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Midwest Energy Emissions (MEEC)

Participants
Richard MacPherson President and Chief Executive Officer
Rich Gross Chief Financial Officer
Steven Ralston Zacks
Jeff Feinberg Feinberg Investment
Jim Gentrup Discovery Investment Research
Anthony Marchese Private Investor
Call transcript
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Operator

Good afternoon, ladies and gentlemen, thank you for standing by. Welcome to the Midwest Energy Emissions Corporation Fourth Quarter and Full Year 2017 Earnings Conference Call.

During today’s presentation, all parties will be in a listen-only mode.

Following the presentation, the conference will be open for questions. [Operator Instructions] This conference is being recorded today, April 17, 2018 and the earnings press release accompanying this conference call was issued at the close of market today. is Officer, and Rich today and Richard call Financial Chief Gross. our MEXC’s CEO, President MacPherson; On

Before we in get of Emissions about information, forward-looking Corporation. started, statements the I will This forward-looking regarding call read Federal conference Securities may Midwest the contain within addition laws historical statements. to meaning a Energy disclaimer

Forward-looking of are assumptions underlying statements that performance different statements historical and plans, goals, objectives, about include and statements strategies, events facts. than future other

availability might our units, and customer capital the demand, regions key utilities the include, and change conditions as gain any exclusive involve the Company. differ fluctuations the of generally power anticipate, regarding and change to of These coal where are of Forward-looking uncertainties identifying management’s identified operations major results litigation results customer, risks loss capacity our cause actual that subject to a demands, disruption cause or on intend, from that from environmental in economic of materially these experience words could such current personnel, forward-looking based electric plan, those and changes of other in the by forward-looking will, are management believe, regulations, are statements similar and in words statements a uncertainty using expect, in are means in significant factor statements and of statements. plant loss circumstances. that but to expressions, changes in statements supply factors, customer are general any significant expectations a power differ significant materially actual not Investors may statements made. the supply the the to Matters among forward-looking of cautioned major materials, disruption in of that

time-sensitive revise that forward-looking date to this Further undertake reflect reflects update of this statements contains Company future or events, as call. the the to in materially this only of call. I issues the circumstances that Exchange best yours. the In any that conference with be publicly this Company’s not conference any the filings Securities date information call could and obligation turn after concerning would financial statements like of President information management’s or analysis conference performance The addition, At the found Richard, and this MacPherson, over forward-looking does is CEO. in presentation information periodic to time, call Commission. arise to to contained affect the floor can Company’s related Richard

Richard MacPherson

very continuing technology regarding a symbolic be from February to has three our workforce only prepared as as Nexus presented Business on and it Corporation. Vistra not the with working and and looking due our for Cabot for partner operations estimated positive operating Award and relationship. It strong but that earlier joining Group. by is Canada technologies of market our us expanding them utilization an forward positive This together Thank you, excellent to we strategic we’re perspective to year the you years financial throughout over we honored for strong Small we a year, saved was into community positioning forward. as trend to market we close In technology work the licensing their as exclusive European international signed We is the reaffirmation, testament over and and subsequently materially been that a XXXX to Energy Vistra to us we going In of European and supply our view to to and diverse us as several an chain. Vistra have tailwind received costs thank Kevin, with our the key was this in were service, past beyond. into everyone today. XXXX to their $XX year, expanded the this award of and markets. years we our expand expected million business to the our we the work and in commitment agreement excellent penetrate a

with our any further, Energy from story. going a new brief overview Europe. I’d with and North to give coal Before Cabot like now mercury you America be to across for our licensing emissions plants who those of our fired of Midwest company may partnership Corporation, captures

low mission our regulation as of a install a at Additive materials. Enhancing cost. facilities of effectively piece corporate mercury our is The each We we SEA and using compliance blend patented Sorbent of consists boiler Enhancing and equipment, which special and enables U.S., R&D to a low the short technology. two which facility have technology, well The an for manufacturing Sorbent supply technology Sorbent facilities achieve cost plant and technology SEA for proprietary capture We throughout ongoing emissions Additive four headquarters. mercury and help SEA maintain of as with

