ME2C Environmental signs multi-year supply business deal with current utility licensee

Midwest Energy Emissions Corp (OTCQB:MEEC), also known as ME₂C Environmental, said it has secured a new multi-year supply business agreement with a coal-fired power plant located in the Midwest. The power company is also part of the fleet of a large utility based in the Southwest region of the United States.

This is the second business deal the two companies have penned in as many years. 

The environmental technologies company entered into a licensing agreement with the energy supplier in 2020 for ME₂C’s patented mercury capture (sorbents) technology. The environmentally friendly sorbents are designed to meet or exceed the mercury mitigation requirements of the company’s clients while providing the best possible operating economics. 

READ: ME2C Environmental enlists Penn State to test rare earth capture and regeneration technology

The addition of today’s supply business deal is anticipated to deliver multi-million-dollar revenue value per year. The new supply business agreement was struck after testing was completed at the power plant facility. 

“We are pleased that this major utility, who entered into a license agreement last year, has elected to augment its business as a direct supply customer with additional supply business for another plant in its fleet after completing requisite testing at this plant,” Richard MacPherson, CEO of ME₂C Environmental said in a statement. “This utility has chosen to further enhance their operations with our customized sorbent supply along with the license to operate.”

MacPherson went on to say: “As we gain recognition for the value of our patented technologies, we look forward to broadening the reach of our core business in mercury emissions capture across the US coal-fired fleet. Any utility working with us directly receives a license to operate the patented SEA technology and gains the full support of our expertise in operations and R&D, which we believe will provide superior benefits and bottom-line improvements.” 

According to the company, the undisclosed utility company was one of the first to enter into a license agreement and now is the first to extend their agreement to include additional direct supply business. 

Moving forward, ME₂C Environmental plans to continue growing its supply business with its roster of licensees. 

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Story by ProactiveInvestors