Shale water innovator earns $7.2M investment

By Luke Geiver | September 09, 2019

For every barrel of oil produced in the Permian Basin, there are more than tell barrels of associated water that are sourced, recycled, transported and disposed of, according to Joshua Adler, CEO of Sourcewater. Based in Houston, Sourcewater is one of several water-focused firms making an impact in the development of shale energy resources across the U.S. This month, Adler’s team announced the receipt of more than $7 million in Series A financing to help the company continue to grow.

Adler has developed an oilfield water intelligence survey that utilizes proprietary satellite imagery analytics, government databases, market research and internet of things sensors that generate insights on oilfield water markets.

The company has been working for more than five years to serve the water industry. With the funding, from Bison Technologies, the company will add to its team. “When America became the world’s leading energy producer last year, it also became the world’s leading water producer, times ten,” Adler said. “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.”

North Whipple, CEO of Bison Technologies, said Sourcewater is the innovative leader in the water space. Bison built a major water sourcing and logistics company in Oklahoma, a process that helped it understand the importance of water for shale.