ME2C Environmental Announces New Three-Year Supply Business Estimated up to $3M Annually
Core Product Supply Business Continues to Grow
Corsicana, Texas--(Newsfile Corp. - April 18, 2023) - Midwest Energy Emissions Corp. (OTCQB: MEEC) ("ME2C Environmental" or the "Company"), a leading environmental technologies firm, announced today that it has entered into a new supply partnership with an existing technology licensee. In March 2022, the Company announced that it had exercised its right of first refusal ("ROFR") for mercury emissions capture product supply with a significant coal-powered utility operating in the Midwest and had begun pre-supply planning discussions. This major utility has now issued its first order for one of its coal-fired power plants, which business has a value of approximately $9M over the first three years and we are now working on converting the rest of their fleet to our supply.
"We engaged with this utility in early 2021 through our IP outreach program and announced a subsequent license agreement with this utility in late 2021," stated Richard MacPherson, Chief Executive Officer of ME2C Environmental. "This new multiyear recurring revenue supply business is a solid extension on the original license agreement and worth between $9M and $15M in revenue over the next 5 years. We have more opportunities with this major utility as we discuss product supply for the utility's other coal-fired power plants.
Continued MacPherson, "The U.S. coal power market remains stable and ME2C's market share across the coal-fired utility sector continues to increase at an impressive rate due to our patent defense and business first approach. Since 2020, we have announced eight new partnership agreements that were obtained through our ongoing industry-wide outreach. Three of the eight utilities have now expanded their agreements to include supply business. We expect to see this core licensing and supply revenue base increase rapidly as we gain momentum in negotiations with other utilities as our litigation comes to conclusion this year," concluded MacPherson.
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/.
Safe Harbor Statement
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 loss of major customers; dependence on availability and retention of key suppliers; changes, or lack of changes, in environmental regulations; risks related to advancements in technologies; lack of diversification in the Company's business; risks related to intellectual property, including the ability to protect intellectual property and the success of the ongoing patent litigation; competition risks; changes in demand for coal as a fuel source for electricity production; ability to retain key personnel; business interruptions as a result of COVID-19; absence of a liquid public market for our common stock; share price volatility; the potential that dividends may never be declared; and other risks and uncertainties identified in the Company's filings with the Securities and Exchange Commission (the "SEC"). 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 SEC.
ME2C Environmental Contact:
Main: 614-505-6115 x-1001
Investor Relations Contact:
Direct: (416) 844 6202
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/162726
SOURCE ME2C Environmental
Released April 18, 2023