Clean Tech Co.'s CEO Appointed to US Green Trade Committee

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Clean technology company BioLargo Inc.'s (BLGO:OTCQX) President and Chief Executive Officer Dennis P. Calvert has been appointed by the U.S. secretary of Commerce to serve on the Environmental Technologies Trade Advisory Committee (ETTAC), the company announced.

The committee serves as an advisory body to the Environmental Trade Working Group (ETWG) of the Trade Promotion Coordinating Committee (TPCC), which reports through Commerce Secretary Gina Raimondo in her capacity as Chair of the TPCC, on trade policies and programs affecting the U.S. environmental technology industry, including programs to promote export of environmental technologies and services.

ETTAC members are selected from industry-leading companies across sectors including water and wastewater treatment, air quality control, and solid waste management and recycling, BioLargo said in a release.

"American innovators lead the world in the development of newer and better environmental technologies to address challenges such as sustainable water treatment targeting emerging contaminants like per- and polyfluoroalkyl substances (PFAS)," Calvert said. "Now is the time to promote the export of these technologies around the world to address these global issues."

Raimondo said the U.S. environmental technologies sector represents US$432 billion in revenue and employs 1.8 million American workers, "making it a vital industry for driving innovation and positioning the United States as a global leader in environmental technologies. I look forward to receiving the committee's recommendations on approaches for how the Department can continue supporting the competitiveness of American environmental technologies."

Company's Tech Removes More than 99% of PFAS Chemicals

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.

Also known as "forever chemicals," PFAS 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.

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

Richard Ryan wrote for Oak Ridge Financial noted in a recent research note that BioLargo has an AEC municipal project in Stockholm, N.J., and its "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."

CEO: Each Subsidiary Has Potential to Disrupt Markets

Last month, BioLargo announced its 2024 revenues through September 30 were 80% greater than in the same period last year and its third-quarter 2024 revenue of US$4.4 million increased 63% as compared to the third quarter of 2023.

"With one quarter still remaining, we've already secured a revenue record for 2024, making it our 10th consecutive year of record-setting growth," Calvert said then. "At the same time, we believe this growth is a mere fraction of our true potential. Each of our subsidiaries has huge potential to disrupt their respective markets and improve lives around the world. Based on our track record of growth and adoption in new business segments underway, we believe 2025 could shape up to be another record year."

PFAS remediation is starting to see federal and state funding being allocated, Oak Ridge Financial Analyst Richard Ryan said in a November 18 updated research note in which he affirmed his Buy rating on the stock with a base case price target of US$0.38 per share.

"The dangers of PFAS are well documented, and this will become an ever-increasing area of attention," the analyst wrote. "BLGO's pipeline of PFAS potential projects has grown significantly as customers become more comfortable with its novel technology and as final EPA regulations for remediation are released."

The large "emerging market for PFAS removal and BLGO's growing validation in this opportunity should not be overlooked," Ryan noted. "Modeling expectations are difficult to time, but we endeavored to incrementally include PFAS-related revenues and developed a bull case Price Target of US$0.50."

The Catalyst: Tens of Millions Exposed

The EPA finalized its standards on 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.

According to Prophecy Market Insights, the global PFAS filtration market size is projected to grow from US$2 billion this year to US$3.7 billion by 2034.

"PFAS has grown to be a major environmental problem due to their persistence and possible health hazards, demanding the need for efficient filtration methods," researchers wrote. "PFAS are characterized by their carbon-fluorine bonds which are among the strongest chemical bonds known for that it makes these substances extremely resistant to degradation."

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 8.32%, CEO Calvert with 3.27%, and Director Jack Strommen with 1.62%, Refinitiv reported.

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

The rest, about 85%, is retail.

Its market cap is US$57.83 million, with about 301.8 million shares outstanding and about 259.05 million free-floating. It trades in a 52-week range of US$0.45 and US$0.16.