Charah Solutions Awarded 5-Year Ash Marketing Contract by NV Energy for Beneficial Use of Production Fly Ash

Rhea-AI Summary

Charah Solutions (NYSE:CHRA) has secured a 5-year ash marketing contract with NV Energy to manage the sale of fly ash from the North Valmy Generating Station in Nevada. The contract aims to utilize fly ash in the ready mix concrete market, replacing Portland cement, and is expected to reduce CO₂ emissions. Charah Solutions will distribute the material via its MultiSource® network, reinforcing its sustainability commitments. This partnership enhances Charah’s role in environmentally-conscious solutions while meeting market demand.

Positive

• Secured a 5-year ash marketing contract with NV Energy, enhancing long-term revenue stream.
• Expected reduction in CO₂ emissions by substituting fly ash for Portland cement.
• Utilization of Charah's MultiSource network ensures reliable supply to meet growing demand.

Negative

• None.

Fly Ash from North Valmy Generating Station in Northern Nevada Will Be Sold for Beneficial Use in Ready Mix Concrete Market

LOUISVILLE, KY / ACCESSWIRE / February 23, 2021 / Charah^® Solutions, Inc. (NYSE:CHRA) (the "Company"), a leading provider of mission-critical environmental services and byproduct sales to the power generation industry, today announced that it has been awarded a 5-year ash marketing contract by NV Energy for the utilization of fly ash from the North Valmy Generating Station located near Valmy, NV. North Valmy Generating Station is a 522-megawatt coal-fueled, steam electric generating station with two operating units. The plant and complex are jointly owned (50/50) by NV Energy and Idaho Power.

As part of this agreement, Charah Solutions will be responsible for the sales and marketing of production fly ash from this facility for beneficial use through 2025. The fly ash will be shipped to regional markets to supply the growing demand in the ready mix concrete market. The specification grade fly ash will replace Portland cement in the production of ready mix concrete and concrete products. With the increasing focus on CO₂ emissions and reduction of greenhouse gases, more states, regulatory authorities and concrete producers are realizing the environmental benefit of substituting fly ash for Portland cement. Utilizing recycled fly ash as a substitute for energy-intensive Portland cement results in a reduction in CO₂ emissions. Recycled fly ash also results in cost savings versus Portland cement for ready mix producers.

The fly ash will be distributed through Charah Solutions' MultiSource^® materials network, a unique distribution system of more than 40 nationwide locations which provides a continuous and reliable supply of supplementary cementitious materials (SCMs) for cement and concrete producers as well as other customers who beneficially reuse the products.

As a sustainability leader in utility services for over 30 years, Charah Solutions is dedicated to preserving our natural resources in an environmentally-conscious manner through ash marketing projects. Sustainability is a Charah Solutions core value and our business is focused on developing innovative solutions to complex environmental issues for the betterment of the planet, the communities in which we operate and our customers.

"Charah Solutions is nationally recognized in the power generation industry as a total solutions company, providing unparalleled service and innovation to meet the evolving and increasingly complex needs of our utility partners," said Scott Sewell, Charah Solutions President and CEO. "We are delighted to partner with NV Energy to manage their fly ash marketing needs at Valmy while supplying our concrete producers with the high-quality material they need."

About Charah Solutions, Inc.

With 30 years of experience, Charah^® Solutions, Inc. is a leading provider of environmental services and byproduct sales to the power generation industry. Based in Louisville, Kentucky, Charah Solutions assists utilities with all aspects to sustainably manage and recycle ash byproducts generated from the combustion of coal in the production of electricity. The Company also designs and implements solutions for ash pond management and closure, landfill construction, fly ash sales, and structural fill projects. Charah Solutions is the partner of choice for solving customers' most complex environmental challenges, and as an industry leader in quality, safety, and compliance, the Company is committed to reducing greenhouse gas emissions for a cleaner energy future. For more information, please visit www.charah.com.

MultiSource^® is a registered trademark of Charah, LLC in the United States.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements are identified by their use of terms and phrases such as "may," "expect," "estimate," "project," "plan," "believe," "intend," "achievable," "anticipate," "will," "continue," "potential," "should," "could," and similar terms and phrases. These statements are based on certain assumptions made by the Company based on management's experience and perception of historical trends, current conditions, anticipated future developments, and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks, and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. See the Company's Form 10-K for the fiscal year ended December 31, 2019 and other periodic reports as filed with the Securities and Exchange Commission for further information regarding risk factors.

Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

Investor Contact
Roger Shannon
Charah Solutions
(502) 245-1353
ir@charah.com

Media Contact
Keaton Price
Charah Solutions
(502) 593-4692
media@charah.com

SOURCE: Charah Solutions, Inc.

View source version on accesswire.com:
https://www.accesswire.com/631130/Charah-Solutions-Awarded-5-Year-Ash-Marketing-Contract-by-NV-Energy-for-Beneficial-Use-of-Production-Fly-Ash

FAQ

What is the significance of the ash marketing contract awarded to Charah Solutions by NV Energy?

The contract allows Charah Solutions to manage the sale of fly ash from NV Energy's North Valmy Generating Station, promoting sustainable practices in the concrete industry.

How long is Charah Solutions' contract with NV Energy for the sale of fly ash?

The contract is for 5 years, extending until 2025.

What are the environmental benefits of using fly ash in concrete production?

Using fly ash replaces energy-intensive Portland cement, resulting in a reduction in CO₂ emissions and cost savings for concrete producers.

What is Charah Solutions' MultiSource network?

The MultiSource network is Charah's distribution system that facilitates a continuous supply of supplementary cementitious materials for concrete producers.

What is Charah Solutions' role in the power generation industry?

Charah Solutions provides environmental services and byproduct sales primarily focusing on ash management and sustainable practices within the power generation sector.