Midwest Energy Emissions Corp Announces Contract Extension With Major U.S. Utility
WORTHINGTON, OH -- (Marketwired) -- 05/15/14 -- Midwest Energy Emissions Corp (OTCQB: MEEC) today announces that it has entered into a contract extension with a major utility in the Northwest U.S on two large coal-power electric generating units. ME2C previously entered into contract to provide mercury emissions control for these units beginning in 2011, and estimates that the three year contract extension will generate $3 million per year in revenues to ME2C when these units are mandated to comply with MATS regulations, starting in the second quarter of 2015.
Midwest Energy Emissions Corp. (ME2C) develops and employs patented and proprietary technologies to remove mercury from coal-power plants' emissions. The U.S. Environmental Protection Agency's Mercury and Air Toxic Standards (MATS) rules requires that all coal-fired and oil-fired power plants in the United States that are larger than 25 mega-watts, remove approximately 90% of mercury from their emissions starting in April 2015. ME2C employs patented technology that has been shown to achieve mercury removal levels compliant with MATS at a significantly lower cost and with less operational impact than currently used methods, while preserving the marketability of the fly-ash by-product generated at coal-power plants, a sales and marketing industry estimated to generate roughly $450 million annually.
ME2C CEO R. Alan Kelley stated, "This contract extension serves as a very important business development for the company and our shareholders. We have valued our relationship with this customer highly, dating to 2011 when we first installed our technology to manage the plant's compliance with its own state's mercury emissions regulations. Over these three years, our solution has consistently and accurately performed, and this three-year contract extension through MATS, a major industry regulation, demonstrates our commitment to execution."
Mr. Kelley continued, "This new contract extension for the two large units will continue to generate revenue for us on the current - but lower - state regulations, and is expected to generate approximately $3 million in revenues annually when MATS takes effect in the second quarter of 2015. After a robust first fiscal quarter of bookings, we now have 13 units under contract for MATS, and our outlook continues to be strong. We look forward to further business wins for our best-of-breed solution for mercury control as the coal power utility industry readies for MATS compliance, a large and rapidly developing industry."
About Midwest Energy Emissions Corp. (ME2C) Midwest Energy Emissions Corporation delivers cost effective mercury capture technologies to power plants and other large industrial coal-burning units in the United States and Canada. The Company's proprietary technology allows customers to meet the new, highly restrictive standards the U.S. EPA has set for mercury emissions, in an effective and economical manner with the least disruption to their current equipment and on-going operations. For more information, please refer to the Company's website at www.midwestemissions.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. 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, 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, failure to obtain adequate working capital to execute the business plan and any major litigation regarding the Company. In addition, this release contains time-sensitive information that reflects management's best analysis only as of the date of this release. The Company 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 the Company's periodic filings with the Securities and Exchange Commission.
Contact: Keith R. McGee Director of Investor Relations Midwest Energy Emissions Corp. 614-505-6115
kmcgee@midwestemissions.com
Source: Midwest Energy Emissions Corp.
Released May 15, 2014