374Water partners with OC San to deploy the AirSCWO 6 system for advanced biosolid management, with potential future expansions.
Quiver AI Summary
374Water Inc. has announced advancements in the deployment of its AirSCWO 6 System at the Orange County Sanitation District Plant No. 1 in Fountain Valley, California. This collaboration aims to enhance waste management, as OC San processes over 180 million gallons of wastewater daily. The AirSCWO technology offers a modern solution for biosolids destruction, potentially eliminating the need for offsite biosolids reuse. The system is scheduled for manufacturing completion in March 2025, with delivery and integration planned soon after. 374Water will support the initial operations and training for OC San staff for one year, after which future expansion options, including upgrading to larger systems, may be considered. This partnership highlights OC San's commitment to innovative waste management practices.
Potential Positives
- 374Water's partnership with Orange County Sanitation reflects a significant advancement in waste management technology, showcasing the effectiveness of its AirSCWO systems.
- The deployment of the AirSCWO 6 system is projected to generate approximately $1.3 million in revenue, bolstering the company's financial outlook.
- The potential for future upgrades to larger AirSCWO systems demonstrates sustained business growth and opportunities for scaling operations.
- The collaboration is expected to highlight 374Water's innovative approach and could influence broader adoption of their technologies in the waste management sector.
Potential Negatives
- The reliance on the successful commissioning of the AirSCWO 6 system is highlighted, indicating that the company's immediate financial performance is contingent upon this project.
- Forward-looking statements emphasize uncertainties regarding future performance and operational results, which may lead to investor concerns about the company's stability and projections.
- The need for further upgrades and potential projects suggests dependency on the successful operation of prior systems, signaling potential operational risks in scaling up the technology.
FAQ
What is the AirSCWO system and its purpose?
The AirSCWO system is a technology for organic waste destruction, aimed at improving waste management and resource recovery practices.
When will the AirSCWO 6 system be operational at OC San?
The AirSCWO 6 system is scheduled to be operational at OC San by mid-2025, following completion of testing and site integration.
How does the partnership with OC San impact waste management?
This partnership allows OC San to potentially eliminate offsite biosolids reuse, enhancing their waste management and resource recovery capabilities.
What are the future expansion plans for the AirSCWO systems?
OC San plans to evaluate upgrading to the larger AirSCWO 30 system and potentially install up to five AirSCWO 200 units.
Why is 374Water a leader in waste treatment solutions?
374Water offers innovative technologies that address wastewater treatment issues, reduce disposal costs, and promote sustainable practices in various markets.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$SCWO Insider Trading Activity
$SCWO insiders have traded $SCWO stock on the open market 34 times in the past 6 months. Of those trades, 8 have been purchases and 26 have been sales.
Here’s a breakdown of recent trading of $SCWO stock by insiders over the last 6 months:
- YAACOV NAGAR has made 0 purchases and 26 sales selling 1,322,292 shares for an estimated $1,294,373.
- JAMES MICHAEL VANDERHIDER purchased 250,000 shares for an estimated $312,500
- CHRIS M GANNON (President & CEO) purchased 120,000 shares for an estimated $150,000
- RICHARD H DAVIS purchased 40,000 shares for an estimated $50,000
- MARC DESHUSSES purchased 32,000 shares for an estimated $40,000
- DEANNA RENE ESTES purchased 24,000 shares for an estimated $30,000
- BUDDIE J PENN purchased 20,000 shares for an estimated $25,000
- PETER MANDEL (General Counsel) purchased 10,800 shares for an estimated $13,500
- ADRIENNE ANDERSON (Chief Financial Officer) purchased 10,000 shares for an estimated $12,500
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$SCWO Hedge Fund Activity
We have seen 36 institutional investors add shares of $SCWO stock to their portfolio, and 21 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- HIGHBRIDGE CAPITAL MANAGEMENT LLC added 1,120,365 shares (+inf%) to their portfolio in Q4 2024, for an estimated $764,761
- ICON WEALTH ADVISORS, LLC removed 1,097,527 shares (-95.7%) from their portfolio in Q3 2024, for an estimated $1,492,636
- RAYMOND JAMES FINANCIAL SERVICES ADVISORS, INC. removed 170,899 shares (-31.7%) from their portfolio in Q3 2024, for an estimated $232,422
- JPMORGAN CHASE & CO added 136,753 shares (+109.8%) to their portfolio in Q4 2024, for an estimated $93,347
- TFO WEALTH PARTNERS, LLC removed 118,596 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $80,953
- MORGAN STANLEY added 103,775 shares (+127.3%) to their portfolio in Q3 2024, for an estimated $141,134
- GOLDMAN SACHS GROUP INC added 86,959 shares (+87.7%) to their portfolio in Q4 2024, for an estimated $59,358
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
Installation of Upgraded AirSCWO System with Plans to Upgrade to Larger AirSCWO 30 and Potential Installation of up to Five AirSCWO 200 Units
DURHAM, N.C., Feb. 13, 2025 (GLOBE NEWSWIRE) -- 374Water Inc. (NASDAQ: SCWO) (“374Water” or the “Company”), a global leader in organic waste destruction technology for municipal, federal, and industrial markets, today announced it has made significant progress in development of its systems and is providing an updated timeline for the deployment of its AirSCWO 6 System to the Orange County Sanitation (“OC San”) District Plant No. 1.
