We're going to cover a lot fast. We've got a lot going on. We've got a lot going on at BioLargo. We've been innovating for almost 18 years, and we have a portfolio of assets. We believe each one of those assets has a role to play in the world of importance and profit. A very impactful portfolio. We're witnessing some of the off-take now, the adoption of our technologies. Each has its incredible journey story. I hope you find it most interesting. We make life better. It's all high-purpose innovation, things that can really move the needle for good. Of course, remember our forward-looking statements. RCBNIefer to our Qs and our Ks. Very important. We're going to talk a lot about forward-looking today and the risk factors that are contained therein. Each one of these ventures has extraordinary risk.
Our job is to overcome those risks and find our way to success, which we believe we're doing. Who are we? Innovators, scientists, entrepreneurs focused on doing something important for human health, sustainability, driven by a mission, focused on best-in-class solutions. Best in class is really important. If we didn't think it was going to be number one, we wouldn't do it. That's an argument. We can defend that argument quite well, we think. It is a debate. I'm going to show you why we think they're number one as well. Focus on a gap, problems that don't have a good solution. You've got to fill the gap, solve the problem. Really, as we always say, don't be the bank. Focus on partnerships, distribution, leveraging technology for commerce. In the portfolio, there's four assets, primary commercial assets.
The energy company is probably one of the most exciting and probably the largest asset in the portfolio. Clyra Medical , we've been investing in that technology for 13 years. We've signed now multiple distribution agreements. We're preparing to launch at a national level with some of the largest players in the world. It's a very exciting technology. Total invested capital is now pushing about $20 million. The company almost takes on, when you get to that stage, a look like a private equity firm using our public equity as a finance instrument. Clyra, we're going to argue, I'm going to give you that case in a minute. We believe Clyra justifies our entire market cap. It's a game-changing technology about to go to market in a really big way. ONM is our environmental odor and VOC control, so that's air quality.
Got an asset that did $50 million top line, $14 million to us last year. It's one of the bumps in the portfolio. We're going to talk about that bump because it's a big one. The engineering equipment group, which is BioLargo Equipment, is focused on PFAS, P-F-A-S. That's forever chemicals. We're experiencing first adoption. We've got partners, contracts out. Incredible journey to success and really a cornerstone of value in the portfolio. We're also going to talk about the AI infrastructure ramp-up. These technologies all have a role. I was appointed as an advisor to the U.S. Secretary of Commerce this year. It's a two-year bipartisan stint. I was named the Chairman of the Subcommittee on Enabling Innovative Technology. It's the first in my career to actually have a chance, just a chance, to influence policy. We're focused on enabling innovation as opposed to compliance. It's fascinating.
We were asked to do a brief. I just submitted a brief on the impact of environmental technologies on the AI infrastructure boom at a global scale. It's a real deal. A lot of people don't talk about it. That doesn't mean it's not real. It means when you're spending $20 billion, you don't think about the $300 million price tag associated with water or PFAS or batteries that can last 20 years. That's what we think about, how to shore up that infrastructure with these innovations. It's fascinating. There are many aspects of this technology that touch the AI revolution. As a result of the AI boom for infrastructure, we're getting attention all over the world. Now, this is a debate slide. I'm not going to be able to do the whole debate, but I want to pose you a thesis. The thesis is pretty basic.
The sum of the parts on our portfolio, we believe, far exceed our current value. You've heard that before. We're going to debate it for a second. When you look at the potential exit value of these various assets, here's our thesis, right? Unmatched technology, capital-conserving. I've got over 30 engineers, 12 PhDs, highly qualified people, driven for impact. All of these assets are finding their way to the market. The market would like to say to me, gosh, I hope one works. They're all going to work. We're actually watching and witnessing adoption throughout the world for each of these assets. It's 18 years of work. Don't forget it. This is not an overnight success. We did the work. It's a theme you'll hear over and over. We did the work to vet these technologies. So what's the sum of the value?
