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.
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.