Midwest Energy Emissions Corp, also known as ME2C Environmental, reported a 21% jump in revenue in the second quarter as its emissions business continues to grow and it also revealed it expects pilot-scale testing on its rear earth extraction technology to start later this fall.
The cleantech group, which provides emissions solutions to the global power industry, posted revenue of US$2.3 million in the three months to June 30 versus US$1.9 million in 2Q, 2020.
This rise was attributed mainly to the increased capacity of its customers’ coal-fired electricity generating units (EGU’s) and thus more sales of the firm’s sorbent products, which reduces mercury emissions.
“Our business-first approach to our litigation strategy continues to result in additional supply business from major utilities in the U.S., which fortifies a stable, recurring revenue base in our core mercury emissions control business,” noted CEO Richard MacPherson in a statement.
“As a result of the investments we have made in our production facilities, such facilities are fully equipped to meet the substantial revenue growth we anticipate in the second half of this year,” he added.
“ME2C Environmental is uniquely positioned to provide substantial value to the power industry, not only with our industry-leading mercury emissions control solutions but through the suite of technologies that are progressing in their development, such as our rare earth element extraction technology under development in collaboration with Dr. Scott Drummond.”
MacPherson said pilot-scale testing of this tech was expected later this fall, which if progressed, would not only allow domestic production of rare earth elements in a cost-effective, environmentally safe manner but would “also address coal ash and wastewater remediations, which we believe are the most important environmental concerns facing the U.S today”.
In the second quarter, total costs and expenses came in at US$4 million compared to US$2.8 million in the year-ago quarter, while the net loss was US$1.7 million, wider from a loss of US$904,000 in the second quarter of 2020.
The company had cash of US$1.7 million as of June 30 this year.
Among recent operational highlights, ME2C Environmental noted it had strengthened its balance sheet by eliminating US$2.58 million of convertible debt in the second quarter.
It has also received a recommendation from the U.S. District Court in Delaware allowing it to proceed with litigation claims against certain refined coal entities named in the 2019 lawsuit, it highlighted.
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