GREENWOOD VILLAGE, Colo., July 02, 2020 (GLOBE NEWSWIRE) -- Advanced Emissions Solutions, Inc. (NASDAQ: ADES) (the "Company" or "ADES") today announced that Tinuum Group, LLC ("Tinuum Group"), a joint venture among the Company's subsidiary ADA-ES, Inc., an affiliate of NexGen Resources Corporation, and an affiliate of The Goldman Sachs Group, Inc., has sold its 49.9% interest in a Refined Coal ("RC") project to a new third party investor. Tinuum had retained the 49.9% interest in the RC project since the project's commencement in 2017. The Company's 0.1% ownership interest in the project will not be impacted by this transaction. The RC facility is located at a coal-burning power plant that has historically burned in excess of 2.5 million tons of coal per year and is royalty bearing to ADES.
Greg Marken, Interim CEO of ADES, commented, "We are excited to announce an additional investor in this RC project. As we continue to navigate uncertain times, this closing reflects the strength in Tinuum's offerings and business model. This additional investor brings net cash flow and avoidance of operating costs at Tinuum. Tinuum, with support from ADES and Tinuum’s other owners, is diligently focused on securing additional tax equity investors and increasing production of lower emission coal to power our country."
About Advanced Emissions Solutions, Inc.
Advanced Emissions Solutions, Inc. serves as the holding entity for a family of companies that provide emissions solutions to customers in the power generation and other industries.
ADA brings together ADA Carbon Solutions, LLC, a leading provider of powder activated carbon ("PAC") and ADA-ES, Inc., the providers of ADA® M-Prove™ Technology. We provide products and services to control mercury and other contaminants at coal-fired power generators and other industrial companies. Our broad suite of complementary products control contaminants and help our customers meet their compliance objectives consistently and reliably.
CarbPure Technologies LLC, (“CarbPure”), formed in 2015 provides high-quality PAC and granular activated carbon ideally suited for treatment of potable water and wastewater. Our affiliate company, ADA Carbon Solutions, LLC manufactures the products for CarbPure.
Tinuum Group, LLC (“Tinuum Group”) is a 42.5% owned joint venture by ADA that provides patented Refined Coal (“RC”) technologies to enhance combustion of and reduce emissions of NOx and mercury from coal-fired power plants.
Source: Advanced Emissions Solutions, Inc.
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