Clean Tech Co. Takes 'Forever Chemicals' Solution to NY Conference

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Clean technology company BioLargo Inc. (BLGO:OTCQX), which has developed technology that removes "forever chemicals" from water down to non-detectable levels, will participate in a symposium on critical issues surrounding the contaminants in New York this month.

Also known as per- and polyfluoroalkyl substances (PFAS), forever chemicals are a group of thousands of synthetic chemicals used in everything from the linings of fast-food boxes and non-stick cookware to fire-fighting foams and other purposes.

BioLargo's Aqueous Electrostatic Concentrator (AEC) technology removes more than 99% of PFAS chemicals from water, the company has said.

BioLargo Advisor Cynthia Phillips is scheduled to participate and speak at the conference sponsored by Gabelli Funds on September 26 at The Harvard Club. Also at the event will be Zach Schafer, director of policy and special projects for the Office of Water of the Environmental Protection Agency, and representatives from water companies and utilities.

Richard Ryan wrote for Oak Ridge Financial noted in a research note in August that BioLargo has an AEC municipal project in Stockholm, N.J., with a targeted installation of November and "the pipeline of opportunities is large and growing."

"The large emerging market for PFAS removal and BLGO's growing validation in this opportunity should not be overlooked," the analyst wrote, rating the stock a Buy with a base case target price of US$0.38 per share. "Modeling expectations are difficult to time, but we endeavored to incrementally include PFAS-related revenues and developed a bull case Price Target of $0.50."

The Catalyst: Millions of People Exposed

The EPA finalized its standards on the PFAS earlier this year and classified two of the widely used ones as hazardous substances under the Superfund. First made in the 1930s, they are now found "widely in the food and water supply and in most people's blood," NPR reported.

High concentrations of some PFAS may lead to adverse health risks such as cancer, hormonal disruption, and reduced immune system effectiveness, although research is still being conducted. They are called "forever chemicals" because they break down very slowly. Tens of millions of people have been exposed.

BioLargo's AEC technology has been shown in pilot studies to meet the EPA's tough new specifications for PFAS in drinking water, the company said. The process separates the compounds in an electrostatic field, forcing them across a proprietary membrane system. The AEC's energy costs are very low, and its waste stream is a fraction of that of traditional carbon or ion exchange systems.

Testing has shown the technology removes the chemicals to a level of "non-detection," or a level at which science can no longer detect them, the company said.

'A Rewrite of the Story'

BioLargo is made up of several subsidiaries that work in different sectors, a "family of companies," including ONM Environmental, BioLargo Engineering, BioLargo Water, BioLargo Energy Technologies, Clyra Medical Technologies, and the new BioLargo Equipment Solutions & Technologies Inc. (BEST) subsidiary.

Other standout products include Pooph, a subsidiary ONM Environmental's pet odor control product, and a new long-lasting battery that the company said is safer than lithium-ion batteries.

Last month, the company announced a record US$5 million in revenues for the second quarter, a 247% increase for the same period from Q2 in 2023. For the six-month period, revenues came in at US$9.7, a 46% increase over the same period from last year,

"We believe, that with several promising quarters under their belt, a rewrite of the story is at hand," wrote Ryan for Oak Ridge. "The most recent quarter with solid positive cash flow from operations provides growing confidence."

New Appointment

BioLargo also announced this week that its subsidiary Clyra Medical Technologies had appointed former Mayo Clinic Gonda Vascular Wound Healing Center Director Dr. Steven J Kavros as its new chief medical officer.

Kavros spent over 20 years at the prestigious Mayo Clinic in Rochester, Minn., and was involved in both research and patient care. He was also an associate professor at the Mayo Clinic's Alix School of Medicine, BioLargo noted.

Negotiations continue with potential partners to distribute the company's copper-iodine would irrigation solution, Clyra, which has secured third-party FDA-compliant manufacturing capabilities. Ryan said Oak Ridge anticipates likely growth for the product in 2025.

"Dr. Kavros' unique blend of clinical expertise and business insight will prove invaluable to support our significant investments for at-scale manufacturing and distribution of our Bioclynse product," Clyra Chief Executive Officer Steve Harrison said. "His skills in leadership, team building, and entrepreneurship align perfectly with Clyra's vision and goals."

Ownership and Share Structure

About 14.6% of BioLargo is owned by insiders and management, according to Yahoo! Finance. They include Chief Science Officer Kenneth Code with 8.44%, CEO Calvert with 3.32%, and Director Jack Strommen with 1.64%, Reuters reported.

About 0.04% is held by the institution First American Trust, Reuters said.

The rest, about 85%, is retail.

Its market cap is US$75.15 million, with about 296.84 million shares outstanding and about 254.71 million free-floating. It trades in a 52-week range of US$0.45 and US$0.16.