Brothers Eric and Brian Sheng launched Aquaria in 2021 to create sustainable water supplies around the world. Their atmospheric water generator uses heat exchangers to condense humidity in the air. The modular units, which run on renewable energy, filter and purify the water after it is extracted. “We envision a world where Aquaria supplies entire cities with water from the sky,” said Brian Sheng.
The units cost from $3,500 to $30,000, and can produce as much as 264 gallons of water per day—almost as much water as the daily use of an average American household. The new financing will help the San Francisco-based B Corp. build a solar-powered “Hydrogrid” to supply 1,000 homes in Hawaii.
Water infrastructure
The investment round was led by a $100 million offtake agreement with Upwell Water, a San Francisco-based sustainable water resource and infrastructure company. Climate Adaptive Infrastructure backed the offtake deal.
“Water infrastructure in North America urgently needs investment to upgrade aging systems and ensure sustainable management of this critical resource,” said CAI’s Bill Green. Aquaria will use the capital to cover the upfront costs for qualifying projects through pay-over-time agreements.
The San Francisco-based company is looking for additional partnership opportunities in commercial real estate as well as in green hydrogen, mining and data centers in remote areas where water access can be costly and complex.
Other investors in Aquaria’s round include Ciri Ventures, Soma Capital, Bow Capital, Umami Capital and former US Rep. Dick Gephardt.
