Palm Beach, FL – February 23, 2022 – FinancialNewsMedia.com News Commentary – The activated carbon for mercury control market in flue gas is increasing owing to the following factors: Stringent government norms and regulations related to mercuric emission in North America; Cost and adaptability; and an increase in number of coal-fired power plants. The market has grown significantly during the last few years. It is expected to grow rapidly in the next five years, mainly driven by government regulations in North America and Europe. North America is the largest consumer across the world and is projected to remain so. The U.S., Canada, and Mexico are the key markets in North America. The demand of the same is fueled by the norms and regulations of government related to mercury emission control. The Activated Carbon for Mercury Control market is segmented on the basis of applications, such as coal burning (all uses including power plants), oil & natural gas burning, primary production of ferrous metals, primary production of non-ferrous metals, gold mining & production (small scale & large scale), cement production, oil refining, and others. Active companies in the markets today include: Midwest Energy Emissions Corp. (OTCQB: MEEC), Evoqua Water Technologies (NYSE: AQUA), American Resources Corporation (NASDAQ: AREC), Advanced Emissions Solutions, Inc. (NASDAQ: ADES), Montrose Environmental Group, Inc. (NYSE: MEG).
The global market in flue gas is segmented into four regions, North America, Europe, Asia-Pacific, and RoW. Key countries include the U.S., Canada, Mexico, Germany, France, U.K., Spain, China, Japan, South Korea, India, Indonesia, and Brazil. A report from MarketsAndMarkets said: “The activated carbon for mercury control market in flue gas i is expected to continue to at a substantial pace. There are eight different types of applications. These are coal burning (all uses including power plants), oil & natural gas burning, primary production of ferrous metals, primary production of non-ferrous metals, gold mining & production (small scale & large scale), cement production, oil refining, and others. The global market is witnessing a high growth because of stringent government norms in North America and increase in number of power plants in Asia-Pacific regions.”
Midwest Energy Emissions Corp. (OTCQB: MEEC) BREAKING NEWS: ME2C® Environmental Secures Multi-Year Contract Renewal Expected to Reach $1.5 Million Annually – The Second of Two Supply Contract Renewals in 2022 for Major Utility Customer Based in the South – Midwest Energy Emissions Corp. (“ME2C Environmental” or the “Company”), a leading environmental technologies firm, announced the signing of a multi-year contract renewal with an annual value expected to reach $1.5 million. Under the extended supply contract, ME2C will continue supplying its patented Sorbent Enhancement Additive (SEA®) technologies for mercury emissions capture.
“Our long-term supply customer in mercury emissions has received significant benefits from our mercury emissions capture technologies and expertise,” stated Richard MacPherson, CEO of ME2C Environmental. “This second contract renewal for a third plant at one of the largest utilities in the U.S. provides strong validation of our approach to mercury emissions. We previously announced in January a renewal for two other plants operated by this customer. As coal-fired power increases throughout the U.S. over the next couple of years, ME2C has the capacity and infrastructure in place to be a solid business partner for major utilities across the U.S. working to achieve reduced mercury emissions, ensure high-quality coal ash for beneficial use, and partner with an environmentally friendly technology company.”
“We are happy to continue to support the scalable needs of this major U.S. utility and look forward to growing our existing mercury emission customer base through this year,” concluded MacPherson. CONTINUED… Read the MEEC full press release by going to: https://ir.me2cenvironmental.com/press-releases
In other news and developments of note in the markets this week:
Evoqua Water Technologies (NYSE: AQUA), an industry leader in mission-critical water treatment solutions, recently reported results for its first quarter ended December 31, 2021.
