ME2C Environmental Exercises Right of First Refusal with Major U.S. Utility, Patented Mercury Emissions Technology Licensee, to Supply Product Valued at $1 Million Annually
ME2C to Supply Its Custom Sorbents; Increasing the Company’s Momentum Across U.S. Coal-Fired Market
Corsicana, TX, March 28, 2022 (GLOBE NEWSWIRE) -- Midwest Energy Emissions Corp. (OTCQB: MEEC) ("ME2C Environmental " or the "Company"), a leading environmental technologies firm, announced today that it has exercised its right of first refusal (“ROFR”) for mercury emissions capture product supply with a significant coal-powered utility operating in the Midwest. This major utility entered into a license agreement with the Company in 2021 which agreement provided a ROFR with respect to certain future supply business. ME2C Environmental is exercising the ROFR and matching the terms of an offer made by another supplier for a direct three-year supply order and a renewal option, which is expected to have a value of approximately $1 million annually.
The utility will begin testing ME2C’s SEA®, or Sorbent Enhancement Additive, products in pre-supply planning discussion to determine adequate supply quantities and any sorbent tunability that may be necessary to help the utility meet the strictest mercury emissions capture and compliance requirements. The Company expects that direct supply orders for the utility’s plant locations will begin in the near term during the next few months of 2022.
"While we had no previous interaction with this utility prior to 2021, this utility’s immediate support and swift recognition of our patented technologies for mercury emissions capture has been evident,” stated Richard MacPherson, CEO of ME2C Environmental. “Within several months of announcing a license agreement with this utility that was reached in November 2021, we are excited to move toward the next phase in reaching a direct supply partnership. Adopting a strong business-first approach across the coal-fired industry has allowed us the opportunity to expand our core business organically creating positive relationships.”
MacPherson added, “Once direct supply orders begin by mid-year, this significant new business will be supported by the commissioning of our batch plant in Texarkana, an innovative facility that will support additional new supply business that we anticipate during 2022. As we expand our focus into new areas of growth this year, we are excited to reinforce a strong recurring revenue stream that will continue to strengthen our bottom-line.”
About ME2C® Environmental
ME2C Environmental is a leading environmental technologies company developing and delivering patented and proprietary solutions to the global power industry. ME2C’s leading-edge mercury emissions technologies and services have been shown to achieve emissions removal at a significantly lower cost and with less operational impact than currently used methods, while maintaining and/or increasing power plant output and preserving the marketability of byproducts for beneficial use. ME2C Environmental is a trade name of Midwest Energy Emissions Corp. For more information, please visit http://www.me2cenvironmental.com/.
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With the exception of historical information contained in this press release, content herein may contain "forward-looking statements" that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified by using words such as "anticipate," "believe," "plan," "expect," "intend," "will," and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the statements made. Matters that may cause actual results to differ materially from those in the forward-looking statements include, among other factors, the gain or loss of a major customer, change in environmental regulations, disruption in supply of materials, capacity factor fluctuations of power plant operations and power demands, a significant change in general economic conditions in any of the regions where our customer utilities might experience significant changes in electric demand, a significant disruption in the supply of coal to our customer units, the loss of key management personnel, availability of capital and any major litigation regarding ME2C Environmental. In addition, this release contains time-sensitive information that reflects management's best analysis only as of the date of this release. ME2C Environmental does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Further information concerning issues that could materially affect financial performance related to forward-looking statements contained in this release can be found in ME2C Environmental’s periodic filings with the Securities and Exchange Commission.
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Released March 28, 2022