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DURHAM, NC - 374Water Inc. (NASDAQ:SCWO), a company specializing in organic waste destruction solutions, has announced the operational commencement of its AirSCWO technology at the City of Orlando's Iron Bridge Regional Water Reclamation Facility. This development signifies a pivotal moment for the company as it begins commercial biosolids processing and marks the integration of its technology into one of Florida's largest water reclamation facilities.
The AirSCWO system is designed to process biosolids and PFAS contaminated wastes efficiently and sustainably, aligning with the City's sustainability objectives. The technology operates by continuously processing biosolids from the plant-supplied waste activate sludge and is capable of handling other waste streams, reducing waste volumes and eliminating harmful contaminants.
The successful integration of the AirSCWO system into the Iron Bridge facility allows 374Water to showcase its technology's ability to destroy persistent organic pollutants, including PFAS. The Florida Department of Environmental Protection supported the installation with a grant under the Bilateral Infrastructure Law emerging contaminant funding.
Chris Gannon, CEO of 374Water, stated that the operational success in Orlando is crucial for demonstrating the technology's capacity to manage municipal, federal, and industrial organic waste streams at scale. The company is set to complete destruction demonstrations for multiple federal government contracts and demonstrate its capabilities to industrial customers using the AirSCWO system at the Orlando facility.
This announcement follows a previous update in July 2024 regarding the deployment of the AirSCWO technology to the Iron Bridge facility after its extended residency at the Merrell Bros' facility in Kokomo, IN. There, 374Water developed a continuously operable system and scalable technology.
Gannon expressed confidence in the technology's validation in commercial settings and anticipation for additional commitments across the United States, including a deployment to Orange County Sanitation (CA) slated for 2025.
374Water Inc., listed on NASDAQ as SCWO, continues to innovate in the cleantech space, focusing on wastewater treatment and waste management solutions within various markets. The company's AirSCWO technology aims to assist customers in meeting discharge requirements, reducing disposal costs, and mitigating litigation risks.
The information in this article is based on a press release statement from 374Water Inc. and does not include any speculative or promotional content.
InvestingPro Insights
As 374Water Inc. (NASDAQ:SCWO) commences the operation of its AirSCWO technology in Orlando, the company's financial health and market performance provide an essential backdrop for investors. With a market capitalization of 180.51 million USD, the company showcases its potential in the cleantech industry, despite facing challenges reflected in its financial metrics.
An InvestingPro Data point to note is the company's negative gross profit margin, standing at -614.11% over the last twelve months as of Q2 2024. This indicates that the cost of goods sold exceeds the revenue generated, which could be a concern for profitability. Additionally, SCWO's revenue has seen a significant decline, with a decrease of 90.45% during the same period. The company's P/E ratio is also in negative territory at -20.9, further underscoring the profitability challenges it faces.
On the strategic front, an InvestingPro Tip highlights that SCWO holds more cash than debt on its balance sheet, which provides some financial flexibility. This is a positive sign for the company's liquidity and may support its operational initiatives, such as the deployment of the AirSCWO technology. However, analysts have concerns about the company's performance, anticipating a sales decline and a drop in net income in the current year. Moreover, SCWO's stock has experienced significant volatility, with a notable price drop over the last week.
For investors looking for a more comprehensive analysis of 374Water Inc., InvestingPro offers additional insights and tips. As of now, there are 15 more InvestingPro Tips available for SCWO at https://www.investing.com/pro/SCWO, which can provide a deeper understanding of the company's financial health and market position.
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