Material Impact has participated in a series C1 round for Zero Mass Water, the ASU spinout that has created a system to convert air and sunlight to drinking water.
Zero Mass Water, a US-based water creation system developer spun out of Arizona State University, 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 universities-backed 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…