374Water Awarded Aqueous Film-Forming Foam Destruction Contract by the State of North Carolina

Rhea-AI Summary

374Water Inc. (NASDAQ: SCWO) has secured a contract from the State of North Carolina for the destruction of Aqueous Film-Forming Foam (AFFF). The project is part of North Carolina's 60,000-gallon AFFF destruction initiative, representing one of the largest state-led PFAS disposal efforts.

The contract will be executed in two phases: Phase 1 involves treating 1,000 gallons of AFFF, with potential for an additional 28,000 gallons in Phase 2. The company's AirSCWO technology has demonstrated >99.99% destruction and removal efficiency for PFAS waste streams.

This initiative aligns with North Carolina's Responsible Firefighting Foam Management Act (H370) of the 2023-2024 Session and marks a significant step in addressing PFAS contamination. The company will provide Waste Destruction Services (WDS) to the University of North Carolina at Chapel Hill Collaboratory as part of this effort.

Positive

• Secured major contract with State of North Carolina for AFFF destruction
• Potential to treat up to 29,000 gallons of AFFF in total
• Demonstrated >99.99% PFAS destruction efficiency rate
• Part of one of the largest state-led PFAS disposal initiatives

Negative

• Initial phase to only 1,000 gallons
• Second phase treatment of 28,000 gallons not guaranteed

Insights

Environmental Technology Analyst

This contract represents a significant commercial validation for 374Water's AirSCWO technology in the growing PFAS remediation market. The two-phase structure - starting with 1,000 gallons and potentially expanding to 29,000 gallons total - allows North Carolina to verify the technology's claimed >99.99% destruction efficiency before full-scale implementation.

The strategic importance outweighs immediate financial impact (which wasn't disclosed). As part of North Carolina's 60,000-gallon AFFF destruction initiative, 374Water could potentially handle nearly half of the state's total PFAS foam inventory - establishing them as a major solution provider in what the company describes as "one of the most ambitious state-led PFAS disposal efforts to date."

For a company with a $50.3 million market cap, securing a state government contract creates valuable credibility and demonstrates commercial traction. This positions 374Water to compete for similar contracts as other states implement PFAS remediation programs in response to the Responsible Firefighting Foam Management Act and similar legislation.

The recently launched Waste Destruction Services offering shows 374Water transitioning from technology development to commercial operations. Their ability to secure this contract with their home state of North Carolina leverages their established regional relationships while showcasing their solution to a national audience.

Government Contracting Specialist

This contract award represents an important milestone in the public-private approach to environmental remediation. The structure reveals a prudent, phased implementation strategy by North Carolina - starting with a 1,000-gallon pilot before potentially expanding to the full 29,000 gallons. This reflects standard government procurement practices for emerging technologies, allowing performance verification before larger commitments.

The timing aligns with North Carolina's Responsible Firefighting Foam Management Act (H370), demonstrating how regulatory frameworks create commercial opportunities for solution providers like 374Water. The contract's focus on AFFF - which has been essential for fighting flammable liquid fires but contains persistent PFAS chemicals - highlights the complex balance between immediate safety needs and long-term environmental protection.

For investors, government contracts offer stability and reputational benefits but often come with performance contingencies, as evidenced by the two-phase structure. The contract's potential to treat 48.3% of North Carolina's 60,000-gallon initiative suggests competitive differentiation for 374Water's technology.

While financial terms weren't disclosed, the contract's strategic value extends beyond immediate revenue. Success could create a replicable model for other states implementing similar PFAS mitigation programs, potentially establishing 374Water as a preferred vendor in a specialized but growing market segment within environmental remediation services.

