HIGHLANDS RANCH, Colo., Oct. 22, 2014 (GLOBE NEWSWIRE) -- Advanced Emissions Solutions, Inc. (Nasdaq:ADES) (the "Company") today provided an operations update on its businesses.
Refined Coal Update ("RC")
The Company produces Refined Coal through Clean Coal Solutions, LLC ("CCS"), a joint venture among our subsidiary ADA-ES, Inc. (42.5%), an affiliate of NexGen Resources Corporation (42.5%), and an affiliate of The Goldman Sachs Group, Inc. (15%). In late September, CCS started full-time operations of an additional RC facility at a coal plant that has historically burned more than 7 million tons of coal per year. The RC facility is using both CyCleanTM and M-45-PCTM technology to treat multiple boilers at the plant. It is expected that negotiations with a third party equity investor will be finalized in the coming weeks. CCS now has 16 RC facilities that have begun full-time operations and are located at coal plants that collectively have historically burned more than 50 million tons of coal per year. Ten of these RC facilities are now fully or partially leased or sold to four different RC investors and are expected to generate more than $110 million in annual revenues to CCS. Permanent installation work is underway for two RC facilities with permanent installation work for additional RC facilities expected to begin this fall.
During the third quarter of 2014, a total of 10.1 million tons of RC were produced, of which 1.8 million tons were produced at RC facilities that generated tax credits for the benefit of the members of CCS.
Emissions Control ("EC")
The Company has contracted more than $45 million of EC awards in 2014 to date, is delivering projects in its backlog, and is bidding on future projects, the majority of which will be for utilities that received a one-year compliance deadline extension. As well, ADES continues to advance and develop additional products to help its customers comply with existing and future emissions regulations.
At September 30th 2014, the Company had cash and cash equivalents in excess of $31 million and minimal long term debt. This number does not include more than $1 million in cash at the CCS joint venture.
About Advanced Emissions Solutions, Inc.
Advanced Emissions Solutions, Inc. (Nasdaq:ADES) serves as the holding entity for a family of companies that provide emissions solutions to customers in the power generation and other industries.
ADA-ES, Inc. ("ADA") supplies Activated Carbon Injection ("ACI") systems for mercury control, Dry Sorbent Injection ("DSI") systems for acid gases, and technology services and other offerings in support of our customers' emissions compliance strategies. ADA's M-ProveTM technology, which reduces emissions of mercury and other metals from PRB coal, is applied directly to coal at power plants, or offered through a licensing agreement with Arch Coal for application at their mines. In addition, we are developing technologies to advance cleaner energy, including CO2 emissions control technologies through projects funded by the U.S. Department of Energy ("DOE") and industry participants.
Clean Coal Solutions, LLC ("CCS"), is a 42.5% owned joint venture by ADA that provides ADA's patented Refined Coal ("RC") CyClean™ technology to enhance combustion of and reduce emissions of NOx and mercury from coals in cyclone boilers and ADA's patent pending M-45™ and M-45-PC™ technologies for Circulating Fluidized boilers and Pulverized Coal boilers respectively.
BCSI, LLC is a custom designer and fabricator of engineered emissions control technologies, bulk material handling equipment, bulk storage systems, water/waste water treatment equipment, and custom components. BCSI supplies Dry Sorbent Injection ("DSI") systems for acid gas control using its technologically advanced cool, dry conditioned conveying air systems. BCSI's technical solutions serve a wide range of industrial clients including; coal fired utilities, water treatment, wastewater, cement kilns, food processing and industrial boilers. BCSI employs engineers and trade professionals at a 190,000+sq. ft. fabrication and office facility located in McKeesport, PA.
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, which provides a "safe harbor" for such statements in certain circumstances. The forward-looking statements include statements or expectations regarding the revenue from RC facilities, timing of finalizing negotiations with a third party investor and related matters. These statements are based on current expectations, estimates, projections, beliefs and assumptions of the Company's management. Such statements involve significant risks and uncertainties. Actual events or results could differ materially from those discussed in the forward-looking statements as a result of various factors, including but not limited to, changes in laws, regulations and IRS interpretations or guidance, economic conditions and market demand; timing of laws, regulations and any legal challenges to or repeal of them; failure of the RC facilities to produce coal that qualifies for tax credits; inability to commercialize the Company's technologies on favorable terms; termination of or amendments to the contracts for RC facilities; decreases in the production of RC; technical and operational difficulties; availability of raw materials and equipment; loss of key personnel; intellectual property infringement claims from third parties; impact of the weather and other factors discussed in greater detail in the Company's filings with the Securities and Exchange Commission ("SEC"). You are cautioned not to place undue reliance on such statements and to consult the Company's SEC filings for additional risks and uncertainties that may apply to the Company's business and the ownership of its securities. The Company's forward-looking statements are presented as of the date made, and the Company disclaims any duty to update such statements unless required by law to do so.
CONTACT: Graham Mattison Vice President, Investor Relations (720) 889-6206 firstname.lastname@example.orgSource:Advanced Emissions Solutions, Inc.