PowerVerde Inc. completes its merger with 374Water to accelerate delivery of cleantech to eliminate PFAS and recovery resources from waste and wastewater.
PowerVerde Inc. OTCQB ("PWVI"), a Florida-based energy systems developer, and 374Water Inc. ("374Water"), a North Carolina-based cleantech company, today announced the completion of the merger contemplated by their binding LOI executed Sept 20, 2020. The merger will accelerate the delivery of a waste and water resource recovery system that will enable municipal, industrial waste, and wastewater management organizations to address the growing risk of 'forever chemicals' PFAS contamination, while also recovering precious natural resources.
Subject to the terms and conditions set forth in the merger agreement, PWVI is issuing new shares of PWVI stock to 374Water shareholders and closing its $6.4 million private placement of Series D convertible preferred stock such that 374Water shareholders will own approximately 49.1% of the combined company, PWVI shareholders will own approximately 34.4% and the preferred stock investors will own approximately 16.5%. The merged company will be named 374Water Inc. and will likely trade under the symbol SCWO, an acronym for supercritical water oxidation.
The merger of 374Water and PowerVerde will advance the global paradigm shift from water and waste treatment to resource recovery. 374Water's patent-pending Supercritical Water Oxidation system, the "AirSCWO", is a superior, sustainable, and cost-effective technology applicable to municipal wastewater and industrial waste management facilities and we believe it is the best technology to address the growing forever chemical crisis. Our system will efficiently treat waste at the source, convert waste to recoverable and reusable resources, and eliminate PFAS and other emerging contaminants," said Kobe Nagar, CEO of 374Water, the merged company. "The merger with PowerVerde allows us to vertically integrate their heat recovery technology into our system, allowing us to maximize our environmental and social impact outcomes around the world".
The AirSCWO uses an advanced oxidation method that purifies a variety of organic wastes, in particular, wet wastes in concentrated slurries such as wastewater sludge, biosolids, and agricultural, pharmaceutical, food, and chemical wastes.