Source Global recently acquired global bottled spring water producer, Proud Source Water, according to a press release.
"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,” Dr. Cody Friesen, CEO and founder of SOURCE Global, said. “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."
“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,” a recent press release states.
The two public-benefit corporations connected through their similarities in beliefs surrounding the importance of renewable, sustainable bottled water.
“The acquisition of Proud Source enables SOURCE Global to bring the principles of renewable technology to the bottled water industry,” a recent press release states. “The relationship will initially expand the Proud Source product portfolio to include both spring and renewable water.”
SOURCE Global developed Hydropanels to make a global, unlimited source of drinking water. Proud Source Water currently bottles its water supply 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,” a recent press release states.
The renewable version of Proud Source water will become available at retail and food service on a national scale in early 2024.
"SOURCE Hydropanels are as disruptive to the water industry as solar PV panels are to the energy industry," said 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."
Under the terms of the agreement, Proud Source will serve as the operational division of Source Global. In correlation with the acquisition, Source Global has promoted Grimmer to global CPG president.
"Proud Source Water was launched with the commitment to deliver the cleanest and most sustainable water on the planet," said CJ Pennington, Proud Source Water president. "Now with the renewable water technology SOURCE brings to the process, we are able to take that pledge to an unprecedented level."