Cleantech and services company (NASDAQ: SCWO) commercializing AirSCWO, a supercritical water oxidation technology that destroys hazardous and non-hazardous organic contaminants, including PFAS "forever chemicals," in wastewater, sludges, and other waste streams, converting them into clean reusable water, inert minerals, and recoverable energy. The technology was invented at Duke University. Formed in 2018, the company went public through an April 2021 reverse merger with PowerVerde and uplisted to the Nasdaq Capital Market in June 2022. Headquartered in Morrisville, NC, it serves industrial, federal, and municipal customers.
At a glance
Founded: 2018
HQ: Morrisville
Sector: Climate
Team size: 48 (2025)
Affiliation: Duke
Overview
Cleantech and services company (NASDAQ: SCWO) headquartered in Morrisville, NC. Its AirSCWO supercritical water oxidation technology destroys organic contaminants, including PFAS, AFFF, and spent PFAS-capture media, in wastewater, sludges, and biosolids, converting them into clean water, inert minerals, and recoverable energy. Formed 2018; went public via an April 2021 reverse merger with PowerVerde and uplisted to Nasdaq in June 2022.
AirSCWO applies supercritical water oxidation: above water's critical point, organics oxidize completely, breaking the carbon-fluorine bonds that make PFAS persistent. Waste streams handled include sludge and biosolids, AFFF firefighting foam and rinse water, spent granular activated carbon (GAC) and ion-exchange (IX) resin used to capture PFAS, and landfill leachate.
As a Nasdaq-listed company (SCWO), 374Water reported FY2025 revenue of about $215K against a net loss of $21.0M, with $3.2M cash at year-end 2025; Q1 2026 revenue was about $551K against a $4.6M net loss, with cash of $447K. It completed a 1-for-10 reverse stock split in December 2025 to maintain Nasdaq listing compliance and registered a shelf offering of up to roughly $50M the same month. Market capitalization was about $35M in early July 2026.
Co-founded out of Duke by Marc Deshusses (the AirSCWO patent inventor and the company's first CTO, 2018-2022) and Yaacov (Kobe) Nagar. Danny Bogar became president and CEO effective February 2026, succeeding Christian Gannon; Adrienne Anderson serves as interim CFO. The board and executive team were substantially reconstituted between mid-2025 and early 2026.
First commercial contract signed in 2022 with the Orange County Sanitation District (OC San) in southern California; manufacturing is based in Kokomo, Indiana (company-attested). Named customers in the FY2025 10-K span industrial, federal, and municipal segments: the UNC-Chapel Hill Collaboratory, Crystal Clean, the City of Orlando, Olathe (Kansas), the U.S. Department of Defense, and Peterson Space Force Base, with a deployment at the Iron Bridge facility in Oviedo, FL.
The technology was invented at Duke University. Co-founder Marc Deshusses, a Duke professor of civil and environmental engineering, has been principal investigator on the Duke supercritical-water-oxidation project since 2013 and is the AirSCWO patent inventor; the program began under the Gates Foundation 'Reinvent the Toilet' sanitation challenge. The UNC-Chapel Hill Collaboratory is among its named customers.
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