Charah Solutions Awarded 9-Year Multi-Pond Ash Pond Excavation Contract from Long-Term Southeastern Utility Partner

Rhea-AI Summary

Charah Solutions (NYSE:CHRA) has been awarded a significant multi-pond ash pond excavation contract from a southeastern utility partner, marking one of the largest and longest projects in its history. Scheduled to commence in Q3 2022, the project will involve the excavation of approximately 4.3 million cubic yards of coal combustion residuals (CCRs) from three ash ponds, with an estimated 90% earmarked for recycling into the concrete industry. This project underscores Charah's commitment to environmental sustainability and expertise in managing regulatory challenges.

Positive

• Award of a multi-pond ash pond excavation contract, one of the largest in the company's history.
• The project is expected to last approximately 9 years, indicating long-term revenue potential.
• 90% of excavated CCRs will be recycled, supporting sustainability initiatives.

Negative

• None.

Award Represents One of the Largest and Longest Term Projects in Company History

Includes Excavation of Approximately 4.3 Million Cubic Yards of Coal Combustion Residuals from Three Ash Ponds to Support Ongoing Beneficiation Activities and Facilitate Future Pond Closures

LOUISVILLE, KY / ACCESSWIRE / July 28, 2022 / Charah^® Solutions, Inc. (NYSE:CHRA) ("Charah Solutions" or the "Company"), a leading provider of environmental services and byproduct recycling to the power generation industry, today announced that it has been awarded a multi-pond ash pond excavation contract from a long-term southeastern utility partner. The project, which is one of the largest and longest in duration in Company history, is scheduled to start in Q3 2022 and is expected to take approximately 9 years to complete.

Charah Solutions' Remediation & Compliance Services at the site will include the excavation of approximately 4.3 million cubic yards of coal combustion residuals (CCRs) from three ash basins to facilitate future pond closures. An estimated 3.9 million cubic yards, or 90% of the total CCRs removed, will be earmarked for beneficiation and eventual recycling into the concrete industry serving as a sustainable replacement for Portland cement. The remaining 430,000 cubic yards of comingled CCR and soil materials will be excavated for off-site disposal into lined landfill facilities. Charah Solutions' Remediation & Compliance work on this long-term project will incorporate geotechnical engineering, global stability analysis, engineered design excavation, water management, and site infrastructure development.

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 pond reclamation, ash recycling and ash marketing projects. Sustainability is a core value at Charah Solutions and the Company's business is focused on developing innovative solutions to complex environmental issues for the betterment of the planet, the communities in which it operates and its customers.

"Charah Solutions has decades of proven experience and expertise to handle every regulatory, engineering and technical issue related to CCR ash pond management, excavation, and eventual final closure," said Scott Sewell, Charah Solutions President and CEO. "We are delighted to work with our long-term utility partner to meet their specific needs for this multi-pond ash excavation project. This ash pond remediation project is one of the largest and longest in duration in Charah Solutions' 35-year history, and it is further evidence of the trust that our partners place in us to help them address their environmental challenges. We are honored to be awarded this long-term project," concluded Mr. Sewell.

About Charah Solutions, Inc.

With more than 30 years of experience, Charah Solutions, Inc. is a leading provider of environmental services and byproduct recycling to the power generation industry. Based in Louisville, Kentucky, 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. Charah Solutions assists utilities and independent power producers with all aspects of sustainably managing and recycling 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, structural fill projects, power plant remediation and site redevelopment. For more information, please visit www.charah.com or download our 2021 Environmental, Social and Governance (ESG) Report at charah.com/sustainability.

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, 2021 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 Contacts
Roger Shannon
Charah Solutions
(502) 245-1353
ir@charah.com

Caldwell Bailey
ICR, Inc.
(646) 677-1894
Caldwell.Bailey@icrinc.com

Media Contact
Brad Mercer
PriceWeber Marketing
(502) 777-3308
media@charah.com

SOURCE: Charah Solutions, Inc.

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https://www.accesswire.com/709904/Charah-Solutions-Awarded-9-Year-Multi-Pond-Ash-Pond-Excavation-Contract-from-Long-Term-Southeastern-Utility-Partner

FAQ

What is the significance of Charah Solutions' recent contract?

Charah Solutions was awarded a multi-pond excavation contract, one of the largest in its history, supporting its long-term growth.

How long will the excavation project by Charah Solutions take?

The project is expected to last approximately 9 years.

What will happen to the coal combustion residuals excavated by Charah Solutions?

Approximately 90% of the excavated coal combustion residuals will be recycled into the concrete industry.

Who awarded the excavation contract to Charah Solutions?

The contract was awarded by a long-term southeastern utility partner.