Another is typical trained of important you highly our mercury through engagement. customer in to component our technology tenured consulting by experts. we control services SEA leveraging team a provide addition walk the I’ll

testing as evaluates our what’s This includes optimizing others. a the analysis, the coal injection, services boiler type core determine plant of of team based emission as stack First, the exactly amongst fired field being and needed to on design well used.

basis. need we a come average on ongoing, then of model. patented a which of The From supply is product equipment to end, the recurring for The Our technologies place significant. an on is determine coal in and the blend team based pedigree advantage. significant in customer We competitive depending can technology situation. there on technological control what’s exactly in piece who the and element supply advantage ongoing brightest that on us the the we’ve only is us of solution retained some technical with our the $XXX,XXX. we specific front a the the the one-time mercury have a our proprietary in needed in install Having approximately competitive but conjunction customers a equipment significant revenue driven country, gives which and market knowhow fee, a experts an our provides of cost is in

All Asia. of of a portfolio, XX consists of patents in by Canada, most pending and covered Europe technology is issued and robust patent this U.S., which protected the now

is technology and the the now Our strong mercury scientific coming we the and facilities XXX from one Energy control of person the is with oldest in today. technologies Research for the this development. research or our The called a Together and core over responsible control has XX on years technology, for engineering country team. commercialize developed best the its over coal Center formalized technology In into a of the for Pavlish, the cost million in back in Environment foundation listed that since dollar a plus EERC domestic that agreement In joined time April common recently company announced of individuals, this of pending this patents now and one a completed that $XX,XXX in new is stock. company acquisition revenue control announced license generate of such that shares best Cabot foreign month patents royalties. global all own we multibillion mercury we agreements X.X significant and for portfolio fully we have suite, invested technology million license $XX Several to who at patent time This XXXX, team through utilize a the from which basis. specifically industry. full John had EERC primarily we that confidently both XXX,XXX and the with annual Corporation the contracts we secure state we technology with us significantly space and help as reach can which will available the the XXXX,

of million that eliminated addition, In patents a longer we $X pay. licensing since excess ongoing acquiring the royalty need in year in we’ve to no fees

demonstrated base Our for the here ten commercially the in the customer seven. business in last and operational has years current and past over future been U.S.

the XX% process. We patented the units cases in of of run get most and least the For in majority and low-hanging them of with our spot those of our compliance system that an guaranteed likely U.S. the able we’ve [de-rating] to provides already into sweet for North operational least allow under will XX% country. America optimize for at improvement many a and over which they XX% boilers we’re a type fleet to U.S. they the as system the to conditions us [ph], reasonable boiler to any massive, our those compliance traditional XX% We now backend in can them production coal provide to to fruit Europe from in believe is where fall at without give approach power the are Market is at into coal full here utilize that most burn. have of mainly units for capacity. customers due installed our expensive challenges back-end approximately only can’t experience which get they opportunity

the the to Now our progress XXXX before year quarter to review some to overall. handling initiatives and over like Rich the review in of I last of last call key financials, and

First performance. a we there from with difficulties goals others staying that EGUs EGUs to boilers [indiscernible] happy we to the and are have and peak bring benefit compliance or believe U.S. operational can or significant begin This at or progress There of can the emissions are made our as been use to foremost, technology-driven state number they a an that their area [de-rating] still approach. has extremely clients either compliance costs them. free are any federal maintain experiencing our in challenge efficiencies are throughout [ph] accomplish and extra that technology compliance or significant we

newly our of moving completed than closures proven As we their offset we since secured forward more technologies of with renewal this their our third customer a potential our fleet. previous to largest recent a huge fleet of some and XXXX, rapidly the reaffirmation optimize multi-year customer. has That systems acquisition to now the and with strong has quarter the are to a demonstrate technology in found