We would argue in this asset, just based on transactions, nominal valuation, it's probably somewhere around $200 million. We're currently valued at about $50 million. What's the disconnect? They're risky assets. It takes a long time to get these adopted. That would be number one. Number two, it's in an OTC market. A little overhang, a lot of money, a lot of time. What do you do? You succeed. You make money. You find the adoption cycle. When you do, it's extraordinary. We have evidence of that throughout the company. If you just take the medical alone, we just raised $2.5 million at a $95 million valuation. BioLargo owns approximately 49% of that asset. We started with 100%. There's been $20 million invested over time. We own a 6% royalty.
In that asset, on the most recent valuation, the value of the subsidiary in the medical company called Clyra justifies our entire market cap. Now it's prepared to launch. We've built manufacturing infrastructure. We've got off-take with a number of distributors, including one of the leading players in the industry. We hope to have that announced as to who the name is. We've announced the transaction. We hope to have the name announced over the next three to six months. We're preparing to go to market in a very big way. PFAS alone, right? PFAS treatment is a company we own 100% of. This is a longer cycle, slower, lower margin, extraordinarily valuable. We've now got contracts that are pipeline, well over $200 million worth of business. We've been working with some of the largest industrial players in the world.
We have a data set claims that are unmatched in the world. We can save our customers basically 80% downstream costs. We produce one 40,000th the waste stream of the competition. Did you hear that? One 40,000th. We super concentrate the waste stream and destroy it. It's a great technology. Of course, engineering is in there because they're a backbone. They're not for sale. We're not valuing them. They're supercritical to the company as a whole. I want to spend most of our time talking about salinity. Think Infinity Cell Salinity, right? It's a long-duration battery storage technology. It was first invented at the University of Tennessee. It went commercial with some of the original inventors. They were probably about 10 -1 5 years ahead of their time. Unfortunately, two of the founders passed away. When that happened, the technology got shelved.
One of the co-inventors, the son, Mario, saved the technology, parked it, and he brought it to us. When it came to us, I got a call from our lead engineer. He says, I've got something pretty special. You're going to want to look at this one. I said, yeah, OK, what do we got? We spent 2.5 years in diligence. We did a business deal. We spent, you ready, the next 2.5 years replicating what the inventors did. It took us 2.5 years just to do what they had already achieved. The reason, of course, is because we had dismantled cells in 20,000 pieces of paper. We had to go figure it out. We've now done that. We have validated why we believe it's so special because we believe it's a cornerstone for long-duration storage at grid scale. Where's that? That's the AI infrastructure boom.
We're going to talk about that in great detail. I think the backbone is the engineering group. They were an innovative team at Chicago Bridge & Iron. Anybody know that name? CB&I? Remember that name? Big boys.
Yes.
Yeah, they blew up in 2017, right?
Yeah, they went back and they built the nuclear.
Yeah, right. Very good. Cost overrun, dispute, 10 years in the making. Acquired from Shaw Engineering. Our engineers were a think tank. They were part of the solution group within the group, a group within the group. They've done projects all over the world of noteworthy achievement. They joined us in 2017. We had no desk and no computer and no money. We said, hey, let's use this as a backbone for innovation to sponsor really the portfolio. It's been one of the wisest moves we've ever made. As a result of their prowess, we're able to compete intellectually with any global multinational in the world. We've got the skill at this company. This little micro-cap company has got talent that can take us all over the world. That's exactly what's happening. The energy boom, this is an article from last September. It's in The Economist. I have a copy.
You can email me, dc@biolargo.com. I'll send you a copy. This industry, that's long-duration energy storage, that's big-scale batteries. Now they're getting the colloquial term mega-batteries. Mega-batteries is expected to grow over the next 15 years to close to $3 trillion. $3 trillion, OK? Why? Because there's a gap in the market. The gap is two things: fire risk, safety, and China. The China supply chain will choke everybody. There's a littered history of people that have been really harmed by the gap in the supply chain. We're out to change that. There you go. Poor environmental outcomes, global supply chain risk, potential fire hazard. All of that's getting better. It starts with a better battery, better battery. We got a better battery. Let me just help you.
