Midwest Energy Emissions Corp, also known as ME2C Environmental (OTCQB:MEEC), has reported third-quarter 2021 revenue of $5.0 million, a 78% year-over-year increase, driven primarily by higher sorbent product sales due to increased supply demands in the coal-fired market, as well as expansion of the company’s one customer base.
ME2C also recorded 3Q adjusted EBITDA of about $562,000, up from $24,000 during the same period last year.
“Our efforts over the last year to monetize our patented technologies began to materialize in the third quarter of 2021, as we achieved our highest revenue quarter in over three years,” ME2C Environmental (OTCQB:MEEC) CEO Richard MacPherson said in a statement.
READ: ME2C Environmental announces new license agreement for its patented technology with Midwest utility
“The multi-year supply contract we announced in July validated our ability to add significant incremental supply business with an existing technology licensee, which is driven by the competitive advantages of our SEA technology and our business-first approach to defending our IP position,” MacPherson added.
“We continued to execute on this strategy by recently securing an additional licensing contract with a utility – building the foundation for sustained organic growth well into 2022 and beyond.”
The company noted its cash balance as of September 30, 2021 was $866,000, 47% higher than on December 31, 2020.
ME2C added that it has shown quarter-over-quarter growth through 2021 compared to the prior-year periods and expects to see strong continued growth moving through the fourth quarter.
ME2C Environmental is a leading environmental technologies company developing and delivering patented and proprietary solutions to the global power industry.
The company’s leading-edge services have been shown to achieve emissions removal at a significantly lower cost and with less operational impact than currently used methods while maintaining and/or increasing power plant output and preserving the marketability of by-products for beneficial use.
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