An Australian startup is "growing" water for drought-parched California

Water is California's most precious commodity these days, as the state endures a drought that scientists are calling the worst in 1,200 years. 

State officials say more than 1,200 wells have run dry this year, a nearly 50% increase over the same period last year. California's water crisis is most severe in the San Joaquin Valley, the country's most productive agricultural region. This year's snowmelt and rain have not been enough to replenish already-depleted groundwater supplies.

Now an Australian company has tapped into an innovative potential solution to the crisis by "growing" water that's suitable for drinking, agriculture and just about any other use.