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Midwest Energy Emissions Corp. (MEEC)
Midwest Energy Emissions Corp. is an emerging leader in mercury emissions control technology for the worldwide coal-power industry. The company develops and employs patented and proprietary technologies to remove mercury from coal-power plant emissions. Midwest Energy Emissions t centers on the delivery of mercury capture technologies to power plants and other industrial coal-burning units in North America, Europe, and Asia. The company is based in Lewis Center, Ohio.
Midwest Energy Emissions uses patented technology that has been shown to achieve mercury removal levels compliant with the U.S. Environmental Protection Agency's (EPA) Mercury and Air Toxic Standards (MATS) rule, at a substantially lower cost and with less operational impact than methods now employed. This is while preserving the ability for customers to recycle and sell fly-ash for beneficial use.
Midwest's proprietary SEA™ (Sorbent Enhancement Additive) technology delivers a flexible, tunable solution. It allows the global coal-power industry to easily comply with new, highly restrictive regulations on mercury air emissions. The SEA™ approach to mercury capture is precisely tailored for each application to complement a customer's fuel type and boiler configuration for best results.
Midwest Energy Emissions announced this past January that it exercised its option to acquire in entirety all the patents related to mercury control from the Energy & Environmental Research Center Foundation (EERCF), in Grand Forks, North Dakota, for $2.5 million and 925,000 shares of common stock. The technology was originally developed at the University of North Dakota Energy & Environmental Research Center. The expectation is that closing of the transaction will occur by March 31, 2017, subject to approval by the U.S. Department of Energy.
Midwest Energy Emissions is adding a new product to its proven, cost-effective mercury capture program, which will cut mercury emissions by preventing scrubber reemission events. The design of the product is specifically for coal-fired power utilities with wet scrubbers to help remove mercury, and other metals from the scrubber.
Recently, Midwest Energy Emissions announced it has provided its financial results for Q4 and full year ended December 31, 2016. Total revenues in Q4 2016 rose 29 percent to $7.8 million, versus $6.1 million in Q4 of 2015. Total revenues for the full year 2016 were $32.3 million. This represents an increase of 156 percent versus revenue of $12.6 million in 2015.
Operating income in Q4 2016 improved considerably to $0.2 million, versus an operating loss of $1.5 million in Q4 2015. Operating income for the full year 2016 was $2.1 million, versus an operating loss of $3.7 million in 2015.
Net loss in Q4 2016 was $0.2 million, or ($0.00) per diluted share, versus a net loss of $7.1 million, or ($0.06) per diluted share in Q4 2015. Net loss for the full year 2016 was $16.9 million, or ($0.18) per diluted share, versus a net loss of $14.3 million, or ($0.13) per diluted share in 2015.
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