Revenue for the first quarter of fiscal year 2022 was $366.3 million, compared to $322.2 million in the prior year period, an increase of 13.7%, or $44.1 million. Organic revenue grew 13.0%, or $41.8 million, driven by higher volume for products and services across end markets in all regions, augmented by enhanced pricing. Foreign currency translation was favorable by 0.1%, or $0.5 million. Net income for the quarter was $6.1 million, resulting in diluted earnings per share (“EPS”) of $0.05, as compared to net income of $6.5 million and diluted EPS of $0.05 in the prior year period. The decline in net income of 6.2%, or $0.4 million, was primarily driven by increased operating expenses, including a decrease of $8.1 million in non-cash foreign currency translation gains on intercompany loans, and increased labor and travel costs. The decline in net income was mostly offset by higher revenue volume and related gross profit as well as lower interest expense. Adjusted EBITDA for the quarter was $54.3 million, as compared to $44.8 million in the prior year period, an increase of 21.2%, or $9.5 million. See the “Use of Non-GAAP Measures” section below for additional information regarding adjusted EBITDA and organic revenue.
American Resources Corporation (NASDAQ: AREC), a next generation and socially responsible supplier of raw materials to the new infrastructure and electrification marketplace, recently announced its strategic partnership between its wholly owned subsidiary, American Rare Earth LLC (“American Rare Earth”), and the venture capital investment arm of The Heritage Group, HG Ventures LLC (“Heritage”); a multi-generational business with a diverse range of operating companies focused on innovation in material science, chemistry and environmental services which includes a major stake in the largest and most comprehensive battery recycling platform in North America. American Rare Earth and Heritage will be expediting the path of being the United States’ first and lowest cost producer of domestically-sourced, purified and sustainable battery and magnet metals.
Mark Jensen, CEO of American Resources Corporation commented, “As we continue to execute on our vision of redefining how critical and rare earth elements are sourced, processed and purified by focusing on a sustainable and circular supply chain, we have been very selective with our prospective partners to this point. We are thrilled to be moving forward and partnering with Heritage given their unique position, expertise, network and a shared vision on how we can collaboratively bring impactful solutions to the domestic supply of battery and magnet metals. Furthermore, we both agree that creating a closed-loop and circular supply of these increasingly important materials in a cost effective and environmentally safe way will enable the United States to compete on a global basis. As we are hitting key metrics to bring our technologies into a commercial production in 2022, bringing in a partner that can help expedite the commercial success is a game changer for the scalable growth of our rare earth and battery metals division. This partnership will allow us to further incorporate value-added partners throughout the supply chain more expeditiously and ensures a successful pathway for our shared vision.”
Advanced Emissions Solutions, Inc. (NASDAQ: ADES) recently filed its Quarterly Report on Form 10-Q and reported financial results for the quarter ended September 30, 2021, including information about its equity investments in Tinuum Group, LLC (“Tinuum Group”) and Tinuum Services, LLC (“Tinuum Services”) (collectively “Tinuum”), of which ADES owns 42.5% and 50%, respectively.
Tinuum & Refined Coal (“RC”) Highlights Were: Tinuum’s third quarter distributions to ADES totaled $22.9 million compared to $9.7 million in the prior year; Royalty earnings from Tinuum Group were $4.2 million compared to $3.6 million in the prior year; RC Segment operating income was $26.3 million compared to $12.8 million in the prior year. Operating income includes earnings from the Company’s equity investments in Tinuum; RC Segment Adjusted EBITDA in the third quarter was $26.9 million compared to $13.1 million in the prior year; and Based on 16 invested RC facilities as of September 30, 2021, and expected project termination dates, remaining after-tax net RC cash flows to ADES are projected to approximate $12.0 million to $14.0 million; roughly $8.5 million of these cash flows are expected to occur in the fourth quarter of 2021 with the remainder expected to be disbursed during the first half of 2022 as Tinuum winds down its operations.
Montrose Environmental Group, Inc. (NYSE: MEG) recently announced the acquisition of Environmental Standards, Inc. Environmental Standards’ leadership team, including founder and Chief Executive Officer Rock Vitale, CEAC, will join Montrose’s Assessment, Permitting & Response segment. Terms of the transaction were not disclosed.
Founded in 1987 in Valley Forge, Pa., Environmental Standards is an internationally recognized environmental consulting firm providing services in the oil & gas, utilities/energy, chemical, industrial/manufacturing, coal/mining, real estate, legal, financial, insurance, non-regulatory government, and landfill markets. With a presence today in eleven states, the company specializes in environmental chemistry, consulting geosciences, environmental data management, emergency response quality assurance oversight, and auditing/health and safety support.
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