Clean Tech Developer Sees Massive Opportunity in PFAS Treatment

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

BioLargo Inc. announced that its patented Aqueous Electrostatic Concentrator (AEC) PFAS treatment system has been installed at the Lake Stockholm municipal water facility in New Jersey, according to a January 27 release.

BioLargo Chief Executive Officer Dennis Calvert said, "The Lake Stockholm installation marks an important milestone for BioLargo as its AEC technology transitions into real-life municipal use. Once the facility goes through the commissioning process to get fully operational, this system will provide the Lake Stockholm community with drinking water that exceeds both the EPA's and New Jersey's stricter PFAS drinking water standards."

BioLargo said the AEC is a good choice for Lake Stockholm because it works for both long and short chain PFAS (which are different depending on the number of carbon atoms in their chains) and doesn't create a waste disposal problem, which is a perfect fit for a community that wants to treat the whole problem, not just part of it, and doesn't have capacity for dealing with more waste.

Unlike many treatment options that produce large volumes of contaminated residual waste, the AEC generates minimal waste — an especially critical advantage for Lake Stockholm, which lacks an onsite waste disposal outlet. This makes the AEC a practical and protective solution that enhances drinking water quality by removing PFAS to below state and federal levels, while avoiding the creation of a new disposal issue for the community.

Ongoing testing activities will be conducted in coordination with regulatory oversight from the New Jersey Department of Environmental Protection (NJDEP) and the U.S. Environmental Protection Agency (EPA), BioLargo said. Over the next several months, data generated during this process will support ongoing regulatory requirements and confirm readiness for sustained municipal service.

"This installation will undergo 12 months of special NJDEP monitoring that includes regular testing for PFAS chemicals," BioLargo Equipment, Solutions and Technologies Inc. President Tonya Chandler. "We expect this data can help establish AEC as an industry-leading solution that can exceed the toughest PFAS drinking water standards in the country, and to lead to many opportunities in New Jersey and elsewhere. Our pipeline of interest and opportunities grows daily. The AEC is perfectly designed to scale as utilities seek sustainable, low-waste solutions for comprehensive PFAS removal."

'Good Reason' to Trust Future Upsides

The PFAS filtration industry is projected to grow from US$2.13 billion in 2025 to US$2.99 billion by 2030, with a compound annual growth rate (CAGR) of 7% during this period, according to a report by Markets and Markets. This growth is largely driven by increasing awareness of the serious health and environmental risks associated with PFAS. These chemicals are highly persistent and have been linked to cancer, hormone disruption, immune system effects, and other chronic health issues. Consequently, governments worldwide, particularly in North America, Europe, and parts of Asia, are implementing stricter regulations on PFAS levels in drinking water, industrial wastewater, and consumer products. These regulatory measures are prompting municipalities and industries to invest in technologies capable of effectively removing PFAS.

Key factors contributing to market growth include heightened health and environmental concerns, stricter environmental regulations, and a growing demand for clean and safe drinking water.

In a January 22 presentation to investors at Sidoti's Micro-Cap Virtual Conference, Calvert said the technology is at the end of its investment cycle and is now "in the adoption cycle."

The company's other primary products provide advanced water and wastewater treatment, manage odors and volatile organic compounds (VOCs), enhance air quality, promote energy efficiency and safe on-site energy storage, and control infections and infectious diseases. Its strategy involves inventing or acquiring cutting-edge technologies, developing them into market-ready products, and expanding their commercial reach through licensing and channel partnerships to maximize their impact.

"By the time they go commercial, we've got extraordinary talent at these company levels," Calvert said during the presentation.

He noted that BioLargo's projections for its portfolio companies, based on management modeling, show significant potential value for each division as they mature. With a current value of US$200 million for the entire portfolio, the company anticipates up to US$100 million in future value on exit for its odor elimination business, more than US$750 million in future value on exit for PFAS treatment, over US$1 billion in future value on exit in its Clyra medical supplies business, and more than US$2.5 billion future value on exit in its Cellinity battery division. These values are exit values based on when the companies mature and are spun out, Calvert explained.

"We've got good reason to believe this valuation is justified," he said.

Narrowing the 'Valuation Gap'

During an online discussion with Calvert and Steve Harrison, president of BioLargo subsidiary Clyra Medical Technologies, on November 20, 2025., Chris Temple from The National Investor shared his insights on the company following a recent announcement about the AEC's performance, stating, "BioLargo announced that its regimen to remove PFAS 'forever chemicals' from water is even more robust."

BioLargo made significant strides in several project initiatives in 2025, "reflecting the company's shift from development to real-world application," according to Richard Ryan, an analyst at Oak Ridge Financial, in a research note dated January 5. Ryan rated the stock a Buy.

Looking ahead to this year, BioLargo anticipates achieving validation of its technologies and Clyra's products, along with significant revenue from Clyra. According to Oak Ridge, in 2026, BioLargo and other small-cap stocks "may begin to reap the benefits of enhanced productivity from the AI trade and a sustained monetary easing cycle, thus narrowing the growing valuation gap."

The Catalysts: Quickly Expanding Industries

According to Grand View Research, regulatory bodies such as the U.S. Environmental Protection Agency (EPA) and the European Chemicals Agency (ECHA) are enforcing tighter limits on PFAS concentrations in drinking water, pushing municipalities and industries to adopt advanced treatment technologies. Increased investments in wastewater infrastructure, along with technological advancements in adsorption, membrane filtration, and destruction processes, are enhancing market adoption across industrial, commercial, and municipal sectors.

"The market presents significant growth opportunities driven by increasing investments in advanced remediation technologies and the emergence of sustainable treatment materials," Grand View stated. "The rising focus on green chemistry and circular economy principles is fostering the development of eco-friendly adsorbents, regenerable resins, and PFAS destruction methods such as plasma and electrochemical oxidation."

The company's Cellinity battery addresses the global demand for grid-scale energy storage. In 2024, the U.S. Energy Information Administration (EIA) reported a 66% increase in battery energy storage capacity within the United States. While lithium-ion batteries currently dominate this sector, they present several challenges, including fire risks due to thermal runaway, efficiency degradation over time, and sourcing difficulties related to rare and critical minerals. BioLargo claims that its Cellinity battery technology addresses these issues by using innovative materials and designs to provide superior thermal performance and operational efficiency without relying on rare earth elements.

According to a February report by the International Energy Agency (IEA), global electricity consumption is expected to grow at its fastest rate in recent years, increasing by nearly 4% annually through 2027 as power usage rises across various sectors.

Future Market Insights projects that the global market for anti-biofilm wound dressings will expand at a compound annual growth rate (CAGR) of 9.8% from 2025 to 2035, reaching US$2.4 billion from US$943.5 million. This growth is primarily driven by the rising incidence of surgical site infections, diabetic ulcers, and chronic wounds. Biofilms, which contribute to antibiotic resistance and delayed healing, are also a significant concern.

In the United States, the market is expected to grow substantially, with a projected CAGR of 9.3% during the forecast period. This expansion is driven by the prevalence of chronic wounds, an aging population, the demand for advanced care, technological advancements, and government initiatives, according to the research firm.

Ownership and Share Structure¹

About 13.85% of BioLargo is owned by insiders and management. They include Chief Science Officer Kenneth Code with 8.18%, CEO Calvert with 3.34%, and Director Jack Strommen with 1.56%.

About 0.04% is held by the institution First American Trust. The rest is retail.

Its market cap is US$57.53 million, with about 313.76 million shares outstanding and about 270.32 million free-floating. It trades in a 52-week range of US$0.30 and US$0.14.