LITTLETON, Colo.--(BUSINESS WIRE)--ADA-ES, Inc. (NASDAQ: ADES) today announced that it is now under contract and has started work on the Department of Energy (DOE) project that the Company was awarded in July to develop clean coal technology that will capture carbon dioxide from coal-fired power plants. ADA-ES will be the prime contractor for a $3.2 million project with the DOE's National Energy Technology Laboratory. This program is co-funded by several elite power generators including AEP, Southern Company, Luminant, Xcel Energy and others. In addition, the Electric Power Research Institute has agreed to support the project.
The technology is being developed to reduce the emissions of greenhouse gases from existing coal-fired boilers. The existing 1,100 power plants generate 320 GWs of electricity and represent the single largest US man-made source of carbon dioxide. The project will advance carbon capture technology based around regenerable solid sorbents and equipment. Most competing technologies use liquid solvents such as ammonia and amines to accomplish this task. Solid sorbents offer potential advantages over competing technologies including lower costs and less parasitic energy.
Dr. Michael Durham, President and CEO of ADA-ES, Inc., commented, "We are excited about this business area because of its high visibility and potential growth. Bills pending in Congress could increase funding for clean coal by up to a billion dollars per year."
Dr. Durham continued, "We are pleased that DOE and utilities have confidence in ADA which has established a reputation built around its proven capabilities for developing and commercializing innovative solutions for reducing emissions and meeting environmental standards. These organizations recognize that ADA is dedicated to clean coal as a means to keep coal as a low-cost, abundant, and secure fuel capable of supplying at least half of the nation's electric power needs."
ADA-ES is a leader in clean coal technology and the associated specialty chemicals. The Company develops and implements proprietary environmental technology and specialty chemicals that enable coal-fueled power plants to enhance existing air pollution control equipment, maximize capacity and improve operating efficiencies. Through its largest and fastest-growing segment, Mercury Emission Control, ADA-ES supplies activated carbon injection systems, activated carbon, mercury measurement instrumentation, and related services. To meet the needs of the power industry for mercury control, the Company is developing state-of-the-art facilities to produce activated carbon (AC) with the first plant projected to come on-line in 2010. Additionally, the Company is developing technologies for power plants to address issues related to the emissions of carbon dioxide.
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, which provides a "safe harbor" for such statements in certain circumstances. The forward-looking statements included in this release include statements regarding the dollar value and expected results of the project and characteristics, supply and capabilities of coal. These statements are based on current expectations, estimates, projections, beliefs and assumptions of our management. Such statements involve significant risks and uncertainties. Actual events or results could differ materially from those discussed in the forward-looking statements as a result of various factors, including but not limited to, availability of coal; changes in laws or regulations, prices, economic conditions and market demand; changes in the political landscape; availability and cost of alternative energy sources; operational difficulties; availability of skilled personnel and other factors discussed in greater detail in our filings with the Securities and Exchange Commission (SEC). You are cautioned not to place undue reliance on our forward-looking statements and to consult filings we make with the SEC for additional risks and uncertainties that may apply to our business and the ownership of our securities. Our forward-looking statements are presented as of the date made, and we disclaim any duty to update such statements unless required by law to do so.
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