The signed MOU with Houston-based real estate developer Midway will utilize 374Water's AirSCWO™ technology to contribute to a circular economy
DURHAM, NC / ACCESSWIRE / March 14, 2022 / 374Water Inc. (OTCQB:SCWO), a social impact cleantech company, has 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.
AirSCWO™ transforms the simplest and most complex wastes into valuable resources; its ability to recover these resources centers around its unique physical thermal process that uses the properties of water above its critical point. In these conditions, in the presence of oxygen, organics are rapidly converted to clean water, inert gasses, recoverable mineral salts and reusable heat. The disruptive technology provides a modern, sustainable approach to waste management. At Midway's future mixed-use developments, 374Water's solution will process the wastewater and food wastes generated at these properties into clean water, energy and minerals. These resources will then be reused within the community, creating a local circular economy.
"The solution planned for Midway properties will be one of the first of its kind in the world. Eliminating waste at the source is now a reality, and our technology is able at scale to meet the demands of new and resilient communities," said Kobe Nagar, Chairman and Chief Executive Officer of 374Water. "As more commercial properties and municipalities look to meet new Environmental, Social and Governance (ESG) goals, 374Water's compact, modular and decentralized system is providing a timely solution."
"Midway strives to be an industry leader in sustainability, and we are thrilled that this innovative wastewater management system will support our mission to thoughtfully incorporate progressive environmental solutions in our projects, from concept to development," said Brad Freels, Midway's Chairman and Chief Executive Officer. "This collaboration with 374Water demonstrates our commitment to ensuring a positive impact on communities where we invest and will enable us to deliver solid and sustainably built environments for decades to come."
374Water will begin its work with Midway to plan for the strategic implementation of the system as well as the conceptual design to meet the needs of new developments. The AirSCWO™ system will meet the waste demands based on the types of occupancy expected, water usage projections, anticipated waste generation and more. 374Water and Midway will further collaborate for funding and establishing individual project timelines.
To learn more about 374Water, visit www.374water.com
About 374Water:
374Water is a US-based cleantech, 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 sustainability goals. https://www.374water.com/
About Midway:
Houston-based Midway is a privately owned, fully integrated real estate investment, development and management firm that has provided the highest level of quality, service and value to clients and investors for over 50 years. Midway's portfolio of projects completed and/or underway consists of more than 45 million square feet of properties ranges from mixed-use destinations to office, industrial facilities, and master-planned residential communities. Midway continues to develop projects of distinction, aesthetic relevance and enduring value for investors, clients, and the people who live, work, and thrive in the environment they create. https://www.midway.team
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.
Company Contact:
374 Water:
Mr. Richard Davis
ir@374Water.com
(786) 412-7015
Investor Contact:
Hayden IR:
James Carbonara
(646)-755-7412
james@haydenir.com
Media Contact:
FischTank PR:
374water@fischtankpr.com
SOURCE: 374Water, Inc.
View source version on accesswire.com:
https://www.accesswire.com/692804/Innovative-Cleantech-374Water-to-Transform-Wastewater-and-Food-Waste-at-one-of-Houston-based-Midways-Future-Mixed-Use-Developments
