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…
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