DURHAM, NC / ACCESSWIRE / November 18, 2024 / 374Water Inc. (NASDAQ:SCWO), a global leader in organic waste destruction technology for the municipal, federal, and industrial markets, released a letter to shareholders.
November 18, 2024
Dear 374Water Shareholders,
We would like to thank our shareholders for their continued support and share our excitement about the future of 374Water. Our mission is to be the leader in the organic non-hazardous and hazardous waste destruction market, estimated to exceed $250 billion globally, and become the waste destruction solution of choice for all municipal, federal, and industrial market segments (verticals) globally.
We recently completed an Equity fundraising which secured gross proceeds of approximately $12.2M. We believe this financing will provide us resources to accelerate our AirSCWO commercialization efforts, execute on upcoming contracted commitments, begin offering AirSCWO Destruction-as-a-Service (DaaS), as well as hire additional engineering, field, and manufacturing personnel to execute our strategy.
Our AirSCWO system is fully operational at the Orlando Iron Bridge Water Reclamation Facility where we are processing biosolids/sludge, as well as completing multiple tests on non-hazardous waste streams at commercial scale. Early next year, we plan to deploy our AirSCWO system to Orange County Sanitation where we will also be processing biosolids/sludge at commercial scale.
Based on our operational successes, we are moving forward, with alacrity, to offer non-hazardous and hazardous DaaS services to generate near-term recurring revenue. We are in negotiations to establish our first DaaS site, which will provide 374Water with a central location to accept and process non-hazardous PFAS laden liquid/slurry wastes such as aqueous film forming foam (AFFF), spent granular activated carbon (GAC) and ion exchange resign (IX), leachate, foam fractionate, as well as various other difficult to treat wastes such as pharmaceuticals, fats, oils and greases (FOG), etc. We are also engaged in discussions with multiple Treatment, Storage, and Disposal Facility (TSDF) operators to establish onsite DaaS partnerships to destroy hazardous and non-hazardous waste streams. We routinely receive inquiries to destroy organic waste streams at DaaS facilities.
We recently released a White Paper describing AirSCWO's success processing AFFF firefighting foam, a highly toxic material, with destruction of PFAS exceeding 99.999%. These results, achieved at commercial scale, position 374Water to take advantage of the U.S. AFFF destruction market opportunity, as states pursue buy-back programs and local, state, and federal regulations regarding disposal of this material continue to tighten. We are pursuing multiple AFFF DaaS opportunities.
We are also expanding our solid waste destruction capabilities with advancements surrounding spent (used up) GAC and IX. These materials are widely utilized across the water and wastewater industries as contamination capture/filtration treatment solutions for PFAS and other waste streams. We see significant revenue opportunities for the large-scale destruction of GAC and IX and intend to pursue these market opportunities over the near term.
Many organizations are actively seeking waste management solutions that provide full waste destruction. We believe we are well positioned to take advantage of these market opportunities and will offer capital purchase, lease and DaaS offerings to the municipal, federal, industrial and TSDF markets.
We are also actively recruiting engineering, field, and manufacturing personnel to expand our team. These new team members will help us to more rapidly commercialize our AirSCWO system, build additional AirSCWO units, as well as begin to execute on DaaS and other opportunities.
The fundamentals of our business are strong. Our AirSCWO technology is performing well across biosolid/sludge and liquid waste streams. Our DaaS business is taking shape representing near-term recurring revenue, with our first operating site being actively negotiated to destroy non-hazardous waste, and our conversations are advancing with TSDF operators for onsite non-hazardous and hazardous waste destruction. Our approach to opening markets is bearing fruit with opportunities across AFFF, GAC, IX, and other organic waste streams. Our current backlog/pipeline exceeds $1.8B and we believe this will grow further.
Thank you again for being a 374Water shareholder and part of our journey to transform the waste management and disposal industry. The future is bright for the company, and we look forward to sharing additional updates and accomplishments over the coming months.
Should you have any questions, please don't hesitate to contact us directly.
Best,
Chris Gannon
Chief Executive Officer
Brad Meyers
Chief Operating Offering
Deborah Cooper
Chief Administrative Officer & Chief of Staff
Pete Mandel
General Counsel &
Chief Legal Officer
Adrienne Anderson
Chief Financial Officer
About 374Water
374Water Inc. (NASDAQ:SCWO) is a global cleantech company providing innovative solutions addressing wastewater treatment and waste management issues within the municipal, federal and industrial markets. 374Water's AirSCWO technology is designed to efficiently destroy and mineralize a broad spectrum of organic non-hazardous and hazardous organic wastes producing safe dischargeable water streams, safe mineral effluent, safe vent gas, and recoverable heat energy. 374Water's AirSCWO technology has the potential to assist its customers to meet discharge requirements, reduce or eliminate disposal costs, remove bottlenecks, and reduce litigation and other risks. 374Water continues to be a leader in innovative waste treatment solutions, dedicated to creating a greener future and eradicating harmful pollutants. Learn more by visiting www.374water.com and follow us on LinkedIn.
Cautionary Language on Forward-Looking Statements
Certain statements in this communication are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements relate to future events or our future financial performance, including statements relating to the benefits of our recent financing, our ability to execute on our strategic plan, our hiring strategy, our positioning in the market, our ability to process a range of waste and contaminants at scale, the timing and success of our DaaS offering, the timing of the deployment of our AirSCWO system in Orange County, our ability to execute on our backlog and pipeline, and our future prospects and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or our achievements or those of our industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements may be identified by the use of words like "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "project," "consider," "predict," "potential," "feel," or other comparable terminology. The Company has based these forward-looking statements on its current expectations, assumptions, estimates, beliefs, and projections. While the Company believes these expectations, assumptions, estimates, and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control. These and other important factors, including those discussed under "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, as well as the Company's subsequent filings with the SEC, may cause actual results, performance, or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements herein are made only as of the date they were first issued, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
CONTACT:
Investor Contact:
Heather Crowell
[email protected]
Media Contact:
Christian Rizzo
[email protected]
SOURCE: 374Water, Inc.