Charah Solutions Awarded Two Long-Term Ash Pond Closure Contracts Totaling Approximately 22 Million Cubic Yards by Southeastern Utility

Rhea-AI Summary

Charah Solutions has secured two long-term contracts for ash pond closure from a Southeastern utility, totaling approximately 22 million cubic yards of ponded ash. The first project involves excavating 16.5 million cubic yards over 16 years, while the second focuses on 5.5 million cubic yards over 8 years. Both projects include constructing lined landfills, with operations beginning in March 2021. Charah’s President emphasized their expertise in managing environmental compliance throughout the projects.

Positive

• Awarded two long-term contracts for ash pond closure, enhancing revenue prospects.
• Total excavation of approximately 22 million cubic yards of ash, indicating significant scale of operations.
• Expertise in environmental compliance positions the company favorably in the market.

Negative

• None.

16-Year Project Includes Excavation of Approximately 16.5 Million Cubic Yards of Ponded Ash, Construction of Three New Onsite Lined Landfills and Landfill O&M Work

8-Year Project Includes Excavation of Approximately 5.5 Million Cubic Yards of Ponded Ash, New Onsite Lined Landfill Construction, Dam Decommissioning and Landfill O&M Work

LOUISVILLE, KY / ACCESSWIRE / February 16, 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 two long-term ash pond closure contracts, both closure by removal, by a Southeastern utility.

As part of this contract, Charah Solutions will complete dewatering, ash excavation and ash relocation into existing and newly constructed lined landfill cells, as well as subsequent site closure work at two different sites.

The first project's scope includes the clean closure excavation of approximately 16.5 million cubic yards of ash from two ponds, construction of three new onsite coal combustion residuals (CCR) lined landfills (122 acres in total), landfill operation and maintenance (O&M) of production ash through station retirement, and subsequent closure of the three new CCR lined landfills. This project is scheduled to begin March 2021 and take approximately 16 years to complete. The second project's scope includes clean closure excavation of approximately 5.5 million cubic yards of ponded ash, construction of a new 43-acre onsite CCR lined landfill, dam decommissioning, landfill O&M of production ash, and subsequent closure of one existing CCR lined landfill and the new 43-acre landfill. This project is scheduled to begin March 2021 and take approximately 8 years to complete. At both sites, Landfill O&M services will include operations of silos, CCR material loading and hauling, CCR material placement in the landfill and overall landfill management operations such as erosion and sediment control, active landfill maintenance, landfill cover placement and stabilization, record keeping and dust control.

"Charah Solutions has decades of proven experience and expertise to handle every regulatory, engineering and technical issue related to pond excavation and CCR landfill management," said Scott Sewell, Charah Solutions President and CEO. "We are delighted to offer our full suite of services to meet our customer's specific needs, in this case managing the impoundment excavation and closure, lined landfill construction and onsite CCR operations, ensuring a well-managed and compliant program from start to finish."

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 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.

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/629806/Charah-Solutions-Awarded-Two-Long-Term-Ash-Pond-Closure-Contracts-Totaling-Approximately-22-Million-Cubic-Yards-by-Southeastern-Utility

FAQ

What are the details of Charah Solutions' new contracts awarded on February 16, 2021?

Charah Solutions was awarded two contracts for ash pond closure involving the excavation of approximately 22 million cubic yards of ponded ash, with operations commencing in March 2021.

How long will the ash pond closure projects for Charah Solutions take?

The first project is expected to take approximately 16 years, while the second project will take about 8 years.

What is the significance of the new contracts for CHRA stock investors?

These contracts potentially enhance Charah Solutions' revenue and market position, making them favorable for CHRA stock investors.

What services will Charah Solutions provide under the new contracts?

Charah Solutions will provide dewatering, ash excavation, landfill construction, and ongoing landfill operations and maintenance.