from be IED been B the regulation in geographic signed R expansion EU set limits has graph. very documented worldwide. they nations of as XXX BAT Europe simply, to eradicate known across referred globally, have E Minimata can document the the to a and/or a put treaty that we’re IED is this emission global on forth October requirements the that XXXX, Put the emissions outlined focused water and as Secondly, in And F. mercury in which has BREF, Convention now air the

for testing now. become EGUs. underway with by substantial, compliance X,XXX coal to significant core with opportunity Europe expect We XXXX market Europe’s standards almost it includes new is these commercial fired a

to license through their are agreement We’ll new country country the with in We Cabot across be partner fruition to be while European Union. a our the including European markets player regulations addressing installed expect our major offerings and by these come as technologies Cabot. our –

scrubber leverages and technologies. Our SEA additive patented our capital-lite arrangement

sales partner our for an network, REACH, technology opportunity Our to European adoption. massive a widespread see immense presents European

with partnership in as Europe throughout opportunities different we of number speak. Cabot a toward moving actively We’re

partner to over future in excited such reduce XXXX corporate We’re leader to and ramping starting offer up for increase Cabot alternative the which will and to contribute EGUs technologies cost, as our with a profits long-term. meaningfully growth

In on providing further the addition in agreements such we’re different to this expand of forward as this continue to and throughout look of Asia. technologies to worldwide. rest an year. of appropriate know-how development initiatives and stages negotiation other We growth enterprise once area markets potential key significant space for we company a completed in in package is our leading value similar several updates as this technology proven as This these as

our to earlier showcase of both abroad. a U.S. we XXXX in expansion, was solution secured and the Canada our significant company mercury of which Speaking first client for milestone approach to value capture in geographic the total in

Canada expanding other there capture our as better we further now boilers with with speak. We’re new demonstrate client to several installations into and economics

made the outlook investments our last allow have half bullish to the a of marketplace in be in the in and notable in In on near addition term. competitive we while expect our efforts upgrades year we’ve to These particularly succeed ingredients distribution and all over necessary facilities area profitability. and the We be long-term. our to of over product enhancements with southwest, storage us the place completed will our very also increasing to to more in some specially operation manufacturing business development which the the remain

we’ve in base XXXX. Now cost adjusted new past and support our significant wins

some of question the for like I’d some Rich? to for the call over details up with turn it call closing and Now over year statements the quarter wrap answer. Rich up open and the to before and financial I end to go

Rich Gross

Rick. Thanks

consulting in and our Rick and three material upon provide as supply generate revenues services, As demonstration typically earlier which sales, of from SEA recurring nature sources sorbent. touched is in we and finally sales equipment recognize an proprietary primary product ongoing we

needed of million XXXX, XX% ended were the continue revenues XX% which decrease in customers sales which expenses forward decreased XXXX For those XXXX our from months revenue revenue this and and optimization the XX, December keep customer factors decrease our QX product year of full well December in efforts MATS product to to million and some $X.X most as for revenue Total the XX% And in that $X.X year come is and compares in million equipment from respectively. were XXXX, year Costs quarter. for our XXXX. year expenses three revenue going million million sites was XXXX seen and December XXXX to months million the primarily from compared the at in quarter $XX.X December million, in $XX.X some are to of associated as capacity with primarily ended a ended a same compliance. XXXX. XXXX Total sales the three $X.X undertaken XX, the Costs MEXC of will and sites, $X.X million were XX% at sales XX, prior XXXX, $XX.X decreased the year of sales in lower to $XX.X the compared ended to decreases these product by products in and decrease a when respectively. sales. fourth due in during results during from ago XX, Decrease

