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Transforming Waste Management: 374Water’s Year of Milestones and Global Sustainability Leadership
374Water's 2026 first half revenue exceeds $2.8M, more than doubling the Company's revenue for the same period last year. ... ·ACCESS Newswire·374Water Inc.
DURHAM, NC / ACCESSWIRE / December 21, 2023 / As the year draws to a close, 374Water(NASDAQ:SCWO), a global cleantech and social impact company, reflects on a transformative year marked by significant achievements. These milestones align closely with the U.S. Environmental Protection Agency's (EPA) intensified focus on addressing PFAS - toxic 'forever chemicals' contaminating our environment. From groundbreaking technology demonstrations to strategic partnerships and global recognition, the company has exhibited an unwavering commitment to environmental stewardship and innovation throughout 2023.
Following the first UN Water conference in 50 years, 374Water hosted SCWO Week, showcasing its revolutionary AirSCWO unit, which leverages supercritical water oxidation (SCWO). The event, held at its manufacturing partner's facility in Kokomo, Indiana, attracted over 400 guests, including prospective customers, analysts, investors, and media. The unveiling of the first commercial unit slated for deployment in Orange County, CA, marked a pivotal moment, emphasizing the company's commitment to addressing challenges with sustainable solutions for a global audience. This deployment signifies not only a new chapter for the company but also a groundbreaking era in global waste management.
Further emphasizing that commitment, 374Water formed an exclusive partnership with The Environmental Group Limited (EGL) for distribution in Australia and New Zealand. EGL is an exclusive distributor for 374Water's AirSCWO technology in the region, expanding the impact of this groundbreaking solution on environmental conservation.
"It has been a remarkable year for 374Water, marked by breakthroughs in technology, impactful collaborations, and a demonstrable growth trajectory that led to inclusion in the Russell 3000® and Russell Microcap® Indexes," said Jeff Quick, Interim CEO of 374Water. "Our progress in waste management and environmental solutions not only showcases our dedication to sustainable practices but also our role as pioneers in the industry. Leading the company during this transformational phase is a profound responsibility, and I feel privileged to play a part in scaling our business down more innovative paths to foster a cleaner and healthier future."
374Water also received a recommendation for funding from the Legislative-Citizen Commission on Minnesota Resources (LCCMR). The project aims to utilize the AirSCWO 6 system in St. Cloud to eliminate PFAS in biosolids and water treatment residuals.
Global recognition and awards have also adorned 374Water's achievements. The company was recently recognized in the UpLink, World Economic Forum's 'Yes San Francisco, Urban Sustainability Challenge' as one of the top innovators. The company also assumed a prominent role at WEFTEC 2023, the leading water and wastewater industry conference, winning the Innovative Technology Award for its AirSCWO technology, demonstrating a commitment to pushing the boundaries of innovation in sustainable waste management and water treatment.
The 374Water executive team also recently expanded with the appointment of Brad Meyers as the new Chief Operating Officer. Brad previously served as the company's Head of Manufacturing, as well as the Director of Engineering Services for NRTC Automation/NRTC Equipment Sales (NRTC) from 2022-2023.
"Our innovative approach has helped propel us to remarkable heights this past year, and as the new COO, I am committed to harnessing this momentum to further solidify our role as leaders in sustainable technology," said Meyers. "As we look to 2024, our focus is not only on strengthening our manufacturing capabilities and expanding our project pipeline but also on shaping a legacy of environmental stewardship for future generations."
The Company also announced transitions across the C-Suite with a search for a permanent CEO taking shape and the resignation of the current Chief Financial Officer, Israel Abitbol, who has accepted a new position at another company. The Board has appointed Adrienne Anderson, CPA, to fill this role. Ms. Anderson, who was previously part of 374Water's audit team, has extensive public company experience through her work as Audit Committee Chair of Nasdaq-traded SharpLink Gaming and her consulting firm, founded on helping companies prepare to go public.
Interim CEO, Jeff Quick, commented on changes to the Company's leadership team: "As we look back, we are grateful for all of the contributions from our team in developing the foundation to commercialize our groundbreaking technology. In particular, I want to thank Israel Abitbol for both his many contributions to the early years of the Company in both financial management and systems development, key focus areas for a growing business and appreciate his willingness to support the Company through its 10-K filing. As we look ahead, we are also excited by the opportunity to refresh the team and continue charging ahead with realizable growth and execution of our strategic vision on the horizon. We look forward to ensuring a seamless transition of management responsibilities."
About 374Water
374Water Inc. (NASDAQ: SCWO), a cleantech company, is leading innovation in waste and wastewater treatment, deploying advanced technology to transform challenges into sustainable solutions for both public and private sectors. 374Water's AirSCWO technology spearheads a novel approach in waste treatment, epitomizing our dedication to technological excellence. As we navigate the pathway of a circular economy, our mission extends beyond mere solutions, aiming to redefine waste management standards. Follow us on LinkedIn.
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