Today we are pleased to announce that our subsidiary
BioLargo Water, Inc. has been shortlisted for the Clean Growth Program (CGP),
Natural Resources Canada’s new flagship $155M funding program for innovative
clean technologies. BioLargo Water’s application, if successful, will provide
over $1.5M CAD over two years to validate the ability for our Advanced
Oxidation System (AOS) to eliminate troublesome and environmentally harmful
compounds from oil sands process affected water (OSPW). These compounds represent
a challenge with serious impacts on land reclamation, remote and aboriginal
communities, and the Canadian oil and gas industry. You can see Natural
Resources Canada’s announcement HERE, including the list of semi-finalists.
We're very proud to announce that we have been shortlisted for @NRCan's Clean Growth Program for the development of our AOS technology for the treatment of oil sands process affected water (OSPW)!https://t.co/BQySSTZqQ8 pic.twitter.com/w38Kgkeq2G— BioLargo Water, Inc. (@BioLargoWater) July 13, 2018
BioLargo Water was one of 92 companies shortlisted for Clean
Growth Program funding, and was chosen from a pool of over 750 submissions. The
list of 92 semi-finalists includes industry and innovation heavyweights
including Barrick Gold, CNRL, Imperial Oil, Suncor, and numerous leading
universities in Canada. We are very proud of our BioLargo Water team for having
been selected as a semi-finalist, and they are hard at work to produce a
winning full proposal by the deadline in August.
Delivering a technology that can provide effective and
cost-efficient treatment and remediation of OSPW in the oil sands industry has,
from BioLargo’s inception, been one of the utmost priorities for the company.
When we first began developing a water treatment technology it was due mainly
to industry pull in the oil & gas sector, where we sponsored a University
of Alberta Industrial Research Chair with some of the top oil companies in
Canada to tackle this very purpose. Since that time, we have steadily
progressed our work on the AOS for OSPW treatment. We have a high level of
confidence in our ability to scale up the technology, and we have an incredible
team of scientists and engineers capable of supporting this project and the
work required to properly vet it for this demanding market. This project, with
proposed funding from the CGP, has the potential to quickly accelerate our
development work to bring our AOS to the oil and gas industry as an effective
and cost-efficient solution for treating OSPW.
As always, we remind our followers that the award is not
assured, but we are optimistic about our eventual commercial success in this
targeted treatment area. This funding would be a major boost to accelerating
our commercial plans! #GoBioLargo
What is a BioLargo Spotlight?
It’s an exciting time at BioLargo. We’re moving fast, and it
can be difficult to keep our stockholders and the investing public informed of
our progress. In light of this, we will be posting a series of short articles titled
“BioLargo Spotlight”, highlighting certain business activities and other
important information in between our required SEC filings. Of course, these do
not replace our public filings, which contain more complete information than
can be delivered in this forum, and thus we urge you to carefully read and rely
on those filings for definitive information, and to review our risk factors and
caution regarding forward-looking statements. We are optimistic about our
business as we work hard to continue to grow and ultimately generate profits
for our stockholders.
Legal Disclaimer
Our attorneys remind us that while we believe these
developments are important and that these small victories could add up and lead
to big victories, at this stage they do not rise to the level of an official
material disclosure. As the size and magnitude of these developments become
material, we will naturally report that information in an 8-K and our regular
SEC filings.
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