Business
374Water Q2 Revenue Increases 6,958% to $1.03 Million, Following Commercial Launch of AirSCWO(TM) 6 system into Multi-Billion Dollar Sustainable Wet Waste Management Market
DURHAM, NC / ACCESSWIRE / August 4, 2022 / 374Water Inc. (NASDAQ:SCWO), a global cleantech and social impact company, today provided a business update and
About this update from 374water Inc.
[{"type":"text","content":"DURHAM, NC / ACCESSWIRE / August 4, 2022 / 374Water Inc. (NASDAQ:SCWO), a global cleantech and social impact company, today provided a business update and reports its financial results for the quarter ended June 30, 2022.The second quarter was marked by meaningful progress. Q2 and YTD Highlights:Revenue for the second quarter of 2022 was $1.03 million compared to $14,600 for the same quarter of 2021, an increase of 6,958%.374Water and its manufacturing partner Merrell Bros., advanced the development of the AirSCWO™ 6 system - a decentralized, prefabricated, compact, and modular solution for sustainable wet waste management. Manufacturing of the first commercial unit, which has already been sold, is underway and expected to be completed in Q4 2022.Uplisted to the Nasdaq Capital Market (\"Nasdaq\") under the symbol SCWO.Entered into a Memorandum of Understanding (MOU) with Midway, the Houston-based real estate investment, development and management firm, whereby 374Water will provide innovative sustainable wastewater management systems for the company's future mixed-use developments.Established 374Water Sustainability Israel LTD, representing 374Water's first global subsidiary. The company is launching this new subsidiary as a sustained initiative to expand its presence and conduct business with partners in Israel. The formation of the subsidiary follows the Binational Industrial Research and Development (BIRD) Foundation's selection of 374Water to receive a $900,000 grant for a cleantech project with Environmental Services Company, Ltd. in IsraelAnnounced that Orange County Sanitation District (\"OC San\"), of Fountain Valley, California, has purchased the first municipal AirSCWO™ system as part of an agreement to demonstrate a commercial-scale system to treat raw primary and secondary sludge, biosolids, and food waste.Appointed Israel Abitbol, CPA to Chief Financial Officer (CFO); John Hofmann, CPA to Senior Vice President and Sudhakar Viswanathan as Vice President of Sales.Appointed four new members of the Board of Directors: The company added the Honorable BJ Penn, Ms. Rene Estes, Mr. Itzik Polad and Mr. Jim Vanderhider as independent directors to the company board.Kobe Nagar, CEO of 374Water Inc. commented,\" The first half of 2022 has been transformational for 374Water. After almost a decade of R&D, testing, and validation a...