diluted noncash per Net the the XXXX. restated the net or in the compared the EBITDA year ended in due in million, net to negative December million, of of XXXX. year loss a compared million, of compared $X.X million And year XXXX to $X.X $X.X Our income Net loss debt quarter. in XXXX. $XX.X full lack for quarter fourth per XXXX operating for million of quarter of was in income the fourth XXXX to quarter million share, XXXX $X.X of loss $X.X $X.XX in $X.X a million, compared $X.X totaled of Adjusted of share year-ago fourth to the or fourth to $X.XX operating $XX.X totaled the quarter the to compared diluted EBITDA of million XXXX share was per $X.XX per year totaled net Operating XX, $X.XX diluted was in for $X.X loss same a in XXXX. share, million restated $XX,XXX, income quarter was loss million, $XX.X on quarter the compared in XXXX. The full XXXX in million adjusted operating XXXX, or $X.X a positive for loss restructuring, loss to of diluted the fourth decrease fiscal primarily in was a XXXX. which or million fourth

over that, $X.X December million XX, back to Rick on million XX, $X.X had call Finally, comments. And equivalents and to we of compared cash for on XXXX, cash December with turn XXXX. the I’ll

Richard MacPherson

our do in acquisition as year ourselves to North position million. between answer, future excess in so in to strong our equipment very made And overseas. if licensing today as off infrastructure. should Thank now Kevin, as in patent investing and you, we’ve nicely the Rich. been operationally, lines the activities you $X of I’m in invested could Cabot the over put operational America what pleased well with And like questions that overall we’ve we’ve seen has the pay very progress a up open Folks, with I’d with competitive and long-term here please? past

Operator

Steven Please [Operator Ralston will Thank our Instructions] And Zacks. question take go from we you. first ahead. with

Steven Ralston

afternoon. Good

Richard MacPherson

Yes, Steven.

Steven Ralston

focus opportunities focus your there. and now market your increased is you’re like seems on It the an having international

is in is about EGUs it your hurdle of sales cycle causing some you long the sales could the there’s and what pursuing entrenched talk not U.S. something is market you stressed process, for it these the else? something think domestic First, system or your

Richard MacPherson

the materials industry dramatically. No, cost XXXX that I hurdle an repositioning think Kevin we technology dropped saw very the that basic a in to faced competitive as of biggest was ourselves

the a deal schedule firm were we the and and and opportunity holds past great able question a chemical keep – ability We’ve that be And over on were going major recognized markets, of time for prospects only. servicing international spending of incumbents multi-billion announcement year price being yes, the able the addressing large it with that American and is accounts resources so partner it suppliers first the been of an some with deals going we’re as cost regard based time us go we’ve the restated that opportunity the very will change nicely. be forward the double infrastructure understated your very can’t company this forward and other made at European the profitable your our North But we’re I a base to to small new changes that Europe about forward. rate, up and and as excited in componentry our competitive expect huge place win part domestic fashion. to see of and of in the size to us Cabot, and a like for dollar with And

Steven Ralston

that noticed up the something obliged be else? than just contract, little in normal might fourth but quarter. a popped I the Canadian is suppose the I it revenues that to it demonstration more would

Richard MacPherson

all test work change. No, efforts, time industry the but of there we now reason we’re a at demonstration as procedures charge that that’s fully is, and to maturity we’re for it get where in the in normal well what and and cover margin and do our now we able for contract, the really paid have not point fully it’s in the Canadian that’s it to for not our the

Steven Ralston

in you’re margin what a just the really details broad accounting, equipment changing decent everything quarter. when just the want a this value with to there the the and from I that give could the overview of noticed high you of was don’t restructuring XXXX fourth into warrant give Could restated a earnings? of but you I liability the Yes, that? for that get of to changing debt you in happened the explanation actually loss – how business level

Richard MacPherson

the it accurate CFO short condense to a area. over you who’s into I’ll turn in adept more but that response? down that Rich, can

Rich Gross

that quarter the market you’ll prior by marking of But our call, warrants we going level the that to to that being able is find there. reversed detail is be in in hit the high it that that filing most ended Steven lender XX-K outstanding so the entry. of that certain outlined Yes. were that up the change recaptured dollars were of in entries with but quarter those all restructuring we the mark-to-market debt just then

much [wash][ph]. hit. shifted it pretty it It a So was when just

Steven Ralston

Thank you.

