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MORRISVILLE, N.C. - 374Water Inc. (NASDAQ:SCWO), a $58.46 million market cap company specializing in sustainable waste treatment solutions, has secured an agreement with the City of Olathe, Kansas for the sale and deployment of its AirSCWO 6 system and a full-scale pre-treatment and dewatering system, the company announced Tuesday. According to InvestingPro data, the company maintains a strong balance sheet with more cash than debt.
The deal, valued at approximately $4 million over the next two years, will enable Olathe to evaluate the Supercritical Water Oxidation (SCWO) process at its wastewater treatment facility as a potential alternative to traditional sludge management methods such as land application and landfill disposal. The contract represents a significant opportunity for 374Water, which has shown impressive momentum with a 54.19% price return over the past six months. InvestingPro analysis suggests the stock is currently trading below its Fair Value.
The city will use the system to treat various waste streams over a six-month period, after which officials will assess the potential for scaling the technology at their facility. The project will also collect data on the system’s capability to remove contaminants like PFAS and other persistent organic pollutants from wastewater sludge.
"Partnering with 374Water allows Olathe to explore innovative sludge management strategies that prioritize sustainability and efficiency," said Sabrina Parker, City of Olathe Water and Sewer Manager, in a press release statement.
Stephen Jones, Interim CEO of 374Water, described the project as "a critical step in evaluating AirSCWO technology as a scalable and environmentally responsible solution for municipal wastewater treatment."
The AirSCWO system is designed to destroy and mineralize organic wastes, producing dischargeable water streams, mineral effluent, vent gas, and recoverable heat energy.
The 30 wet tons per day pre-treatment and dewatering system is being deployed in anticipation of potential future purchases, according to the company’s announcement.
In other recent news, 374Water Inc. has filed a preliminary proxy statement for a Special Meeting of Stockholders to seek approval for a reverse stock split, with a proposed ratio between 1-for-8 and 1-for-20. If approved, the stock will trade on a split-adjusted basis starting December 26, 2025. Additionally, the company has appointed Stephen J. Jones as interim President and CEO, following the departure of Chris Gannon. Jones will oversee the commercialization of the company’s supercritical water oxidation technology while a search for a permanent CEO is conducted. In another leadership update, Jim Siccardi has been appointed as Senior Vice President of Investor Relations, bringing over 20 years of experience to the role. The company also announced that several insiders, including board members and senior management, have purchased shares of 374Water, signaling confidence in the company’s AirSCWO technology. Furthermore, 374Water successfully destroyed toxic PFAS in landfill leachate using its AirSCWO system, achieving over 99.99% destruction of the compounds. These developments highlight the company’s ongoing efforts in technology commercialization and leadership restructuring.
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