Enterprising Investor
5 months ago
ME2C Environmental Files Patent Infringement Lawsuits Against 14 Defendants Including Major Power Utility Companies (7/30/24)
Suit Seeks Injunction and Damages from Unlicensed Users of Patent-Protected Mercury Emissions Technologies
Corsicana, Texas--(Newsfile Corp. - July 30, 2024) - Midwest Energy Emissions Corp. (TSXV: MEEC) (OTCQB: MEEC) ("ME2C Environmental "), a leading environmental technologies firm today announced it has filed patent infringement against 14 defendants, including major coal-fired power utilities, in U.S. District Courts in Arizona, Iowa, and Missouri. The lawsuits claim that the defendants knowingly violated patent rights related to ME2C Environmental's mercury emissions reduction technologies, commercially known as "SEA® (Sorbent Enhancement Additive) Technologies."
The companies named in the Arizona filing include Tucson Electric Power Co., San Carlos Resources, Inc., Salt River Project Agricultural Improvement and Power District, Tri-State Generation and Transmission Association, Inc., Springerville Unit 3 Holding LLC, and Springerville Unit 3 Partnership LP. The lawsuit filed in the U.S. District Court for the Southern District of Iowa includes Berkshire Hathaway Energy Company, MidAmerican Energy Company, PacifiCorp, Alliant Energy Corporation, Interstate Power and Light Company, and Wisconsin Power and Light Company. The suit filed in U.S. District Court for the Eastern District of Missouri includes Ameren Corp. and Union Electric Co. In each lawsuit, ME2C Environmental requests a trial by jury against the defendants and seeks damages, costs, and legal expenses, along with a finding of willful infringement by the defendants, and an injunction prohibiting the defendants from further acts of infringement.
"ME2C Environmental has created some of the most efficient and effective technologies available to reduce mercury emissions in the energy generation process," said Richard McPherson, CEO of ME2C Environmental. "We were forced to file suits against these 14 defendants because they continue to benefit from our patented technologies without a license to do so. Our primary interest is to find a way to create a positive business partnership with these companies."
"Since we began in 2008, we have been steadfast in efforts to commercialize our patented and innovative, highly efficient approach for mercury capture across the U.S. coal fleet. We continue to work collaboratively with our utility customers to improve their overall emissions control process and operations. We are confident that the actions being announced today will further reinforce the protection of our patented technologies, an effort that began in 2019 with the commencement of a lawsuit against various utilities and others. We expect that the strength of our successful arguments against the unlicensed use of our patented technologies will culminate in a successful business outcome with these additional named parties," concluded MacPherson.
Prior to these lawsuits announced today, ME2C Environmental achieved a successful outcome in a five-year patent infringement lawsuit initiated in 2019 against 43 defendants that included four major power utilities and numerous refined coal companies. In late 2023, ME2C Environmental obtained a pre-trial settlement with defendants AJ Gallagher, DTE, and a CERT Defendant. In March 2024, following trial in the U.S. District Court of Delaware with the remaining CERT Defendants, ME2C Environmental was awarded $57 Million following a jury trial with a unanimous finding of willful infringement, along with inducing and contributory infringement.
About ME2C® Environmental
Midwest Energy Emissions Corp. (TSXV: MEEC) (OTCQB: MEEC), operating under the trade name of ME2C Environmental, is a prominent environmental technologies company focused on providing innovative technologies to promote cleaner air and water with smart business solutions. From patented and proprietary mercury emissions capture technologies for the global power industry, this unique expertise now extends to WE2C Environmental, a division of ME2C Environmental focused on PFAS/PFOS removal from potable water. Through WE2C Environmental, new innovative water purification technologies are under development and expected to meet the growing demand for sustainable water solutions worldwide. Learn more at www.me2cenvironmental.com and www.we2cenvironmental.com.
https://ir.me2cenvironmental.com/press-releases/detail/672/me2c-environmental-files-patent-infringement-lawsuits
Enterprising Investor
8 months ago
ME2C Environmental Issues Statement on Patent Litigation Win (3/04/24)
Jury Awards ME2C Environmental $57 Million for Patent Infringement
Corsicana, TX, March 4, 2024- Midwest Energy Emissions Corp. (TSXV:MEEC) (OTCQB: MEEC) ("ME2C Environmental " or the "Company"), a leading environmental technologies firm, announced today that a federal jury in the U.S. District Court for the District of Delaware has awarded a $57 million patent infringement verdict in favor of the Company against the remaining group of defendants in the Company’s patent infringement lawsuit which commenced in 2019 with patent attorneys, Caldwell Cassady Curry LLP.