Rich Gross

– quarter being warrants time The instead transaction. just valued the at were of debt quarter the valued restructuring by of

Steven Ralston

the And the Are United basically will companies your a States like you’ll basically ramp here did big this have just question into with relationship more Cabot. expectations it implementation one the that delay you’ll up? last then up contracts, and the in moment, line that about effect will go it to

Rich Gross

those installing of from for capture the testing all full People commercialize ready don’t of point testing compliance. is with on them and method effect point I’d due defer utilities of get the to to compliance most full XXXX, capture. XXXX. underway in between anticipate equipment up at which them the of do in to I full that’s choosing if the that will regulations of but and across be compliance Union to going now according And to prior to required in being to testing carrying midyear the the right full anticipation testing benefit answer, any all them. not this having the become into to in European of Cabot the levels would country specific our the is Europe the live time and capture

or available in expect market moves as So Cabot XXXX. have that I we share share would their and forward between and penetration would now then demonstration with commercialized as revenue rev full revenues

Steven Ralston

Thank you.

Operator

you. Thank

question We Feinberg from with ahead. our go Jeff Feinberg will next Investment. take Please

Jeff Feinberg

was I for Thank if I’m apologize sorry already late you call. was very this covered. the much. I

corporation? this opportunity, you possibility provide Can the installed I this out of twice announcement. horizon, give looking like it see press First here base. us the on or with congratulations seems revenue perspective you. please fantastic for the release three profit over Can and a Thank you two the of level all, us big some

Richard MacPherson

an point. Thank covered was you, been to and at it hasn’t of this unknown Jeff. yet course No, of us it somewhat

Europe We’re more us knowledge I perspective. industry the here overview point feel two big factors opportunity and the than state in this will it’s couple only both in at what America. we that have and in base; Cabot a working that an number There’s three that units from to of actually from are impact a number times very of North revenue actual can

regulations However, finalizing per it of that capture dependent will be. cost be as will the actual to the in a upon unit are large what part that level the rate

further the partner not able the and be is to general expect better what are player So a very to a opportunity. years we be Europe they I that be of and large of the to one I year would suffice of in They a point get of very nicely. there And over demonstrations Cabot’s that opportunity is would then piece comment say presence be terrific been base our have to overstating opportunity U.S. of a and over we consider would at a dollar in this attain forth suppliers better get able much millions I under of this is that as into than that respect would the this our the market. is value our majority large. it biggest expect very their be market I’ll a to in estimate the at sense of in it we with majority Cabot have some partner over knowledge there, strength this best point know-how think and just claim and dollar main to we more point, in the at put share to belt say will But a we The expertise per Once best market. belief ours opportunity. a can we industry of specifically. fortunate that hundreds of and of and

Jeff Feinberg

So opportunity terms sure last roughly we potential. in would in than that revenue took revenue This understand the Europe just million of has to $XX be year. larger correctly company make I done in specific materially

Richard MacPherson

Cabot would a running. that do I up say and things will that more amount tremendous once than are

Our strong we’re them revenue better generate that significant for I in of would present than chance could share our very the level our net there’s be with a as amount that a deal Europe substantially will expect EBITDA company. EBITDA return declaring. on this deal set

Jeff Feinberg

Okay. Final perspective, $X this being question, have and some obviously margins in $XX.X just looking correct like we’re year at I million so, lower. EBITDA million the with were seems the obviously it or past,

Now and should be higher. it’s range a they wealthy more of

we’re correctly that horizon? this this look potential on as $XX EBITDA its so about Is we million understand over this Just we thinking own planning us all situation opportunity. as for of plus present can