Who are you and how in the world do you have a better battery when the entire world is spending trillions of dollars trying to solve this problem? The answer is 10 years of R&D before I showed up that I didn't finance. We were able to take this technology, replicate, enhance, and scale. We're the validators, the scalers, and the commercial implementers. It's a safer battery. It's sustainable, 100% recycle, durable, 20-year battery. No internal degradation. No, here's the correct word, no perceptible internal degradation. 20-year battery. That's a big deal. Efficient. It operates at almost 2.9 x the energy density of lithium at high voltage. It's a perfect setup for long duration. Oh, there's the cell on the right, right? Here's the best slide. This is just a really quick comparison to the categories of technologies in the marketplace.
Notice that lithium on the left, this liquid sodium on the right. This is a solid-state battery. It has a ceramic component. It's made up of salt, some sulfur compounds, and other chlorides. It's a special recipe. It allows us to perform at extraordinarily high level, 552 Wh/kg versus 150 Wh/kg - 190 Wh/kg on energy density. No loss in discharge, 4.9 V. Operating temperature optimizes about 200 degrees Celcius- 220 degrees Celsius. We know what their Celsius grade is. That's about 430 degrees Celsius. That's a hot battery. It's not like many energy tools that are used in the industry that operate at 1,800 degrees Celsius. It's not that hot. What you discover is that if you insulate, you hold the heat in. Whereas most batteries, you insulate to get rid of the heat. You cool them. That's a parasitic load. In this battery, the cycling can keep it hot, keep it warm.
It can allow for electron transfer through a molten media, a liquid media that's turned into salt, operating at a manageable temperature. When you compare this to our distant cousins, like a sodium-sulfur battery tech, we're about a third to half of the heat. We operate at three times the energy density, right? The other components really are helpful to us because they demonstrate manufacturing scale, manufacturing scale. No thermal runaway, big deal. No thermal runaway. We've got a safety video. If you're interested, look up salinity safety video on the internet. It's a nice little two-minute clip. OK, what are you going to do with all this? We made a decision. Don't sell batteries. Sell battery factories. Sell battery factories. What does that mean? We're talking about 20 ft trailers. The need for batteries, I'm not going to go into that. We could spend another 30 minutes on the principle.
It's really pretty simple. If you've got a source of energy that's intermittent, like solar, you need to store it. If you're balancing the grid, you've got to deal with the spikes. You need resilience so that there's a downtime, you're still running like a data center. Balancing, that's all the moving around of energy across the grid. It's really critical. Arbitrage, just like your gas filling station. Buy it cheap, sell it high. If you don't have storage, you can't do that. You need the arbitrage. Of course, enabling renewable energy. We did an independent valuation of the technical claims that was accomplished late June. It is on a public announcement. We welcome you to read it. Here's where we're at in the process. We've been raising money currently at approximately a $43 million valuation on a Series A.
We believe the Series B will go to about a $400 million valuation. We currently have four MOUs for 11 factories and more coming just about every week. Now, we've got to take them through the project finance to get them fully financed. We're not done-done. It is an indication of how correct we are about choosing our spot and developing a technology and a business model that can find global scale adoption. When you calculate the net present value on the models, let me describe that. Don't own the factory. Build it for someone else. Let them put the money up. Support local investment. Support local job creation. Support local workforce development. Create economic development in the regions in which you plant your feet. Secure 19% of the carried interest, 6% royalty. When you calculate the net present value on seven factories alone, $1.5 billion net present value.
Risk is everywhere. We're diminishing risk by executing, right? We've got technology validated. We're now working on the scaling. We're recruiting partners to build factories at a global scale. I always ask the rhetorical question. We built the model on seven factories. How about 70? This can go all over the world. This is a globally scalable business model. What do we need to do? We need to shore up the equity, shore up the financing at the project level, and get going. That's where we're at. We're at that get-going stage. Scalable business model, really critical, right? It's for a hungry market, a market that we would argue is insatiable. There's not a battery company alive that can make enough batteries to fill the void. You can sell 100% of your batteries. You've got to be credible. You've got to prove it. You've got to have warranty capability.
