LCCMR Recommends 374Water Project for Environmental and Natural Resources Trust Fund Allocation

Rhea-AI Summary

374Water project receives funding approval for PFAS destruction study in Minnesota

Positive

• The project involving 374Water has received approval for funding from the Legislative-Citizen Commission on Minnesota Resources (LCCMR)
• The project aims to utilize 374Water's SCWO system to eliminate PFAS in biosolids and water treatment residuals
• The initiative will enable a comprehensive evaluation of PFAS destruction efficiency and explore options for disposing or reusing treated water and solids

Negative

• None.

DURHAM, NC / ACCESSWIRE / September 19, 2023 / A project involving 374Water (NASDAQ:SCWO), a global cleantech and social impact company, recently received approval for funding from the Legislative-Citizen Commission on Minnesota Resources (LCCMR). The team's study, "Breaking the PFAS Cycle with a Full-Scale Demonstration" was selected for inclusion in the LCCMR's annual recommendations to the Minnesota Legislature on how to allocate proceeds from the state's Environment and Natural Resources Trust Fund. 374Water is part of a project team comprised of Barr Engineering Co. in Minneapolis, MN; University of St. Thomas in St. Paul, MN; Minnesota Technical Assistance Program (MnTAP) at the University of Minnesota in Minneapolis, MN; and City of St. Cloud, MN.

The project will utilize 374Water's commercial AirSCWO 6 supercritical water oxidation (SCWO) system to eliminate PFAS in biosolids and water treatment residuals. The system eliminates harmful chemicals, including PFAS (Per- and polyfluoroalkyl substances) and other biohazards found in a variety of wastes, and recovers energy, minerals, and clean water, which could aid municipalities and citizens throughout Minnesota impacted by this new generation of emerging contaminants. The initiative will enable a comprehensive evaluation of PFAS destruction efficiency and explore options for either disposing of or reusing the treated water and solids. The goal of this public-private partnership is to evaluate the ability of SCWO to destroy PFAS in a range of wastes while remaining energy neutral.

According to Andy McCabe, the project manager with Barr Engineering Co., "This study represents a significant shift from theoretical research to practical engineering applications. We are not just focusing on the logistics of an operational treatment system, but on delivering tangible benefits to the communities we serve."

David Garb, the equipment and operations manager at 374Water Inc., adds, "Our project is set to empower the state of Minnesota with first-hand information into the effectiveness of PFAS destruction technologies. We are honored to receive this recommendation as an indication of how serious Minnesota and the LCCMR is taking the threats of emerging contaminants and water pollution. AirSCWO is the right technology at the right time as communities across the state face increasing challenges in water treatment and waste management."

The project is one of 101 included in the LCCMR's recommendation following its 2024 Request for Proposals (RFP), in which they received over 200 proposals requesting a total of approximately $174 million. From this reduced pool, 101 proposals received a recommendation to the Legislature for some portion of the $79,644,000 available. The LCCMR will meet on November 16, 2023 to finalize these recommendations. Additional information on the LCCMR and its 2024 provisional recommendations process can be found online at www.lccmr.mn.gov.

The Environment and Natural Resources Trust Fund (ENRTF) is a permanent dedicated fund in the Minnesota state treasury that was established by 77% voter approval of a constitutional amendment in 1988. The amendment directs forty percent of the net proceeds of the Minnesota State Lottery into the ENRTF until the year 2025. Since 1991, approximately $875 million from the ENRTF has been spent on over 1,800 projects that protect and enhance Minnesota's environment and natural resources in every county of the state.

About 374Water

374Water Inc. (NASDAQ:SCWO) is a global cleantech and social impact company whose mission is to preserve a clean and healthy environment that sustains life. We are pioneering a new era of sustainable waste management that supports a circular economy and enables organizations to achieve their environmental, social, and governance (ESG) and sustainability goals. Follow us on LinkedIn.

Cautionary Language

This press release contains "forward-looking statements," as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning.

Investor Contact:

Heather Crowell
ir@374water.com

Media Contact:

Christian Rizzo
media@374water.com

SOURCE: 374Water Inc.

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