SOURCE: Midwest Energy Emissions Corporation
WORTHINGTON, OH--(Marketwired - Mar 18, 2014) - Midwest Energy Emissions Corporation (OTCQB: MEEC) ("ME2C"), announced today that it has signed a commercial contract with a large utility cooperative in the Southwest U.S. for the company's patented mercury emissions control technology, for the purposes of the cooperative's pending compliance with MATS regulations starting in 2016. The company estimates that this three-year supply contract will generate revenues of $4 million annually starting in early 2016 with initial system installation revenues of $ 2.4 million in 2015.
The U.S. Environmental Protection Agency's (EPA) Mercury and Air Toxic Standards (MATS) rule requires that all coal- and oil-fired power plants in the U.S., larger than 25 mega-watts, remove roughly 90% of mercury from their emissions by April 16, 2015, or in some cases April 2016. 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
CEO Alan Kelley stated, "This is our company's third contract win in the quarter, totaling eleven large-sized units. This particular contract award comes about because of the very powerful solution that we deliver, which succeeded in achieving a cost-effective, dramatic reduction in mercury that was needed at this plant."
Kelley continued, "I am delighted that all of the hard work that our team has put forth in demonstrations is now winning long-term business contracts, and winning the trust of these coal-power utilities. MATS presents another regulatory hurdle for coal power plant owners, but one that we can help them manage in the most cost effective manner in the market today. I look forward to sharing further market share growth and business wins in the coming months and years."
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.