News

September 29th, 2020

PowerVerde Inc. and 374Water Inc. Sign a Binding Letter of Intent to Merge

PowerVerde Inc. and 374Water Inc. Sign a Binding Letter of Intent to Merge

 

MIAMI, FL: PowerVerde Inc. OTCQB (“PWVI”), a Florida-based energy systems developer, and 374Water Inc. (“374water”), a North Carolina-based social impact, cleantech company, today announced that they have executed a binding Letter of Intent (“LOI”) to merge. The combined company will offer a water and waste resource recovery system using Supercritical Water Oxidation (“SCWO”) and a proprietary heat recovery and expander system based on PowerVerde’s wet steam cycle.

 

Subject to the terms and conditions set forth in the LOI, PWVI will issue new shares of PWVI stock to 374Water shareholders such that 374Water shareholders will own approximately 60% of the combined company, and PWVI shareholders will own approximately 40%. The merger is subject to adjustments and the achievement of certain milestones and satisfaction of conditions by both parties prior to closing, including the raising of additional capital.

 

“The merger of our two companies will be a transformative event for PowerVerde shareholders, allowing us to expand beyond our heat-to-energy systems into a complete clean tech solution with worldwide sales potential”, said Daniel Bogar, President of PowerVerde.

 

374water was spun out of Duke University where the company founders Kobe Nagar and Marc Deshusses have developed a novel AirSCWO system (patent pending) to overcome the limitations of other attempts to commercialize supercritical water oxidation at an industrial scale. The pilot system on the Duke campus has been extensively tested over the last six years with funding and support of the Bill and Melinda Gates Foundation and the Department of Defense.

 

“The merger of 374water and PowerVerde will advance the global paradigm shift from waste treatment to resource recovery. SCWO is a superior, sustainable and cost-effective technology applicable to urban and rural communities and industrial waste generators. Our system will efficiently treat waste at the source and will stop spreading pollution, “said Kobe Nagar, CEO of 374Water. “Our employees and business partners are excited to start deploying systems, using waste as the ultimate resource to produce clean water, energy and minerals”.

 

PowerVerde has been working as a strategic partner with 374water after being selected during a global search for a company capable of providing a heat recovery and expander system to convert the exothermic heat produced by 374water’s SCWO process into usable electricity.

 

“Supercritical water oxidation is an incredible solution for the billions of people in this world who are suffering from environmental pollution created by antiquated methods of treating and disposing of waste. This merger with 374Water will allow our combined company to provide a truly disruptive technology that helps sustain life,” stated Richard (Rick) Davis, CEO of PWVI.

 

Cautionary Language

 

This merger is still subject to a number of conditions and all forward-looking statements made are subject to risks and uncertainties that could cause actual results to differ materially from those projected.

About PowerVerde, Inc.

 

PowerVerde Inc., is a publicly traded energy systems developer, focusing on energy efficiency and waste heat recovery using organic Rankine cycle and unique wet steam cycle technology. Leveraging its proprietary designs, technology and strategic alliances, PowerVerde expects to commercialize distributed power systems in the under 500 kW class that perform at industry-leading levels.

 

About 374Water, Inc.

 

374Water’s mission is to support a clean and healthy environment to sustain life. 374 is reinventing the world’s current wastewater treatment systems using cutting edge science to recover resources from the waste our society generates and keep our drinking water clean. This transformative solution will help businesses and local governments make their Sustainable Development Goals (SDGs) a reality.

August 10th, 2020

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June 5th, 2018

PowerVerde Discusses the Financial Impact of the Planned Commercialization of the Supercritical Water Oxidation (SCWO) Project

MIAMI, June 5, 2018 /PRNewswire/ -- PowerVerde Inc. 0TCQB (PWVI), A Florida based energy systems developer, discusses our relationship concerning the transition of the SCWO project, previously announced as a research project, to a for-profit company. PowerVerde (PWVI) will be a commercial partner of this newly formed enterprise, selected to design, build and test an advanced energy recovery expander. This is a critical component of the SCWO bioreactor.

The SCWO system consists of two main parts; a bioreactor that decomposes human or animal waste within seconds into clean, pathogen-free potable water. This phenomenon occurs when the fecal sludge is pumped and compressed to supercritical conditions of 3500 psi and 800F. Significantly, the energy content of the sludge (think of it as a fuel source) is released during decomposition resulting in an energy rich gas that can be converted into usable electricity. 

The second part of the system consists of the energy recovery module that converts the high temperature, energy-rich gas leaving the bioreactor, to reliable electric power. There is enough "fuel" energy in the sludge to produce sufficient power offsetting the internal system loads, namely the pump and compressor. Thus, the operation of the SCWO bioreactor is at or near self-sustaining, minimizing the need for any supplemental fuel or power. Ultimately, the goal will be to actually produce net electricity.  This highlights the vital role played by the energy recovery module, at the heart of which is PowerVerde's expander technology.

There is a huge global demand for technology like this, especially in the many under-developed countries that lack basic sanitation facilities. The byproducts of these bioreactors - clean water and electricity are sorely needed in these communities. Because of the success of the SCWO project and a prototype bioreactor currently demonstrating commercial readiness, the decision was made to accelerate the commercial introduction of this technology through a for-profit company. 

This is potentially a transformative event for PowerVerde, as it partners with this company to sell its heat-to-energy systems. With two SCWO systems already scheduled for deployment next year and, providing PowerVerde delivers this advanced expander, the success of this SCWO commercial launch directly influences PowerVerde's financial success. 

