries. The company plans to scale global installations of SOURCE Hydropanels and launch direct-to-consumer initiatives, including residential panel installations beyond North America. The investment will also help accelerate innovation and advanced renewable water technologies.
“Access to safe drinking water is a fundamental human right that is often too expensive, too wasteful, too extractive, and too scarce,” said Cody Friesen, founder and CEO of Zero Mass Water. “Even in the midst of a global pandemic, water shortages exacerbated by climate change remain a serious threat, and we must continue to create sustainable solutions. With this new round of funding, we are in a strong position to realize our vision of ensuring that every person on the planet has perfect drinking water.”
SOURCE Hydropanels essentially do for drinking water what solar panels have done for electricity, making water a renewable resource. The panels take in sunlight and air to create pure water from the atmosphere, add minerals, ozonate, and then store the water ahead of its use. SOURCE Hydropanels are solar powered and depending on the application, arranged in arrays of a few panels to thousands to provide drinking water for individuals, businesses, or communities.
“We are thrilled to be investing in Zero Mass Water and its proven team,” said William Abecassis, Head of Innovation Capital at BlackRock. “The firm’s SOURCE Hydropanel technology provides a breakthrough solution to potable water generation across a vast range of climates and use cases. As they further execute on their roadmap, we anticipate substantial continued impact toward improving drinking water abundance globally.”
According to the 2020 UN World Water Development Report, climate change will significantly impact the availability, quality, and quantity of water putting the basic right to safe drinking water and sanitation at risk for billions of people. Unsustainable water management will have long-term economic, social and environmental implications.
“For Zero Mass Water, this investment represents a critical stepping-stone for achieving widespread commercial deployment,” said Carmichael Roberts of Breakthrough Energy Ventures. “We expect the company will continue its track record of success and will soon be enabling access to clean water across the globe to those most in need.”
About Zero Mass Water
Zero Mass Water’s mission is to make drinking water an unlimited resource. SOURCE is a Hydropanel that creates drinking water simply from sunlight and air – made possible by the combination of thermodynamics, materials science, and controls technology. Zero Mass Water puts the power of safe, high-quality water production into the hands of every person in nearly every climate and corner of the world. Headquartered in Scottsdale, Arizona, Zero Mass Water operates all over the globe. For more information, visit www.zeromasswater.com.
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, our clients turn to us for the solutions they need when planning for their most important goals. As of March 31, 2020, the firm managed approximately $6.47 trillion in assets on behalf of investors worldwide.
Finn Partners for Zero Mass Water