Richard MacPherson

today. able could to you crunch Jeff, there to numbers. We’ve I’d so yet. announced can’t I a we go deal give the some answer, be all that love firm just just

would feedback, the generate the what are over We point compliance as what to to We huge. happening. in of boilers potential be projections. few able to a compliance expectations and would paper to have we strong. going request on just cost want tone for there back we’ve to great to next what’s that they’ll part date times business down a deal get at the be this percentage able the some expected competitive are of point. pricing months and see once three know going for get this with get There’s and really to the the of I there. at to later They’re take got move be And settle some come is I the a with until revenue we is We what two don’t on over majority all to point, going water over very start strong Cabot. world. of projections know regulations I be to better But numbers. generate respectfully many comes very that at the some there. expect to It to respectfully

Jeff Feinberg

very good. much. Thank you Okay, very

Richard MacPherson

Thank you, Jeff.

Operator

The next Investment go you. Gentrup Discovery Thank Research. to ahead. with Please Jim

Jim Gentrup

afternoon, How good are gentlemen. you? Yes,

Richard MacPherson

Good, thanks.

Jim Gentrup

a that much question. I easy Is the just Cabot business By through. win. Is way margins – on on though higher to that assume would be pretty the coming it on a be be the – the quick would that want would safe will assumption? follow-up think to that I congratulations that

Richard MacPherson

totally will are at share this selling Cabot point? them. to quantifying moving product you situation deal. – that How ourselves will not we Europe they we in XXX% this in have the any be place margins a directly market Because that What with Cabot be forward is on revenue

reasonable the the in the overall. return sharing very market be and be a have will we they’ll revenue So determining margins, we but they on much expect

Jim Gentrup

to your decline. EBITDA mainly Yes. was referring margin I

Richard MacPherson

on as will we or up our they be operation I’ve press partnership Once installation we Where forward. technologies, in Europe. – is the resources of arrangement, any release Cabot will be not deploying the capitalize and will of hardware be mentioned any in moving amount speed technology the Yes. any to

So the we makes deal arrangement the line us revenue and for Cabot be will receive all any revenue, from straight which very bottom attractive.

Jim Gentrup

are And you. a thank little there? give then going been good, Very things I in expansion also how there, Could you know update working Canada. the you’ve on us

Richard MacPherson

Sure. very are well. Actually going things

and reduced – overall their exceptional As XX be we’re plant. sometime penetrated had They plants and in to in The have second cost for technology running XX last days And technology. plant we actually during has the call, installing equipment up proven that I operation with them. another and at earnings one their that now speak we of expect in indicated their on next that as a fleet to the days. report material in dramatically our we to Canada in our

We tell So to you that on ahead back another plant. the and plant our new then four move and with and I underway things sales going when successful, it now suggestion a go would We’ll boilers, we with that into nicely right are start if get gotten. in ahead second we final we that there. were the proven client open the day with moving there contract well to is I’ve three And happy do then boilers. operations

Jim Gentrup

to Okay, declined thank balances here. a any Are to need Are bit going to cash the to little talk about you go markets? that going just time you. And you to soon? need the then capital is raise

Richard MacPherson

$X I position those call, to we our million With in enhance to as at secure mentioned a excess home the year here and competitive to spend patents. cash decision regard in the earlier made of the conscious over last

So like And forward. with this that $X at away Cabot also royalty did things with we could least be million payments do a year today we would going the that do announcement.

that’s depleted again, So it’s why evaluating we necessity be available this But To between, again, that that as we capital answer options us we to those based a and equity at non-equity don’t avoid, this of would much how forward. something the all as additional we raise your we to envision will see that going just have some There’s versus are that as time cash. we if and options. it’s want were, we definitely Should no forward. to requirements. go expand such like possible. invest capital? require question, And consciously And balance

Jim Gentrup

Thank right. you. I all Thank for All have you. That’s now.

