OceanWell Secures $11 Million in Series A to Build Deep-Sea Water Farms and Supply Abundant Fresh Water

Legacy water infrastructure manufacturer Kubota Corporation backs startup's modular, energy-efficient solution to combat water scarcity, while protecting marine life

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MENLO PARK, Calif., Nov. 20, 2024

‍OceanWell, a water technology company, announced $11 million in Series A funding to scale its next-generation modular deep-sea water farm solution and launch California's water farm pilot with Las Virgenes Municipal Water District (LVMWD). Kubota Corporation, a century-old leader in water infrastructure manufacturing, the family office of Jon Hemingway of Carrix Ports, and Charles McGarraugh, former head of metals trading at Goldman Sachs, participated in the round.

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OceanWell is developing modular deep-sea water farms made up of pods that harness natural hydrostatic pressure at depths of 400 meters for reverse osmosis desalination. Each pod can produce up to one million gallons of fresh water daily, and the modular design allows for scalable projects based on demand. This technology ensures ultra-clean water by filtering out salts, bacteria, viruses, pesticides, and PFAS, while its robust components are engineered for durability in harsh deep-sea environments. Unlike traditional desalination methods that are energy-intensive and threaten marine life, OceanWell's technology reduces energy consumption by up to 40 percent, while protecting marine life and eliminating toxic brine disposal.

There is a rising mismatch between clean water supply and demand – with experts projecting that 5 billion people could be without clean drinking water by 2050. The problem is driven by rising demand for water in key economic sectors like agriculture, industry and manufacturing and compounded by the effects of climate change such as drought and flooding. Since 1970 water demand has increased by 1.7x, while global supply has dropped by 50 percent. OceanWell aims to provide affordable, abundant freshwater with its deep-sea pods, which produce 1 million gallons per day of potable water each. OceanWell's first water farm is being developed in its home state, California.

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"At OceanWell, we've developed a new technology to rehydrate a drying world. Our goal is to provide utility-scale, reliable and sustainable freshwater solutions that can supply clean drinking water to communities across the globe," said Robert Bergstrom, Founder and CEO of OceanWell. "We're grateful to our investors whose collective expertise across water technology, manufacturing and infrastructure project development will be invaluable to our company, and particularly as we look to scale up operations in the coming months."

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Since its founding in 1890, the Kubota Group has been working to solve social issues through superior products, technologies, and services in the areas of food, water, and the environment. To address the globally worsening issue of water scarcity, Kubota has increased investment in cutting-edge water technologies.

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"One of Kubota's goals is to provide comprehensive solutions for the entire 'water circulation loop' from water production and supply to wastewater treatment and reclamation. OceanWell's innovative technology, which can provide a stable long-term supply of potable water to water utilities in water-scarce regions, is indispensable for achieving this goal," said Eiji Yoshioka, Director and GM of the Water and Environment Infrastructure Consolidated Division of Kubota.

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Today's announcement comes a year after OceanWell partnered with Las Virgenes Municipal Water District to establish California's first water farm, aimed at supplying fresh drinking water to a region recovering from years of record-breaking drought. Previously, the company completed prototype testing at the U.S. Navy's Deep Ocean Simulation Facility. OceanWell is supported by a working group of 24 state water authorities in California and aims to build 15 water farms across the globe.

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About OceanWell

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OceanWell has redesigned desalination to a clean, elegant solution for affordable, abundant, fresh water. Our modular deep sea water farm technology uses hydrostatic ocean pressure at depths of 400m+ to naturally power a reverse osmosis process and make fresh water.  We do this with vastly improved energy efficiency, no marine life mortality, no onshore plant, and only a benign brine outfall.  This eliminates the legacy technology burdens of high energy use, ecological impact, and a large industrial onshore facility. To learn more, visit oceanwellwater.com

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About Kubota Corporation

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Since its founding in 1890, the Kubota Group has been working to solve social issues through superior products, such as farm machinery, engines, construction machinery, ductile iron pipes, valves, tubes, membrane solutions, wastewater treatment equipment and plants, water purification plants, and waste shredding plants, technologies, and services in the areas of food, water, and the environment. We operate in more than 120 countries around the world, providing solutions to enhance the productivity and safety of food, promote the circulation of water resources and waste, and improve urban and living environments. Under our brand statement "For Earth, For Life," we promise to continue supporting the prosperous life of humans while protecting the environment of this beautiful earth. For more information on the Kubota group, please visit: https://www.kubota.com/

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