Up to 29,000 Gallons Total of AFFF to be Treated by AirSCWO

Major Step Forward in the Removal of Harmful Per- and Polyfluoroalkyl Substances (PFAS) From Firefighting Foam

DURHAM, N.C., March 26, 2025 (GLOBE NEWSWIRE) -- 374Water Inc. (NASDAQ: SCWO) (“374Water”) (the “Company”), a global leader in organic waste destruction technology for the municipal, federal, and industrial markets, is pleased to announce that it has been awarded a contract by the State of North Carolina for the destruction of Aqueous Film-Forming Foam (“AFFF”). We recently announced the launch of our Waste Destruction Services (“WDS”), and are thrilled to be providing WDS to the University of North Carolina at Chapel Hill Collaboratory.

North Carolina’s 60,000-gallon AFFF destruction initiative stands as one of the most ambitious state-led per- and polyfluoroalkyl substances (“PFAS”) disposal efforts to date. AFFF has been a critical tool in combating flammable liquid and gas fires, including petroleum, greases, tars, oils, oil-based paints, solvents, and alcohols. 374Water intends to destroy AFFF, secured by the State of North Carolina as part of their State take-back program, per North Carolina’s Responsible Firefighting Foam Management Act (H370) of the 2023-2024 Session. 374Water’s first phase intends to treat 1,000 gallons of AFFF. If selected for the second phase, 374Water could treat up to an additional 28,000 gallons of AFFF. This initiative demonstrates a strong commitment to eliminating PFAS contamination at scale while setting a precedent for future large-scale environmental remediation projects.

“We have a long history of working with a wide range of partners across the State to demonstrate organic waste destruction capabilities, including Duke University, various local utilities and water and wastewater municipalities, as well as industrial and federal partners,” said Sunny Viswanathan, VP of Sales for 374Water. “374Water specializes in the destruction of organic waste streams including concentrated PFAS waste streams, and our AirSCWO system has consistently shown PFAS >99.99% destruction and removal efficiency.”

Chris Gannon, CEO of 374Water, added, “This award marks a significant win for both 374Water and the State of North Carolina, and is a crucial step towards solving the PFAS problem that exists in North Carolina and across the United States. PFAS remains a headline issue for the State, and we are a leader in the field of PFAS destruction.   Our roots are deep in the State of North Carolina, and this award gives us the chance to do the right thing for the citizens and the State.

“Through this partnership, we continue to solidify our role as a trusted leader in sustainable waste destruction, providing innovative solutions to address one of the most pressing environmental challenges of our time. By leveraging our cutting-edge AirSCWO technology, we are helping North Carolina take meaningful action against PFAS contamination and setting a new standard for responsible waste management nationwide. As the project progresses, we look forward to collaborating with stakeholders to expand the reach of our technology and contribute to a cleaner, safer future for communities across the country and beyond,” concluded Gannon.

374Water Corporate Video

For more information about 374Water and its innovative solutions, the company has released a new corporate video that can be viewed at 374water.com or YouTube.

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 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 technology has the potential to assist its customers to meet discharge requirements, reduce or eliminate disposal costs, remove bottlenecks, and reduce litigation and other risks. 374Water continues to be a leader in innovative waste treatment solutions, dedicated to creating a greener future and eradicating harmful pollutants. Learn more by visiting and follow us on LinkedIn.

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 whether we will be awarded future large scale remediation projects, including from the State of North Carolina, and our ability to destroy AFFF and other waste streams at scale, 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

FAQ

What is the size of 374Water's AFFF destruction contract with North Carolina?

The contract includes an initial phase to treat 1,000 gallons of AFFF, with potential for up to 28,000 additional gallons in phase two, totaling 29,000 gallons.

What is the destruction efficiency rate of SCWO's AirSCWO technology for PFAS?

374Water's AirSCWO system demonstrates >99.99% destruction and removal efficiency for PFAS waste streams.

Which legislation supports SCWO's AFFF destruction contract in North Carolina?

The contract is supported by North Carolina's Responsible Firefighting Foam Management Act (H370) of the 2023-2024 Session.

Who will 374Water (SCWO) provide Waste Destruction Services to under this contract?

374Water will provide Waste Destruction Services to the University of North Carolina at Chapel Hill Collaboratory.