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AES to asses selling emissions control business

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World Coal,

Advanced Emissions Solutions (AES) is to assess the market value of its emissions control products and patents, the company said in a corporate update, as it remains focused on its refined coal (RC) business.

The review would be performed using a “parallel path strategy”, said AES CEO, L. Heath Sampson, as the company would continue to seek to market and expand the opportunities to sell chemical additives covered by its patented M-Prove technology for emissions control at coal-fired power plants.

“However, the time frame to maximise the value of these assets remains hard to predict and we believe it’s prudent to assess the value they might have to an entity that could more quickly capitalise on opportunities within the US and internationally,” Sampson said.

The company added that it did expect sales of its chemical additives to improve this year with a large US utility selecting the M-Prove technology to reduce mercury emissions at its coal-fired plants.

Sampson also said that the company has adjusted its approach to its RC business sales process and that its investor pipeline was now the largest it had ever been. RC remained the company’s “most valuable, yet currently undervalued, asset,” added Sampson.

On the financial side, the company said it has become SEC compliant again with the filing of its 2015 financial statements.

It would also continue to reduce its costs, Sampson said, including cutting its headcount by about 30%, in an effort to reduce its operating costs by between US$12 and US$14 million by 2H16. The company also expected its liquidity to grow through the 2016 financial year “as our RC business continues to lease and sell RC facilities to tax-equity investors,” added Sampson.

“We remain excited about our opportunities to further improve our business in 2016 and to position the company for future success,” concluded Sampson.

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