Sourcewater, Inc. Announces $7.2 Million Series A Funding

Sourcewater, Inc., the leader in oilfield water intelligence, has closed a $7.2 million Series A share offering led by Bison Technologies, Marubeni Corp and major energy family offices.

Josh Adler and Victor Belous looking at a computer screen next to a window in the Sourcewater's office — Photo: Mark Mulligan, Houston Chronicle / Staff Photographer

Houston, Texas, September 3, 2019: Sourcewater, Inc., the leading provider of oilfield water intelligence, closed a $7.2 million Series A share offering led by Bison Technologies, with major participation by Marubeni Corporation and prominent energy industry family offices in Houston, Midland, Dallas, and Oklahoma City.

Joshua Adler, Founding Chief Executive of Sourcewater said, “For every barrel of oil produced in the Permian Basin there are more than ten barrels of associated water that are sourced, recycled, transported or disposed of. When America became the world’s leading energy producer last year, it also became the world’s leading water producer, times ten. Water management is now the majority of upstream energy production cost, and water sourcing, recycling and disposal capacity is the primary constraint on America’s energy future.”

“Sourcewater has worked hard for over five years to become the most trusted water market intelligence provider at the center of the energy-water nexus. With this funding we will continue to build the best data science and engineering team in Houston, develop the most timely, complete and accurate data gathering and analysis systems for upstream water and energy markets, and deliver even more value and insight to our customers. Our whole team is grateful that we have been able to earn the trust and respect of so many of the leading companies in our industry, including some of the largest in the country, and we are excited to have the resources to serve them even better than before.”

North Whipple, CEO of Bison Technologies, said “having built the top water midstream, infrastructure and logistics company in Oklahoma, we are well aware of the critical importance of accurate, timely and complete water market data for our business and investment decisions. Sourcewater is without question the innovation leader in the oilfield water data space, and we are excited to support their growth with our strategic capital, expertise and industry relationships.”

About Bison Technologies

Bison Technologies is focused on solving the energy industry’s most challenging water, logistics and infrastructure-related problems. Bison Technologies is the technology arm of the Bison Companies which together represent one of the largest privately held energy companies in Oklahoma. The Bison Companies hold market leading positions in water midstream and infrastructure solutions, oilfield trucking and logistics and a wide range of other environmental, midstream and energy infrastructure services.

About Marubeni

Founded in 1858 and headquartered in Tokyo, Japan, Marubeni Corporation had over US$66 billion in revenues and over 46,000 employees on a consolidated basis in FY2019 across 66 countries. Marubeni Corporation is involved in the handling of products and provision of services in a broad range of sectors.

About Sourcewater

Sourcewater, Inc., (www.sourcewater.com) based in Houston, Texas, is the leading provider of oilfield water intelligence. Sourcewater gathers data from its Sourcewater.com water marketplace, proprietary satellite imagery analytics, hundreds of government databases, continuous market research programs, and mobile sensors in the field to generate holistic, geospatial insights into oilfield water markets.

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Sourcewater was founded from MIT’s Energy Ventures program in 2014. Sourcewater has been honored by IHS CERAWeek as an Energy Innovation Pioneer, by Imagine H2O as a Global Finalist, by the Oil & Gas Awards as New Technology of the Year, by Tudor, Pickering, Holt as an Energy Disruptor, by the CleanTech Open with the first CTO Water Prize, by SxSW Eco, by the Rice Energy Alliance, by MassChallenge, by the National Renewable Energy Laboratory, and by NEWIN, which named founding CEO Josh Adler its Water Innovator of the Year. Mr. Adler is an entrepreneur and angel investor who has founded energy, real estate, medical technology, and internet companies and was the Chief Speechwriter to the U.S. Treasury Secretary under President George W. Bush. He is a graduate of Yale and MIT, has been awarded four U.S. patents, and resides in Houston, Texas.