374Water Business Summary

374Water Inc. (SCWO) is a cleantech social impact company that commercializes its proprietary AirSCWO technology, a supercritical water oxidation process that destroys organic waste and "forever chemicals" (PFAS) with over 99.99% efficiency. The company generates revenue through a three-pronged Waste Destruction Services (WDS) model, which includes recurring service fees from on-site permanent installations, off-site centralized partnerships with Treatment, Storage, and Disposal Facilities (TSDFs) like Crystal Clean, and mobile fleet operations. Additionally, the firm earns through direct capital equipment sales and leasing of its modular AirSCWO units to municipal, federal, and industrial clients. 374Water competes primarily with Fuel Tech (FTEK), LiqTech (LIQT), and specialized PFAS destruction firms like Revive Environmental, positioning itself as a disruptive, zero-emissions alternative to traditional incineration and landfilling providers such as Clean Harbors and Veolia. Founded by Duke University professor Marc Deshusses and chemical engineer Yaacov (Kobe) Nagar, the company is currently led by Interim President, CEO, and Chairperson Stephen J. Jones, the former CEO of Covanta (now Reworld). The executive team includes Chief Technology Officer Raj Melkote, a veteran of BayoTech Hydrogen and Honeywell, CFO Russell Kline, and COO Brad Meyers. The company’s strategic direction is supported by a board that recently added real estate investor and early backer Bradley R. Freels, financial expert Charles Weiser, and industry veteran Stephen H. McKnight. Notable institutional investors include Vanguard and BlackRock, while the founding team maintains significant insider ownership, reinforcing a long-term commitment to scaling the AirSCWO technology from demonstration projects to global utility-scale deployments.