Charah Solutions Awarded Large-Scale, 12-Year Ash Marketing Contract by Dominion Energy for Beneficial Use of 8.1 Million Tons of Reclaimed Ponded Coal Ash

Rhea-AI Summary

Charah Solutions (NYSE:CHRA) has secured a marketing contract with Dominion Energy for the recycling of up to 8.1 million tons of coal ash from Chesterfield Power Station, Virginia. This initiative, mandated by Virginia legislation, aims to recycle coal ash for use in Portland cement production over the next 10+ years. The project supports sustainability by decreasing carbon emissions and repurposing waste materials. Charah will establish processing and transportation infrastructure to facilitate this transition, enhancing its MultiSource distribution network for cement markets.

Positive

• Secured a long-term contract with Dominion Energy for 12 years, potentially generating significant revenue.
• The project will facilitate the recycling of up to 8.1 million tons of coal ash, benefiting sustainability efforts.
• Contributes to reducing carbon emissions by replacing virgin materials with recycled coal ash in cement production.

Negative

• None.

Pond Ash from Chesterfield Power Station in Virginia Will Be Recycled and Sold for Beneficial Use in Portland Cement

LOUISVILLE, KY / ACCESSWIRE / January 15, 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 marketing contract by Dominion Energy for the beneficiation and utilization of up to 8.1 million tons of reclaimed ponded coal ash at its Chesterfield Power Station in Chester, VA. Dominion Energy is headquartered in Richmond, VA.

Legislation passed during the 2019 Virginia General Assembly requires Dominion Energy to remove approximately 15 million cubic yards of coal ash currently stored in two coal ash ponds at Chesterfield Power Station within 15 years. The coal ash must be recycled or placed in a lined landfill that meets federal coal combustion residuals (CCR) and Virginia CCR regulations. To meet the standards mandated in Virginia Senate Bill 1355, Dominion Energy has contracted with Charah Solutions for the coal ash utilization efforts effective 2021 through 2032. Dominion Energy will store the remaining coal ash in an adjacent lined landfill.

As part of the agreement, Charah Solutions will install processing and transportation infrastructure in 2021 to facilitate rail transportation of the ash from Chesterfield Power Station to cement kiln feed markets. The beneficiated ash product will replace other currently utilized virgin raw materials in the production of Portland cement at multiple cement kiln locations in the eastern U.S. for the next 10+ years and help supply the growing demand for concrete in the construction industry. In addition, every ton of coal ash used to replace traditional virgin raw materials in the production of cement reduces carbon dioxide emissions entering the atmosphere.

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.

The beneficiated 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.

"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. "Many utilities, like Dominion Energy, are experiencing an increased need to retire and decommission older generating assets while improving the environment. We have been proud to partner with Dominion Energy on their sustainability efforts for many years and are delighted to extend our relationship at this site for the next 12 years."

"Charah Solutions is a national leader in environmental and maintenance services and we look forward to partnering with them for the removal and beneficial reuse of coal ash at Chesterfield Power Station in a manner that is protective of the community and human health," said Brandon Stites, Dominion Energy vice president of project construction.

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 of 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, 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.

About Dominion Energy
More than 7 million customers in 16 states energize their homes and businesses with electricity or natural gas from Dominion Energy, headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.

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

Brandon Stites
Dominion Energy

SOURCE: Charah Solutions

View source version on accesswire.com:
https://www.accesswire.com/624408/Charah-Solutions-Awarded-Large-Scale-12-Year-Ash-Marketing-Contract-by-Dominion-Energy-for-Beneficial-Use-of-81-Million-Tons-of-Reclaimed-Ponded-Coal-Ash

FAQ

What is the significance of Charah Solutions' contract with Dominion Energy?

Charah Solutions' contract with Dominion Energy is significant as it involves the recycling of up to 8.1 million tons of coal ash, facilitating sustainability and creating potential revenue over 12 years.

How will the coal ash from Chesterfield Power Station be used?

The coal ash will be recycled for use in Portland cement production, helping to meet environmental regulations and reduce carbon emissions.

What is the duration of the contract between Charah Solutions and Dominion Energy?

The contract between Charah Solutions and Dominion Energy is for a duration of 12 years, from 2021 to 2032.

How does Charah Solutions contribute to sustainability?

Charah Solutions contributes to sustainability by recycling coal ash which reduces carbon emissions and repurposes waste materials in construction.

What will Charah Solutions install to facilitate the coal ash recycling process?

Charah Solutions will install processing and transportation infrastructure to enable rail transport of coal ash to cement markets.