You've got to have financing. All those things matter. As you achieve that, you can sell 100% of what you make before you make it. There's good evidence for this in the current market. EOS is a great example. Take a look at their technology. Their market cap is up from $150 million to, I think, over $2 billion now. We're really looking at that sort of play as a benchmark of opportunity. Of course, we think our technology differences and our business model will provide quite significant value for our stakeholders. When you think about the revenue stream, the average factory will do about $500 million . $500 million. The CapEx to get in that game is about $160 million- $170 million. It throws off about $90 million a year. $90 million a year.
You get your money back in about two years, plus credits, plus the credits, plus you've created a solution for avoiding the market with a better battery. If you run that calculation and you say 19% of the net, 6% of the royalty, run the net present value, there's our model. It's pretty basic. I really want to point out that in the presentation to industry of partners, who wants to be in the battery factory business? Turns out a lot of people do. Like who? Energy companies, right? Data center developers, big data themselves. How about somebody that wants to employ 1,000 people? How about somebody that wants to create economic development focused on workforce development, net exports, an entire commerce engine? We've created a model that appeals to all these players. Now it's all about executing to success and start to reap it.
This will be published today, OK? You don't have to watch all these numbers. I just want to show that on the revenue profile, as you get into full-scale production in year two, you're looking at about a $90 million a year return on investment, on $170 million. That includes the real estate. OK? What happens when you roll it up? That's pretty simple. 19% of the profit, 6% royalty on $500 million . Run the net present value. It's not complicated. It's pretty easy. These are the places that we're looking. What's fascinating is it's of global interest. Global interests are sovereign wealth, local developers, local economics, people that are concerned about their local economics, people that want to see their country participate in the next AI infrastructure boom. They're looking for a way to do it.
That's what we bring to them, the idea of being part of that infrastructure boom with supply chain domestically sourced that's safer and better and cheaper, in which they get 81% of the prize. That's a business model that scales globally. Real quick, because I'm going to run out of time, Clyra, contracts, here's the blue. Major distribution already signed. We just brought in about $7.5 million this year. BioLargo as a company owns about 49% of that. Think private equity. Private equity model invests in the sub. When we started, we owned 100%. Where did the other equity go? It went to the investors. They backed the deal. Why is that important? Because we did not dilute the parent. It allowed us to leverage this intellectual property asset with a plan regardless of our stock price. Why is that important?
Because eventually, it's going to be reflected in the stock price. You know why? Because we're executing. That goes back to that hidden value that really needs a deep dive. When you peel it back, you're going to see we're woefully undervalued, given the liquid nature of an OTC stock and the fact that it took a long time. We've had our bumps, right? We're going to talk about that too. PFAS, very similar. We're working with the state, federal, and U.S. EPA. This was actually the technology that led to my invitation to join the U.S. Secretary of Commerce Advisory Committee. Really cool. We got first adoption. Got about $200 million worth of contracts on our plate, meaning pipeline, not done deals, working with the major polluters all around the world. We believe that we're going to be a cornerstone of number one technology in the world.
Do not miss it. We're not being lack of clarity. We're claiming number one. We believe we can defend it, OK? That's an argument. I don't have time for this argument today. I'm happy to debate it. I'm happy, OK? ONM. This is the smallest in the portfolio. We revoked the license for our distribution partner called Pooph. Anybody know Pooph? This is Pooph. We did a public announcement about a week ago, maybe two weeks ago. We announced that we revoked the license. We've got a dispute. We don't like it, right? It's actually a sad moment. It's a sad moment for a bunch of reasons. The technology enabled the creation of 60,000 satisfied customers and built a top line revenue last year of $50 million, $50 million, OK? Now we're repositioning that asset to make our next move. The good news is it's a winner.
