A Scottsdale company that uses solar technology to provide drinking water from the air has raised $50 million in new funding.
Zero Mass Water Inc. said its Series C1 financing round was led by funds managed by BlackRock, along with Duke Energy, Bill Gates’ Breakthrough Energy Ventures and Material Impact Fund.
Zero Mass Water’s business is focused on its Source Hydropanels, which take in sunlight and then extract water from the atmosphere, then add minerals and ozonate the water before storing it.
“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, in a statement.
“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.”
The company previously raised $25 million in its Series C funding round in October 2018.
“We are thrilled to be investing in Zero Mass Water and its proven team,” said William Abecassis, head of innovation capital at BlackRock, in a statement.