OceanWell, a water technology company, has secured $11 million in Series A funding to scale its deep-sea water farm solution and launch a pilot project in California with Las Virgenes Municipal Water District. The funding round included participation from Kubota Corporation, Jon Hemingway’s family office, and Charles McGarraugh, former head of metals trading at Goldman Sachs.
The company’s deep-sea water farms utilize pods at depths of 400 meters to harness natural hydrostatic pressure for reverse osmosis desalination, producing up to one million gallons of fresh water daily. This technology aims to address the growing global water scarcity issue while reducing energy consumption by up to 40% and protecting marine life.
With an increasing demand for clean water due to factors such as climate change and economic growth, OceanWell aims to provide affordable and abundant freshwater with its innovative deep-sea pods. The company is already working on its first water farm in California and plans to build 15 water farms globally.
Kubota Corporation, a century-old leader in water infrastructure manufacturing, has increased its investment in advanced water technologies to address the worsening issue of water scarcity worldwide. OceanWell’s partnership with Las Virgenes Municipal Water District aims to supply fresh drinking water to a region recovering from years of drought.
OceanWell’s CEO, Robert Bergstrom, expressed gratitude to investors for their expertise in water technology, manufacturing, and infrastructure project development. Eiji Yoshioka, Director of Kubota’s Water and Environment Infrastructure Consolidated Division, highlighted the importance of OceanWell’s technology in achieving comprehensive water solutions for water utilities in water-scarce regions.
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