New research is revealing more bad news about just how far "forever chemical" pollution reaches in North America, pointing to an even bigger need for technology like BioLargo Inc.'s (BLGO:OTCQB) treatment systems for removing them.
The EPA finalized standards on contamination by per- and polyfluoroalkyl substances (PFAS) earlier this year and classified two of the widely used ones as hazardous substances under the Superfund.
Now, new peer-reviewed research shows that the chemicals are "ubiquitous" in the air, rain, atmosphere, and water of the Great Lakes, The Guardian reported.
"We didn't think the air and rain were significant sources of PFAS in the Great Lakes' environment, but it's not something that has been studied that much," Marta Venier, a co-author of the research with Indiana University, told The Guardian.
According to the research, measurements found PFAS levels in the air varied throughout the basin and were much higher in urban areas such as Chicago than in more rural spots. However, levels of rain were virtually the same in industrialized and rural areas, a finding that Venier said was "puzzling," The Guardian said.
According to the study, water contamination levels were highest in Lake Ontario, which holds the most urban areas, including Toronto, and is last in line of the west-to-east flow of the lakes.
"The study did not address what the levels mean for human health and exposure," The Guardian noted. "But fish consumption advisories are in place across the region, and many cities have contaminated drinking water."
A Proven Method
BioLargo's Aqueous Electrostatic Concentrator (AEC) technology removes more than 99% of PFAS chemicals from water with less wasted than other methods, the company said.
Oak Ridge Financial Research analyst Richard Ryan on May 16 maintained his Buy rating of the stock with a price target of U$0.38 per share after the company's strong quarterly results. He noted the growing market for PFAS remediation as another highlight for the company.
"The dangers of PFAS are well documented, and this will become an ever-increasing area of attention," Ryan 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 Catalyst: Millions Exposed
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.
Prolonged exposure may be linked 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.
Oak Ridge Financial Research analyst Richard Ryan on May 16 maintained his Buy rating of the stock with a price target of U$0.38 per share after the company's strong quarterly results. He noted the growing market for PFAS remediation as another highlight for the company.
At least 70 million people are exposed to PFAS in U.S. drinking water, but that testing has only checked about one-third of the nation's public water systems, the EPA said.
The agency said it is on pace to find over 200 million people exposed, or at least 60% of Americans, not including those who use private wells. There's even a map of PFAS detections across the country.
The state of Maine, which, according to the Bangor Daily News, has some of the highest PFAS levels in the country, became the first state to ban the use of sludge-based fertilizers made from sewage and water because of their PFAS levels. The newspaper said some of the levels found in the area of the town of Fairfield returned some of the worst results.
The Maine Department of Environmental Protection told some to stop drinking, cooking with, bathing in the well water, or giving it to farm animals, the paper said.
"It took the wind out of both of us," said Lawrence Higgins of he and his wife, Penny. "We never even thought that one water test would change our lives forever. No one can understand it unless they're going through it."
Removed To a Level of 'Non-Detection'
More than 15,000 PFAS claims have been filed nationwide against DuPont and its spinoffs and 3M, major manufacturers of the substances in the U.S., Time reported. So far, settlements have totaled nearly US$11.5 billion in damages.
AEC removes more than 99% of those dangerous substances and 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 Great Quarter and a Great Year'
BioLargo is made up of several subsidiaries that work in different sectors, a "family of products," including ONM Environmental, BioLargo Engineering, BioLargo Water, BioLargo Energy Technologies, Clyra Medical Technologies, and the new BioLargo Equipment Solutions & Technologies Inc. (BEST) subsidiary.
Two standout products have been ONM Environmental with its pet odor control product, Pooph (which the company said is responsible for 85% to 90% of revenues); and the AEC technology made by BEST.
Earlier this month, the company announced record quarterly revenues of US$4.76 million for the three months ending March 31, a 9% increase over the fourth quarter of 2023 and a 28% increase over the first quarter of that year. BioLargo also said it generated a positive cash flow of US$481,000 for the first quarter of 2024, compared with a negative US$2,000 in the fourth quarter of 2023.
"We've had a great quarter and a great year," President and Chief Executive Officer Dennis Calvert said during a webcast on the results. "We still feel we're just getting started in so many ways, but it is a significant milestone."
Streetwise Ownership Overview*Pooph sales accounted for 88% of the total revenues, or US$4.2 million, during the quarter.
"BLGO's results continue to be driven by Pooph sales, its pet odor control product line that is being sold through national retailers like Amazon, Walmart, Chewy Ace Hardware, Home Depot and other retailers," Ryan noted.
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$86.35 million, with about 295.97 million shares outstanding and about 253.84 million free-floating. It trades in a 52-week range of US$0.45 and US$0.15.
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- BioLargo Inc. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of BioLargo Inc.
- Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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