BioLargo Inc (OTCQB:BLGO) has announced that its engineering subsidiary has recently been notified of several new contract awards.
The Westminster, California-based company said the recent wins are expected to increase its operating cash flow, which will support its plans for top-line revenue growth and its efforts to commercialize several of its patented environmental technologies.
READ: BioLargo says peer-reviewed scientific paper confirms safety of water treated by its Advanced Oxidation System
Together, the new contracts are worth more than $1.2 million in revenue, most of which will be earned over the next six months. They include work with a resin manufacturing facility; a dairy farm; a new project at Picatinny Arsenal, one of the company's long-time customers, a potato processing plant; and a US Air Force base, adding to the other seven bases already served by the company.
“We believe these recent contract wins are evidence that our engineering subsidiary is on a trajectory toward aggressive growth, both in revenues and capacity,” President and CEO Dennis P. Calvert said in a statement.
“More cash flow means they can bring on new talent and expand their reach and credibility in the market as a reliable solutions provider for pressing environmental challenges, and empowers them to commercialize our patented innovations, including our water treatment technologies."
BioLargo Engineering, Sciences and Technologies was created to support three critical business initiatives. These include scaling up and commercializing BioLargo's innovative environmental technologies like its Advanced Oxidation System (AOS) energy-efficient water treatment technology, currently preparing for commercial trials; building a customer-focused business; and continuing its rich history of innovation. BioLargo said the division has already developed a potentially market-disruptive water treatment technology for per- and polyfluoroalkyl substances, or PFAS, as well as an industrial waste mineral extraction technology. Both opportunities are in the final stages of preparing for commercial launch.
"These contract wins are a testament to our engineers' technical skill and reputation as trusted project integrators,” Calvert added.
“These two aspects are what will drive our patented, high-value innovations into the market.”
BioLargo invents, develops, and commercializes innovative platform technologies to solve challenging environmental problems like PFAS contamination, advanced water and wastewater treatment, industrial odor and VOC control, air quality control, and infection control.
Contact the author at stephen.gunnion@proactiveinvestors.com