Midwest Energy Emissions Corp (OTCQB:MEEC), known as ME2C Environmental, reported its 1Q results showing a 171% bump in year-over-year revenue at $3 million from $1.1 million for the quarter.
The environmental technologies firm saw most of its revenue come from sorbent product sales, which hit $2 million.
During the three-month period to end March 31, 2021, ME2C strengthened its balance sheet by eliminating $1.85 million in convertible debt, it told shareholders.
READ: ME2C Environmental appoints Jami Satterthwaite as its chief financial officer
The group narrowed its net loss to $400,000 or $0.01 per share compared to a loss of $1.8 million or $0.02 per share in the year-ago quarter, with an adjusted EBITDA of $69,000 compared to an $878,000 loss in 1Q 2020.
The Corsicana, Texas-based company develops and delivers patented and proprietary emissions solutions to the global power industry.
CEO Richard MacPherson told shareholders that 2021 is expected to be a “breakthrough year” for the company.
“The first quarter of 2021 signaled an incredibly strong start to what we believe will be a breakthrough year for ME2C as we make progress towards full monetization of our patented technologies across the US coal-fired power fleet,” MacPherson said in a statement accompanying the results.
“The new administration has driven a renewed impetus towards environmental regulatory compliance, driving strong inbound interest to our patented suite of emissions control solutions. We are well positioned to continue building a solid, recurring revenue base of strong margin licensing and supply agreements with tier-1 utilities nationwide.”
ME2C recently announced new environmental technologies under development, including methane gas emissions capture, rare earth element (REE) extraction technologies, and water and soil remediation. Pilot scale testing for REE extraction technologies and water and soil remediation is expected to begin with energy industry partners soon.
“While the mercury emissions capture business remains the foundation of our business today, we look forward to the testing of several new emissions control technologies in the near-term to round out our suite of solutions for the broader energy space,” MacPherson continued.
“These state-of-the-art technologies - which focus on rare earth element capture, wastewater or soil remediation, and methane gas emissions control - offer promising solutions to the most pressing issues facing our world today.”
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