To improve its waste management and resource recovery practices, OC San is partnering with 374Water to deploy the Company’s groundbreaking AirSCWO technology. OC San processes over 180 million gallons of wastewater daily, serving over 2.6 million people. Currently, over 525 wet tons of Class B biosolids produced by OC San are transported to sites in California and Arizona for agricultural reuse every day. The AirSCWO system offers an advanced approach to biosolids destruction which in the future could allow OC San to eliminate the need for offsite biosolids reuse.
This updated timeline follows 374Water’s further AirSCWO system ruggedization, system design, process improvements, and upgrades made during the deployment to Orlando, FL. The Company has made system design and process improvements to meet OC San’s needs.
Project Plan for Orange County Sanitation
The AirSCWO 6 system deployment and payment schedule with OC San will follow the mutually agreed-upon timeline:
System Manufacturing:
The manufacturing of OC San’s AirSCWO 6 system is scheduled to be completed in March 2025.
Factory Acceptance Test (“FAT”)
: The FAT test is scheduled to be completed in May 2025. The FAT ensures the AirSCWO 6 system meets all OC San performance specifications prior to deployment.
System Delivery
: We are scheduled to mobilize and transport the AirSCWO 6 system from our manufacturing facility in Orlando, Florida, to OC San’s Plant No. 1 in Fountain Valley, California in May 2025.
Site Integration & Commissioning
: Immediately following mobilization, the AirSCWO 6 system will be commissioned on-site at OC San District Plant No. 1.
These combined milestones correspond to approximately $1.3 Million in projected revenue in the Q2 to Q4 periods of this year.
Operational Plan and Future Expansion
This AirSCWO 6 system deployment will be fully staffed with 374Water engineers and operators, who will manage the first six months of system operations. During this period, the Company will complete a Controlled Performance Study designed to evaluate the technical and operational parameters of the AirSCWO 6 system under critical commercial operating conditions. The 374Water team will also train OC San staff to operate the AirSCWO 6 system. Following this initial period, OC San staff will take over operations of the AirSCWO 6 system, supported by 374Water engineers for an additional six months. Upon one year of operations, OC San will evaluate results to determine the possibility of upgrading to the larger AirSCWO 30 system, which has a capacity of 30 wet tons of biosolids per day. Looking ahead, OC San envisions installing up to five AirSCWO 200 systems to handle solid waste from its Huntington Beach facility, marking a significant step in its long-term waste management strategy. This collaboration underscores OC San's commitment to innovative and sustainable resource practices, setting the stage for broader adoption of advanced waste destruction technologies in the future.
A Transformative Partnership
Rob Thompson, General Manager of the Orange County Sanitation District, shared his enthusiasm for the collaboration “We are excited about the transformative potential of AirSCWO waste destruction technology and our collaboration with 374Water. This partnership represents a significant step forward in evolving our waste management strategies.”
“OCSan is unique among wastewater utilities in its mission to not only provide critical public services to Southern California but also to advance both the industry and science of wastewater treatment.” added Chris Gannon, President and CEO of 374Water. “We are aligned with OCSan’s demand for innovation and pioneering approaches to wastewater treatment, and we are excited to continue to build upon this foundational partnership.”
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 can reduce or eliminate disposal costs, remove operational bottlenecks, reduce litigation, discharge and other risks. AirSCWO 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 products destruction capacity scale from 1 ton per day to over 200 tons per day. 374Water offers capital sale and lease options, as well as turn-key destruction services. 374Water is a leader in innovative waste treatment solutions, dedicated to creating a greener future and eradicating harmful pollutants. Learn more by visiting
www.374water.com
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LinkedIn
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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 timing to manufacture, test and mobilize our AirSCWO system to OCSan, our ability to destroy biosolids and other waste streams, OCSan purchasing additional AirSCWO systems, 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.
Investor Relations and Media Contact
Chris Tyson
Executive Vice President
MZ North America
Direct: 949-491-8235
SCWO@mzgroup.us
www.mzgroup.us
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