The Company stated that the jury awarded separate amounts totaling $57 million against a group of affiliated defendants that included multiple limited liability companies with refined coal industry operations, including CERT Operations II LLC, CERT Operations IV LLC, CERT Operations V LLC, and CERT Operations RCB LLC. The jury determined that these defendants infringed the Company’s patented technologies for mercury emissions and were liable for willful infringement, along with inducing and contributory infringement.
The Company had previously announced in November 2023 that it had entered into a settlement with two other groups of defendants, Arthur J. Gallagher & Co. and DTE Energy Resources LLC, and various of their respective affiliated entities, leaving the CERT defendants as the remaining parties to the litigation.
“We are thrilled to see the jury recognize the value of our intellectual property with this unanimous jury verdict, which is a clear vindication of the strength of our patented technologies” said Richard MacPherson, Chief Executive Officer of ME2C Environmental. “This verdict is an important outcome in protecting our market position in mercury emissions at coal-fired power plants against infringing entities and falls on the heels of the previous settlement reached with the Arthur J. Gallagher and DTE Energy group of defendants in November 2023.”
About ME2C® Environmental
ME2C Environmental is a leading environmental technologies company developing and delivering patented and proprietary solutions to the global power industry. ME2C’s leading-edge mercury emissions technologies and 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 byproducts for beneficial use. ME2C Environmental is a trade name of Midwest Energy Emissions Corp. For more information, please visit http://www.me2cenvironmental.com/.
Amigo Mike
3 years ago
ME2C® Environmental Secures New License Agreement of its Patented Technology with Another Midwest Utility
ME2C to Receive Lump Sum Licensing Payment with Potential for Ongoing Product Supply
CORSICANA, TX, Nov. 30, 2021 (GLOBE NEWSWIRE) -- Midwest Energy Emissions Corp. (OTCQB: MEEC) ("ME2C Environmental" or the “Company”), a leading environmental technologies firm, announced the signing of a five-year license agreement with a utility in the Midwest to provide a non-exclusive license to certain ME2C patents for use in connection with the utility’s coal-fired power plants. The licensed patents relate to ME2C’s two-part Sorbent Enhancement Additive (SEA®) process for mercury removal from coal-fired power plants.
The five-year license agreement includes a one-time sum to be paid to ME2C Environmental for use of the Company’s patented processes for mercury emissions capture. The agreement also provides ME2C Environmental the opportunity to compete for the utility’s product supply going forward.
“Beginning a new relationship with yet another new licensee marks exciting progress for our Company and further adds to the strength of our core business,” said Richard MacPherson, CEO of ME2C Environmental. “Through our recent outreach across the U.S. coal-fired fleet, supported by our IP law firm, Caldwell, Cassady & Curry, our license claims for our patented process of mercury capture are being increasingly validated by the U.S. power industry. Importantly, this utility provides ME2C Environmental the opportunity to compete for the utility’s product supply going forward once their current contract expires and we look forward to providing additional operational benefits and efficiencies to this utility.”
“We believe that our proprietary SEA® technology is unmatched in comparison to alternative mercury capture approaches within the coal-fired industry. In tandem with the other licensing and supply agreements we have secured over the last year, ME2C has a strong foundation in our core mercury emissions capture vertical that we expect will support a growing revenue base and build continued momentum in our business going forward,” concluded MacPherson.
About ME2C® Environmental
ME2C Environmental (OTCQB: MEEC) is a leading environmental technologies company developing and delivering patented and proprietary solutions to the global power industry. ME2C’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 byproducts for beneficial use. ME2C Environmental is a trade name of Midwest Energy Emissions Corp. For more information, please visit http://www.me2cenvironmental.com/.
