Sourcewater.com, the water marketplace for the energy ecosystem, received funding from Marubeni Corporation, a fortune global 500 trading and investing conglomerate.
HOUSTON, TEXAS – September 18, 2017 – Sourcewater, Inc. (www.sourcewater.com), a spinout from MIT’s Energy Ventures program, announced that it had received funding from Marubeni Corporation (www.marubeni.com), a $65-billion revenue global trading company that is active in a broad range of business domains such as energy, power, water, chemical, transportation and agriculture. Sourcewater’s online marketplace for water and water services helps energy companies reduce their primary operating cost, water management, ensures a reliable supply chain for the largest input and output of the energy production process, and creates market-based incentives for water conservation, wastewater recycling and non-freshwater use. Terms of the funding were not disclosed.
Isao Suzuki, General Manager of Oil and Gas E&P Dept.-II of Marubeni said, “We at Marubeni recognize the crucial importance and a huge growth potential of water management in unconventional oil and gas development. Sourcewater has established a unique and visionary reputation in the U.S. energy industry as the leading online marketplace and data hub for water and water services, and we are delighted to support their expansion not only in the energy industry but also into new industries where water is critical.”
Joshua Adler, Founding Chief Executive of Sourcewater said, “We are thrilled to welcome Marubeni as our strategic partner. Their industry relationships, global reach and vast resources will accelerate our growth and help us enter new markets with the backing of one of the world’s largest and most successful companies. Very few organizations have Marubeni’s global breadth and experience, so it is an honor for us to have earned their recognition and support.”
Founded in 1858 and headquartered in Tokyo, Japan, with over US$65 billion revenues and about 40,000 employees on a consolidated basis in FY2016 in 66 countries, Marubeni Corporation is involved in the handling of products and provision of services in a broad range of sectors. These areas encompass importing and exporting, as well as transactions in the Japanese market, related to food materials, food products, textiles, materials, pulp and paper, chemicals, energy, metals and mineral resources, transportation machinery, and includes offshore trading. The Company’s activities also extend to power projects and infrastructure, plants and industrial machinery, finance, logistics and information industry, and real estate development and construction.
Additionally, Marubeni conducts business investment, development and management on a global level.
Sourcewater, Inc., conceived at the Massachusetts Institute of Technology (MIT) Energy Ventures program and headquartered in Houston, Texas, is the water marketplace for the energy ecosystem. Sourcewater uses information technology, data and markets to reduce the cost and impact of water management for the energy industry. We have created the first online marketplace for sourcing, recycling, transporting and disposing of water for energy, industry and agriculture. Over 1,000 energy companies are registered users and over two billion barrels of water, recycling and disposal capacity are listed on Sourcewater, generating thousands of searches and transactions. Sourcewater has been honored as an Energy Innovation Pioneer by IHS CERAWeek, as New Technology of the Year by the Oil & Gas Awards, with the Cleantech Open Water Prize, and by SxSW Eco, the Rice Energy Alliance, MassChallenge, the National Renewable Energy Laboratory, and the New England Water Innovation Network.
Joshua Adler is the founding CEO of Sourcewater. Mr. Adler is an entrepreneur, angel investor, and world-class communicator who has founded energy, real estate, medical technology, and internet companies and was the Chief Speechwriter to two U.S. Treasury Secretaries. His writing has appeared in The New York Times, The Wall Street Journal, The Washington Post, and The Economist. He is a graduate of Yale University and the Massachusetts Institute of Technology, where he was a Sloan Fellow for Innovation and Global Leadership. He was named 2016 Water Innovator of the Year by the Northeast Water Innovation Network.
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