Acquisition Establishes a New Sustainability Standard In Bottled Water
SCOTTSDALE, Ariz., March 8, 2023 /PRNewswire/ -- SOURCE Global, the developer of the SOURCE® Hydropanel, the world's first technology to sustainably generate renewable drinking water from the atmosphere, is proud to announce the acquisition of Proud Source Water, a leader in sustainably bottled spring water. Combining the resources and technological expertise of these two companies will transform the industry creating a new standard in bottled water -- renewable water sourced from the air and delivered in infinitely recyclable packaging.
The two longstanding public-benefit corporations share similarities in values and have combined to provide the first completely renewable, sustainable bottled water. The acquisition of Proud Source enables SOURCE Global to bring the principles of renewable technology to the bottled water industry. The relationship will initially expand the Proud Source product portfolio to include both spring and renewable water.
"Our Hydropanels allow us to establish a source of clean, sustainable water almost anywhere on the planet, without the need to extract from existing freshwater resources. The technology is powered entirely by the sun and the water is produced from vapor in the air, making it a truly renewable approach. Coupling that capability with the acquisition of Proud Source results in a bottled water offering that is good for people and the planet." said Dr. Cody Friesen, CEO and founder of SOURCE Global.
SOURCE Global developed Hydropanels to make drinking water an unlimited resource around the globe. Proud Source Water currently bottles their water from two sustainably managed springs in Idaho and Florida. Arrays of Hydropanels will soon be installed at the bottling facilities, and the on-site Hydropanel farms mean that there is no need for transportation, minimizing waste and emissions. This renewable Proud Source water will be available at retail and food service nationally in early 2024.
"SOURCE Hydropanels are as disruptive to the water industry as solar PV panels are to the energy industry," says Neil Grimmer, Global CPG President for SOURCE Global. "Integrating our technology into the Proud Source manufacturing process is an industry game changer. I can't imagine a more perfect and transformative combination."
Operationally, Proud Source will be the bottled water division of SOURCE Global. With the acquisition, SOURCE Global's Brand President, Neil Grimmer, is promoted to Global CPG President, overseeing all consumer-packaged goods initiatives, worldwide. Proud Source Water President, CJ Pennington, will join the U.S. leadership team reporting directly to Neil Grimmer.
"Proud Source Water was launched with the commitment to deliver the cleanest and most sustainable water on the planet," says CJ Pennington. "Now with the renewable water technology SOURCE brings to the process we are able to take that pledge to an unprecedented level."
About SOURCE Global, PBC
SOURCE Global exists to "perfect water for every person, every place". The company's SOURCE® Hydropanels create drinking water using sunlight and air as the only inputs, putting the power of safe, high-quality water production into the hands of every person in nearly every climate and corner of the world. The infrastructure-free nature of Hydropanels means that the company has been providing off-grid, renewable drinking water to communities, homes, corporate campuses, hotels, islands without infrastructure, remote work sites, and other applications, now in more than 50 countries in six continents.
A Public Benefit Corporation, SOURCE Global's mission is to make drinking water an unlimited resource. SOURCE is bringing water where people need it to be in a sustainable and environmentally friendly way –making water accessible wherever you go. Headquartered in Scottsdale, Arizona, SOURCE is on Fast Company's 2020 list of most innovative social good companies. SOURCE® is a registered trademark of SOURCE Global, PBC.
For more information on SOURCE Global visit www.source.co. You can also follow SOURCE on Facebook (https://www.facebook.com/sourcewater), LinkedIn (https://www.linkedin.com/company/sourceglobal), Instagram (https://www.instagram.com/sourcewater/), and Twitter (https://twitter.com/sourcewaterco).
About Proud Source Water
Proud Source Water is Water Done Different™, making a positive impact through a fundamentally different approach to water: caring for our planet, our communities and our health all at the same time. A certified B-corporation, Proud Source sources from domestic springs in the Rocky Mountains of Idaho and the Apalachicola Forest of Florida and bottles in infinitely recyclable aluminum. It is naturally alkaline with minerals and electrolytes producing a pH of 8.1+/- without any additives. The water is sustainably produced and bottled directly at the source, leveraging energy efficient methods to reduce the company's carbon footprint. Based in Boise, Idaho, Proud Source is available in Still and Sparkling varieties, with nationwide distribution at retailers, food service establishments, hotels, stadiums, corporate campuses, and online retailers. For more information on Proud Source Water visit www.proudsourcewater.com. You can also follow Proud Source Water on Facebook (https://www.facebook.com/ProudSourceWater/), Instagram (https://www.instagram.com/proudsourcewater/) and LinkedIn (https://www.linkedin.com/company/proud-source-water/).
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