Safe Harbor Statement
With the exception of historical information contained in this press release, content herein may contain "forward-looking statements" that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified by using words such as "anticipate," "believe," "plan," "expect," "intend," "will," and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the statements made. Matters that may cause actual results to differ materially from those in the forward-looking statements include, among other factors, the gain or loss of a major customer, change in environmental regulations, disruption in supply of materials, capacity factor fluctuations of power plant operations and power demands, a significant change in general economic conditions in any of the regions where our customer utilities might experience significant changes in electric demand, a significant disruption in the supply of coal to our customer units, the loss of key management personnel, availability of capital and any major litigation regarding ME2C Environmental. In addition, this release contains time-sensitive information that reflects management's best analysis only as of the date of this release. ME2C Environmental does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Further information concerning issues that could materially affect financial performance related to forward-looking statements contained in this release can be found in ME2C Environmental’s periodic filings with the Securities and Exchange Commission.
ME2C Environmental Contact:
Stacey Hyatt
Corporate Communications
ME2C Environmental
Main: 614-505-6115 x-1001
Direct: 404-226-4217
shyatt@me2cenvironmental.com
Investor Relations Contact:
Greg Falesnik or Brooks Hamilton
MZ Group - MZ North America
949-546-6326
MEEC@mzgroup.us
www.mzgroup.us
Amigo Mike
3 years ago
Successful Patent Portfolio Monetization Efforts Drive 78% Year-Over-Year Revenue Growth
CORSICANA, TX, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Midwest Energy Emissions Corp. (OTCQB: MEEC) ("ME2C Environmental" or the “Company”), a leading environmental technologies firm, has reported financial results for the third quarter ended September 30, 2021.
Third Quarter and Subsequent Operational Highlights
Grew revenue 78% to $5.0 million in the third quarter of 2021 compared to the prior year period.
Signed license agreement with one utility in the Midwest U.S. to provide a non-exclusive license to certain ME2C patents for use in connection with the utility’s coal-fired power plant.
Secured new multi-year supply business with current utility licensee with an expected multi-million-dollar annual value.
Completed Phase 1 testing of the Company’s Rare Earth Element (REE) Technology with Pennsylvania State University’s College of Earth and Mineral Sciences, confirming an 80-90% efficiency rate in extracting select REEs. Based on the strong results from this phase of testing, the Company is moving into a second phase of testing with Penn State University during the fourth quarter, as well as field-trial testing expected to begin in early 2022.
Received approval from District Judge of the U.S. District Court in Delaware of the adoption of the report and recommendation of the Magistrate Judge to allow the Company to proceed with litigation claims against certain refined coal entities as named in the 2019 lawsuit – providing exciting forward momentum in the Company’s significant lawsuit to rightfully protect its patented technology for mercury emissions capture.
Management Commentary
“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,” said Richard MacPherson, President & Chief Executive Officer of ME2C Environmental. “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. 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.”
“We are making significant progress with our litigation proceedings against entities that have participated in the decade-long refined coal tax program, which is set to expire in December 2021. Due to the superiority of our SEA® two-part process for mercury emissions capture and generating operational efficiencies for these power plants, we believe ME2C is uniquely positioned to provide a natural replacement for the refined coal product supply upon the tax program’s conclusion. Given the strength in the broader coal-fired market, we anticipate that this transition will create a significant increase in demand for the supply of our sorbent product. As a result, we are now commissioning our batch plant into operation, which has the capacity to support up to $100 million in annual product supply revenues,” concluded MacPherson.
Third Quarter 2021 Financial Summary
Total revenue in the third quarter of 2021 totaled $5.0 million, an increase of 78% as compared to $2.8 million in the same year-ago quarter. The increase in revenue was primarily driven by increased sorbent product sales due to increased supply demands in the coal-fired market as well as expansion of the Company’s one customer base.
