Public Benefit Company Designation Reflects Company’s Core Commitment to Improving Humanity’s Relationship to Water
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Zero Mass Water, Inc., the pioneering company making drinking water a renewable resource through its SOURCE® Hydropanels, today announced that it has rebranded and reincorporated as SOURCE Global, PBC - a Public Benefit Corporation. Adding to its BCorp certification, the PBC designation underscores the company’s mission to make a long term, positive impact on society and the environment by providing clean, safe drinking water solutions for communities and businesses onsite, any site, anywhere in the world.
SOURCE Hydropanels produce high-quality, potable water using only sunlight and air, to provide sustainable drinking water for industrial, commercial, residential and community applications. As part of its PBC charter, SOURCE formalizes its commitment to technology specifically built for social equity, with a focus on solving one of humanity’s greatest challenges: ensuring people in all geographies and economic status have access to the same high quality drinking water. As a case in point, in Bahia Hondita, Colombia, the company installed 156 SOURCE Hydropanels to bring renewable water to more than 300 residents of the Wayuu Tribe eliminating the six-mile daily journey to haul clean water.
“Over the company's five-year history, we have implemented SOURCE Hydropanels in 45 countries. As the first truly renewable global SOURCE of safe drinking water we have the ability to reach people around the world who lack access to potable water, have variability in supply, or are concerned about the quality of their infrastructure,” said Cody Friesen, the company’s founder and CEO. “Our new name, SOURCE Global, PBC, is a clear reflection of our vision to perfect water for every person, every place.”
Public Benefit Corporations are a new kind of business that balances purpose and profit. They consider the impact of their business decisions on their workers, customers, suppliers, community, and the environment. Achieving its B Certification, one of the most rigorous social and environmental business standards set by B Lab, SOURCE is now a part of a worldwide community of companies, driving a global movement, using business as a force for good.
“Our assessment of SOURCE’s social and environmental performance confirmed they’re exemplary corporate citizens that consider their impact not just on investors, but on employees, the environment and the communities in which they operate,” noted Ben Anderson, Co-CEO, from B Lab U.S./Canada, the organization responsible for vetting and certifying benefit corporations. “SOURCE is a strong example of how businesses can impact and serve the community and the planet, along with its stakeholders.”
In June of 2020, SOURCE raised $50 million investment from funds managed by BlackRock, Duke Energy, Breakthrough Energy Ventures, 3x5 Partners, and Material Impact Fund, underscoring the significant scale of the business opportunity. Global water stress, climate change and vulnerabilities in water infrastructure are dynamics that expand the need for renewable water solutions, solutions that SOURCE is uniquely positioned to deliver while driving significant positive social and environmental impact.
“There is a new standard emerging for high performance companies, where no trade-offs exist between positive social and environmental impact and exceptional business performance. Source Global, PBC exemplifies this new corporate standard and as such, we are proud to back the re-incorporation as a Public Benefit Corporation.” - Carmichael Roberts, Founder & Managing Partner at Material Impact, Partner at Breakthrough Energy Ventures.
Awarded the 2019 Lemelson-MIT Prize, America’s top prize for innovation, and on Fast Company’s 2020 list of most innovative social good companies, SOURCE is delivering on its vision, implementing projects by working closely with communities across six continents.
About SOURCE Global, PBC
SOURCE Global, PBC’s mission is to make drinking water an unlimited resource. SOURCE Hydropanels create drinking water using sunlight and air as the only inputs. SOURCE 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, SOURCE operates across 45 countries and six continents. SOURCE is a registered trademark of SOURCE Global, PBC. For more information, visit www.source.co and follow us on Facebook, LinkedIn, Twitter and Instagram.