The financing round was led by Bill Gates-backed Breakthrough Energy Ventures and Drawdown fund.

SOURCE Global's purpose is to use its technologies to create drinking water by using only air and sunlight.

According to ESG Today, the company's patented Hydropanels are able to create water by using sun power, which allows them to draw water vapors from the air and turn them into liquid water.

What makes the panels sustainable is the fact that they don't need electricity from the grid or any external infrastructure, meaning that it is able to produce drinking water in many climates and conditions.

Dr. Cody Friesen, Founder and CEO of SOURCE, said that "clean, safe water is humanity’s most essential need, but at least 2.4 billion people on Planet Earth don’t have clean water to drink, and by 2050, six billion people will suffer from clean water scarcity as a result of climate change."

"With this new round of funding, we will accelerate our work to make high-quality drinking water an endlessly renewable resource and move closer to our vision of bringing perfect water to every person, every place", he added.

With total raised funding of 270 million USD and presence in 50 countries, the American company now looks to further scale its offering and make it available in more regions so other people can make use of clean drinking water.

Among other participants in the funding are Microsoft's Climate Innovation Fund, Fifth Wall and Harvard Management Company.

Brandon Middaugh, Director, Microsoft Climate Innovation Fund, said that "the mission of SOURCE Global aligns with Microsoft’s commitments to sustainable innovation in water availability and to climate equity for underserved communities and economies. By redefining access to clean, safe drinking water, SOURCE Global is enhancing social and economic opportunity and resilience in water stressed regions."

"We are excited to work together to further scale this solution globally", the Microsoft Climate Innovation Fund director added.