Total costs and expenses in the third quarter of 2021 totaled $5.2 million, as compared to $3.9 million in the same year-ago quarter. The increase in costs and expenses was mainly attributable to the increase in cost of sales principally due to the increase in sales. Loss in the third quarter of 2021 totaled $207,000, or $(0.00) per basic and diluted share, as compared to a net loss of $1.1 million, or $(0.01) per basic and diluted share, in the same year-ago quarter. The decrease was primarily due to increased sales and improved margin on such sales.
Adjusted EBITDA in the third quarter of 2021 was approximately $562,000 as compared to $24,000 in the same year-ago quarter.
Cash at end of the third quarter was 47% higher at $866K than cash at December 31, 2020.
The Company 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.
Q3 2021 Conference Call and Webcast
Management will host a conference call today, November 15, 2021, at 4:30 PM Eastern Time to discuss ME2C Environmental’s third quarter 2021 results, provide a corporate update and conclude with a Q&A from participants. To participate, please use the following information:
Date: Monday, November 15, 2021
Time: 4:30 PM Eastern time (1:30 PM Pacific time)
Dial-in 1-877-407-0789
International Dial-in 1-201-689-8562
Conference Code:13724490
Webcast: MEEC Q3 2021 Earnings Webcast
Please dial in at least 10 minutes before the start of the call to ensure timely participation.
A playback of the call will be available through December 15, 2021. To listen, call 1-844-512-2921 within the United States or 1-412-317-6671 when calling internationally and enter replay pin number 13724490. The replay can also be viewed through the webinar webcast link above.
About ME2C® Environmental
ME2C Environmental (OTCQB: MEEC) is a leading environmental technologies company developing and delivering patented and proprietary emissions solutions to the global power industry. ME2C’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 byproducts for beneficial use. ME2C Environmental is a trade name of Midwest Energy Emissions Corp. For more information, please visit http://www.me2cenvironmental.com/.
Use of Non-GAAP Financial Measures
To provide investors with additional information regarding our financial results, this press release includes references to Adjusted EBITDA, a Non-GAAP financial measure. We view Adjusted EBITDA as an operating performance measure and, as such, we believe that the GAAP financial measure most directly comparable to it is net income (loss). We define Adjusted EBITDA as net income adjusted for interest and financing fees, income taxes, depreciation, amortization, stock-based compensation, and other non-cash income and expenses. We believe that Adjusted EBITDA provides us an important measure of operating performance. Our use of Adjusted EBITDA has limitations as an analytical tool, and this measure should not be considered in isolation or as a substitute for an analysis of our results as reported under GAAP, as the excluded items may have significant effects on our operating results and financial condition. Additionally, our measure of Adjusted EBITDA may differ from other companies’ measure of Adjusted EBITDA. When evaluating our performance, Adjusted EBITDA should be considered with other financial performance measures, including various cash flow metrics, net income, and other GAAP results. In the future, we may disclose different non-GAAP financial measures in order to help our investors and others more meaningfully evaluate and compare our future results of operations to our previously reported results of operations.
Safe Harbor Statement
With the exception of historical information contained in this press release, content herein may contain "forward-looking statements" that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified by using words such as "anticipate," "believe," "plan," "expect," "intend," "will," and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the statements made. Matters that may cause actual results to differ materially from those in the forward-looking statements include, among other factors, the gain or loss of a major customer, change in environmental regulations, disruption in supply of materials, capacity factor fluctuations of power plant operations and power demands, a significant change in general economic conditions in any of the regions where our customer utilities might experience significant changes in electric demand, a significant disruption in the supply of coal to our customer units, the loss of key management personnel, availability of capital and any major litigation regarding ME2C Environmental. In addition, this release contains time-sensitive information that reflects management's best analysis only as of the date of this release. ME2C Environmental does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Further information concerning issues that could materially affect financial performance related to forward-looking statements contained in this release can be found in ME2C Environmental’s periodic filings with the Securities and Exchange Commission.
ME2C Environmental Contact:
Stacey Hyatt
Corporate Communications
ME2C Environmental
Main: 614-505-6115 x-1001
Direct: 404-226-4217
shyatt@me2cenvironmental.com
Investor Relations Contact:
Greg Falesnik or Brooks Hamilton
MZ Group - MZ North America
949-546-6326
MEEC@mzgroup.us
www.mzgroup.us
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