Hydropanels maker Zero Mass Water raises USD 50m in founding round

Zero Mass Water Inc, a US developer of solar-powered water producing panels, has raised USD 50 million (EUR 44.4m) in Series C1 equity financing led by funds managed by investment firm BlackRock Inc (NYSE:BLK).

US power company Duke Energy Corp (NYSE:DUK) also participated in the round. Breakthrough Energy Ventures, an investor-led fund founded by Bill Gates, and Material Impact Fund, focused on materials technology, expanded their positions in Zero Mass Waters, the developer said.

Zero Mass Water is the company behind SOURCE Hydropanel, a type of panel that can produce drinking water using only sunlight and air. The water is then mineralised with calcium and magnesium for taste, ozonated and then stored for use.

The hydropanels are solar-powered and can be installed in arrays of a few to thousands depending on consumer needs. According to Zero Mass Water, the technology can provide potable water for industrial, residential, commercial and community use and has already been installed in 45 countries.

The company said it plans to scale global installations of its product and launch direct-to-consumer initiatives, including branching out into the residential segment beyond North America.

“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 realize our vision of ensuring that every person on the planet has perfect drinking water”, said CEO and founder Cody Friesen.

(USD 1.0 = EUR 0.888)

Choose your newsletter by Renewables Now. Join for free!