Zero Mass Water, the US-based developer of a water creation system, has received $50m in a series C1 round that included energy utility Duke Energy.
The round was led by investment manager BlackRock and also featured energy-focused investment fund Breakthrough Energy Ventures and venture capital firm Material Impact Fund.
Founded in 2015, Zero Mass Water has created Hydropanels it claims can produce drinking water from air and sunlight. Its systems are installed across 45 countries and it intends to use the funding to bolster direct-to-consumer sales, particularly in the residential market outside North America.
Cody Friesen, Zero Mass Water’s founder and chief executive, said: “Access to safe drinking water is a fundamental human right that is often too expensive, too wasteful, too extractive and too scarce.
“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 realise our vision of ensuring that every person on the planet has perfect drinking water.”
The company had previously raised $53m between 2015 and October 2018, according to regulatory filings, and it named Breakthrough Energy Ventures and Material Impact Fund as existing investors this week.
Photo courtesy of Zero Mass Water, Inc.