Looking ahead, the possible sale of 100 expander systems could result in revenue of $40 million or more to PowerVerde. With development funds being provided to PowerVerde by the new company, along with anticipated investments from new investment groups, PowerVerde is confident it can capitalize on this lucrative opportunity.

Cautionary Language 
All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected.

About PowerVerde, Inc.
PowerVerde Inc., is an energy systems developer focusing on energy efficiency and waste heat recovery using organic Rankine cycle and unique wet steam cycle technology. Leveraging its proprietary designs, technology and strategic alliances, PowerVerde expects to commercialize distributed power systems in the under 500 kWe class that performs at industry-leading levels.

Contact Information
Richard H. Davis
http://www.PowerVerdeEnergy.com
(786) 412-7015

April 5th, 2018

Energy Systems Provider PowerVerde to Supply Technology for Supercritical Water Oxidation (SCWO) Sanitation Project

MIAMI, April 5, 2018 /PRNewswire/ -- PowerVerde Inc. OTCQB (PWVI), a Florida based energy systems developer, has been selected to provide the expander technology for a project addressing sanitation needs on a global scale.

MIAMI, April 5, 2018 /PRNewswire/ -- PowerVerde Inc. OTCQB (PWVI), a Florida based energy systems developer, has been selected to provide the expander technology for a project addressing sanitation needs on a global scale.

Researchers at Duke University have developed a supercritical water oxidation (SCWO) sanitary treatment system. This system is the world's first reduction to practice of the SCWO technology for the intended purpose of bringing sanitary toilet facilities to people worldwide. It is estimated that 900 million people do not have access to sanitary toilet infrastructure.

PowerVerde was selected to design a 60 kWe expander for its demonstrated high-pressure capability, a prerequisite for operation at supercritical conditions.

SCWO is a known thermodynamic process that decomposes (oxidizes) solid waste to pathogen-free byproducts; clean water, carbon dioxide and nitrogen. The process occurs when the waste sludge is pressurized and heated above the supercritical state (218 ATM., 374 C). An exothermic chemical reaction uses the heating value of the sludge (15 MJ/kg) to heat the surrounding supercritical gas. For a village of 6000 people, it is estimated that 57kWe is needed as input for the sludge pump and air compressor components. Recapturing a major portion of this energy using PowerVerde's 60 kWe expander improves sustainability and the value proposition of the project. This is particularly important in non-grid connected locations typically found in under-developed countries.

About PowerVerde, Inc.
PowerVerde Inc., is an energy systems developer focusing on energy efficiency and waste heat recovery using organic Rankine cycle and unique wet steam cycle technology. Leveraging its proprietary designs, technology and strategic alliances, PowerVerde expects to commercialize distributed power systems in the under 500 kWeclass that performs at industry-leading levels. For more information visit:  www.powerverdeenergy.com

Contact Information
Richard H. Davis
PowerVerde, Inc. 
http://www.PowerVerdeEnergy.com 
(786) 412-7015

July 18th, 2016

PowerVerde, Inc. Announces the Appointment of Randall Hinson as Director of Sales and Marketing

MIAMI, FL--(Marketwired - July 18, 2016) - PowerVerde, Inc. (PWVI) announces the appointment of Randall C Hinson as Director of Sales and Marketing. Mr. Hinson brings a wealth of knowledge in industrial manufacturing, sales and distribution. A long time industry veteran, Mr. Hinson founded Bear Pump & Equipment, Ltd, in 1981. As, founder and CEO of Bear Pump, Mr. Hinson was responsible for the manufacture and sale of positive displacement reciprocating pumps and related equipment to the oil and gas industry, specializing in high pressure applications up to 40,000 PSI. The Bear Pump product line was recognized for its quality and dependability and the company known for being a leader in customer service.

In 2008 National Oilwell Varco, a world leader in manufacturing and supply of oilfield drilling and production equipment acquired Bear. Under the continued guidance of Mr. Hinson, Bear Pump sales more than doubled over the next seven years. Mr. Hinson is a graduate of Baylor University with a BBA in marketing. "We're fortunate at PowerVerde to have obtained the services of Randy Hinson", noted CEO Rick Davis. "Randy fully understands the operations of an early stage manufacturer of technology-driven industrial equipment. He has decades of experience in developing technology, identifying markets and creating distribution channels both foreign and domestic."

Mr. Hinson commented, "I'm pleased to be joining PowerVerde at this important time in the company's history as it begins to transition from an R&D company into commercial production. I'm excited about the prospects of the company's non-polluting, advanced energy products and look forward to introducing them to customers around the world."

About PowerVerde Inc.

PowerVerde, Inc., is an energy systems developer focusing on energy efficiency and waste heat recovery using Organic Rankine Cycle and unique steam-driven technology. Leveraging its proprietary designs, technology and strategic alliances, PowerVerde aims to sell distributed power systems in the under 500kW-class that perform at industry leading levels. Reliable, cost effective and emissions-free power is generated for use onsite or micro grid applications. PowerVerde's technology may also be used with geothermal, biomass and thermal solar applications.

PowerVerde, Inc.
Richard Davis
CEO
darbyric@gmail.com

9300 S. Dadeland Boulevard Suite 600 Miami, Florida 33156

Info@PowerVerdeEnergy.com  |  (786) 412-7015

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