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Saturday, December 3, 2022

Midwest Energy Emissions Corp (OTCMKTS: MEEC) Continues to Move Higher After Posting Strong Q3 Results

Midwest Energy Emissions Corp (OTCMKTS: MEEC) has been moving up steadily since a brief dip below $0.20 earlier this year. The stock does have a history of strong moves running from current levels to $1.75 in early 2021 before dropping back down below a quarter recently.  

On November 14 MEEC announced its financial results for the third quarter 2022. Third quarter 2022 revenue of $7.5M increased nearly 50% compared to $5.0M in the third quarter of 2021. This increase in revenues from the prior year period was primarily driven by increased sorbent product sales due to the increased supply demands in the coal-fired market as well as expansion of the Company’s customer base. Total costs and expenses in the third quarter of 2022 were $6.9M compared to $5.2M in the year-ago quarter. The increase in total costs and expenses from the prior year period is primarily attributable to the increase in cost of sales due primarily to increased sales, offset by a decrease in interest expense. 

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Midwest Energy Emissions Corp (OTCMKTS: MEEC) is a leading environmental technologies company developing and delivering patented and proprietary solutions to the global power industry. ME2C’s leading-edge mercury emissions technologies and services have been shown to achieve emissions removal at a significantly lower cost and with less operational impact than currently used methods, while maintaining and/or increasing power plant output and preserving the marketability of byproducts for beneficial use. ME2C Environmental is a trade name of Midwest Energy Emissions Corp.  

Earlier this year the Company signed a three-year license agreement with a utility in the Midwest to provide a non-exclusive license to certain ME2C patents for use in connection with the utility’s coal-fired power plants. The licensed patents relate to ME2C’s two-part Sorbent Enhancement Additive (SEA®) process for mercury removal from coal-fired power plants. 

The license agreement includes an annual sum payable over the three-year term for use of the Company’s patented processes for mercury emissions capture. The agreement also provides ME2C Environmental the opportunity to compete for the utility’s product supply going forward. 

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MEEC

 

On November 14 MEEC announced its financial results for the third quarter 2022. Third quarter 2022 revenue of $7.5M increased nearly 50% compared to $5.0M in the third quarter of 2021. This increase in revenues from the prior year period was primarily driven by increased sorbent product sales due to the increased supply demands in the coal-fired market as well as expansion of the Company’s customer base. Total costs and expenses in the third quarter of 2022 were $6.9M compared to $5.2M in the year-ago quarter. The increase in total costs and expenses from the prior year period is primarily attributable to the increase in cost of sales due primarily to increased sales, offset by a decrease in interest expense. 

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Currently trading at a $34 million market valuation MEEC has 93 million shares outsanding and 55 million shares in the float. The Compan contineus to report strong numbers recently reporting The Company had net income of $569,000 for Third Quarter 2022, or $0.01 per basic and diluted share, compared to a net loss of $(207,000), or $(0.00) per basic and diluted share, for the prior year period. Adjusted EBITDA in Third Quarter 2022 was a positive $1.2M compared to a positive $.7M in the third quarter of 2021, an increase of approximately $0.5M. As of September 30, 2022, the Company had approximately $1.3M of cash on its balance sheet and working capital of $2.2M. We will be updating on MEEC when more details emerge so make sure you are subscribed to Microcapdaily.

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Disclosure: we hold no position in MEEC either long or short and we have not been compensated for this article.

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