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Advanced Emissions Solutions, Inc. (NASDAQ: ADES), headquartered in Harbor Beach, MI, stands at the forefront of environmental solutions for power generation, industrial, and municipal water purification markets. ADES is dedicated to producing high-quality activated carbon products and innovative carbon solutions to address pollution control and sustainability challenges.
Known for its strategic acquisitions and robust product portfolio, ADES recently acquired subsidiaries of Arq Limited, enhancing its technological capabilities and market reach. This acquisition has paved the way for growth capital projects at its manufacturing facilities, expanding and diversifying its product offerings, including the development of granular activated carbon (GAC) technologies.
The company's proprietary solutions, such as ADA® M-Prove™ Technology and products from ADA-ES, Inc., ensure effective control of mercury and other contaminants from coal-fired power generators and other industrial sources. ADES's broad suite of products, including those from CarbPure Technologies LLC and FluxSorb LLC, cater to diverse markets with a focus on potable water treatment, wastewater remediation, and emerging environmental challenges.
Financially, ADES has shown resilience with strategic initiatives aimed at optimizing its PAC portfolio and improving gross margins. Despite a challenging market environment, the company achieved significant revenue from consumables and reported positive EBITDA in recent quarters. As of September 30, 2023, ADES's cash balance, including restricted cash, stood at $61.3 million, underscoring its robust financial position.
Furthermore, ADES is on track with its capital projects, including the construction of new GAC facilities at its Red River and Corbin plants, expected to be completed by the end of 2024. These initiatives are anticipated to position ADES as a leading supplier of GAC products, leveraging its vertically integrated supply chain and innovative technologies.
With a commitment to environmental sustainability and a cleaner future, ADES continues to evolve, evidenced by its upcoming rebrand to Arq, Inc. The rebrand symbolizes the company's transformation into a leading North American environmental technology firm, poised to deliver high-performing, environmentally efficient products and solutions to its clients.
Advanced Emissions Solutions (NASDAQ: ADES) appointed Laurie A. Bergman to its Board of Directors, effective immediately. Bergman, who will chair the Audit Committee, fills a vacancy left by Taylor Simonton's resignation ahead of the annual meeting on June 13, 2023. Currently the CFO of Liquid Environmental Solutions, Bergman brings extensive financial expertise and experience in the environmental solutions industry. CEO Greg Marken emphasized her role in advancing ADES's strategy toward becoming a leading environmental technology company. The company praised Simonton's nine years of service, highlighting his impact on the company's restructuring and acquisitions.
Bergman holds a CPA and CMA designation and has previously worked at UGI Corporation and AmeriGas, among other financial roles.
Advanced Emissions Solutions, Inc. (NASDAQ: ADES) announced the successful sale of Marshall Mine LLC to Caddo Creek Resources Company for $2.2 million, which includes the assumption of a $4.9 million asset retirement obligation. This transaction results in a gain of approximately $2.7 million for ADES.
The sale aims to strengthen the company's balance sheet and enhance its operational focus on growth plans. CEO Greg Marken expressed optimism about this strategic move, emphasizing its importance for ADES's vision of becoming a leading diversified environmental technology company in 2023.
Advanced Emissions Solutions, Inc. (NASDAQ: ADES) announced that its CTO, Joe Wong, will present at EnviroWorkshops on March 14 in Boston and March 16 in Detroit, focusing on activated carbon for PFAS remediation. PFAS, known as 'forever chemicals,' pose significant environmental risks. Wong emphasized the company's commitment to developing innovative technologies to address PFAS contamination through its subsidiary, FluxSorb, LLC. EnviroWorkshops is a leading global platform for environmental training, featuring over 100 speakers on critical topics including remediation and air quality.
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