We believe it'll find a commercial market. The bad news is we're having to deal with all that crap. Simple. It's all in public disclosure. Please read the 8-K and the filings to make sure you get a sense of it. I'm happy to talk about it. The engineering services, they're actually making more and more money. They've got clients all over. We have a long-term contract with 13 Air Force bases where we're managing air quality control and reporting for the U.S. Air Force. It's a big deal. We also have Fortune 100 customers. It's amazing. This is a highly talented group. While on the one hand, they're doing services, then they're doing innovation, and then they're supporting innovation tech for massive rollout. They're busy, really busy. You can hardly get them on the phone. They're so busy.
It's a great time in their career because they're finding purpose with leverage. Our last report into Q, we'll have Q out 45 days after the end of the quarter. You'll have to wait for that. We'll see a little dip in shareholder equity. Notice the footnotes at the bottom because we're going to probably impair the $3.8 million that Pooph owes us. They owe us $3.8 million. We have had an increase in cash from investment directly into our medical company. The corporate office is stable. It's good news. A little bit of dip, but nothing catastrophic. Of course, the revenue, that's where the real negative is. There's the Pooph effect. We don't like it at all. Let's be clear. The good news is that we've got a core base, plus all these other deals are coming to market, which is great. The diversity will pay off.
What's interesting in the portfolio is the largest loss is actually from Clyra. Clyra is the fastest—you know why? Because we're spending a lot of money to get that stuff ready to go to market. I mean, like now, like now, now spending it. We've raised $7.5 million. We've probably spent about $5 million in the last year readying scaled manufacturing. Our partner came to us and said, look, we'll do this with you if you can prove you can make 1 million units a year times two products and you give us first option on the company. We said, OK. We need to carve out the IPO so we can reward our stockholders. No problem. That's what we're doing. We're preparing to launch. It's going to be a big deal. It is a big deal already. It's going to be an even bigger deal when it launches.
We're hoping we finish the scaled manufacturing in readiness for the last filing with the FDA, which is new names and the use case for the product, not a new regulatory process, more of a process of validating the process by which we manufacture to meet spec for the FDA. That'll happen somewhere around the end of this year. The portfolio is replete. We've got a lot going on. We've got two minutes. Who's got a question? Yes, sir.
For the batteries, listening to your history, it seems that probably right about now the original patents are out.
Yeah, we're refiling. Yeah, that's exactly right. What's happened is there's a field of art in the manufacturer. That's where a lot of the IP will come, which is the skill at the scaled manufacturing technique. We're also making improvements on the original design. We'll have a patent battle for sure. We're skilled at that area, so we don't have a lot of fear. Right now, we're operating on significant trade secrets for scaled manufacturing. That's the idea. Good question. Yes, sir.
Any thoughts on uplisting?
Yeah, the strategy is really simple. We talk about uplisting all the time. Thank you for the question. We've asked our shareholders to give us the approval for the board to make the decision when the timing is right. That doesn't mean willy-nilly. It means when the board thinks it's right. We want to be really clear. What's right? When the market starts to give us some value for the execution that we actually have in place, at that point, it's going to make a lot of sense. We believe we'll diminish the negative impact of that uplist. The truth is we'll be in a great position to self-list. We're in a great position with cash, and we'll have more cash. It'll give us the best choice of all paths to make that decision.
We really want to be careful to make sure that, as I always say, the wind's full in our sails as we head out to the future. Any other questions? Yeah.
The $3.8 million that was set up, receivable, a claim, a lawsuit? What is it?
Yeah, all the above. Yeah. No, they owed us $3.8 million. We published that. It's in a press release and an 8-K. The $3.8 million was as of last for royalties and for product, none of which they paid for. That's a big problem. It is a receivable, but it's likely to get impaired because it's going to go into litigation. We're concerned that they may not or that they may be unable to pay. Thank you. Yes, thank you very much, everybody. We're here today and tomorrow. Thank you.