Today before the opening bell, Midwest Energy Emissions provided news of key company milestones in its annual business operations update. The update included the company's announcement of updates regarding material developments in its mercury-capturing technology for U.S. coal power utilities.
Discussing these updates in depth, Company President and CEO, R. Alan Kelley stated, "We are very excited to address our investors with full confidence that we have entered into the growth and execution phase of our business. Midwest Energy Emissions has successfully conducted 31 demonstrations of our patented, industry leading technology, tailored to demonstrate the full capacity of our unique technology to help coal-powered utilities meet the EPA's forthcoming mandates to comply with MATS, a major new regulation for the coal power industry." Mr. Kelley continued, "We have successfully completed these 31 demonstrations across all coal types as well as a majority of utility system designs, in head-to-head competition, and we have recently signed the first of a number of letters of intent that we expect to sign quite soon."
As an extension of the Clean Air Act, the US EPA is mandating that all coal and oil-fired power plants in the U.S., larger than 25 mega-watts, remove 90% of their emissions from their operations by mid-April 2015. The mandate is being extended through the agency's Mercury and Air Toxic Standards (MATS) rule, which the agency estimates will establish a total annual compliance cost of $10 billion beginning in 2015. Midwest Energy Emissions has developed a patented and proprietary technology that has been proven to reduce plant mercury emission levels to those that meet or are lower than the compliance requirements, but at a significantly lower cost and with less operational impact than current technologies.
The EPA estimates the MATS rule will impact around 1,400 units around the United States, constituting 1,100 coal-fired plants and 300 oil-fired plants at 600 power stations.
Mr. Kelley further explained, "This is an exciting and ground-breaking inflexion point for our company and shareholders. After many years of demonstrations, and establishing Proof Of Concept with what was considered a novel energy technology, we now enter the exciting phase of technology-adoption. We know that our solution is the best in its class and we are eager to continue the process of demonstrating to utilities the important value proposition of our technology over all other competing systems in the market."
Mr. Kelley concluded, "We expect to demonstrate meaningful traction in our business into the first quarter of 2014 and look forward to providing investors with a series of business updates that will provide clarity about this growth and execution phase, in the form of significant business wins and further technology demonstrations."
For more information, visit midwestemissions.com
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