Operator

you. Thank

our take Please will Marchese, ahead. Anthony Private from Investor. go We next question

Anthony Marchese

was on did because patent reason, the deal. Rick. evaluated to they But your on deal deal, me portfolio. down Cabot this the Hi, Cabot like specifically, Congratulations just you the

is the you States, it minutes? might patent your enforcing and or essence a clearly, Cabot utilities, from you to talk time. trying I’m just just your I’m in license violating understand you little stated just you the patent. have in portfolio portfolio to how So Just – and in can the spend both understand, that could just United you things in to monetizing sense that about competitors? a Thank. you if have trying is your United patent could it if here spend your few past, people the chose so States,

Richard MacPherson

They both and Cabot new there more end only as us the that not dramatically that as we’ve expand the few Both relationship years. of two ability Thank we in sense huge of footing the the the have have scrubber to a them the Anthony. forward development market history, beachhead. regards part to on that process able to of business to the made then over additive technology they protection the to to into They the They resources. that our as between over boots the the patent move program if the have the given Sure. to years a With gain we plus engage the be next But Know-How for technology is in you opportunity in relationships. as options and experience, two not use expand tied are question, the just for ground. us the probably it have such, their Europe. to developed Europe, important last it number

is ago approach we are market North that be, and years we now profess to So one for using our Back that is technology of majority in and that to to our just sorbent because here collecting use that Know-How years disruptive using brought technology made the thing sorbent the part mercury a utilities sense. America, process. two sure it technology this

accordingly North the taken forward at time, great in point here. of regards position consideration of going acquisition I wins in got go recent significant of to and new both times we of approaches position operate from in position, this Anthony, in a they say patent the lead advantage to the all puts options that the XXXX. is of to enhancement, how under the and we’ve with as and are and of Our both and forward here through number a enterprise a to competitive America that other Know-How could particular, to into and full that we rest like that thinks just forward very technology take to that and our year this us in patent will moving of benefiting market be look the

Anthony Marchese

you Europe. for final doesn’t United respect this guess, States the sense work is also have Cabot. the This I States Cabot, United together as in in Cabot guys with business question makes it And Okay. well. to for with to

Richard MacPherson

with in to activated Cabot to more and looked sense didn’t Cabot opportunity with go opportunities the are arrangement as activated worldwide carbon further at just Cabot in European decided a involved our the or both of for on and other in coming forward for is opportunities of this and competed We coming I that heavily than at of us markets other space. worldwide is of forward that the major here us at and other a The look an are ourselves and the made time. with back both update U.S. the partnership go this licensing point at one months. suppliers. it market in carbon activities that market have all America us to any one U.S. North just our regards not Europe And sense kind make supplier we to There either the we to in looking which course, significant position

Anthony Marchese

right. a Rick. Great. Thanks All lot

Operator

Thank you.

question Tim from take Please will [ph] We final go Private Investor. with Quinlisk ahead. our

Unidentified Analyst

position. with you is I of guess How that that dynamic mention just Rick, question you or as more fundamental the to portfolio. And do question you thanks allow your effectively sort compliance in intellectual I reaching a And property, of to guess, as allow you’d to your Cabot will using is that sort Europe? starts you evaluate of the but on for develop relationship same part your which is, going you majority reinforce vast market with that, process Cabot Cabot, think utilities alluded occur of taking here that I follow-up two patent effectively in have in fringes North my assure to a that call. transaction that America. are patent Europe. – the on not the Cabot capture in sort the relationship that

Richard MacPherson

able much With space taken technologies us a to forward feel Kim, act one commercially sees up we’ve Europe, our operator move strongly both and the across are very the breadth the one win to activated technologies the compete but be to only thank the in to you of strongest day. with so largest a in Europe, joining order successfully, basically and whether negotiate most weight who their regards carbon end able own and suppliers it’s the is have in the with on the question. for ours. business which enable one at the and Europe, There to of we of or us to partner be with approach, different not and compete

of the think less their at of defense all it I with and more business be to them, disposal. for going a the a large technologies is of best corporation winning patent challenge

conscious efforts, be a different. think forward We not I be I with on think we of a at go have big to the our stand their top our notch. to guy able so are dynamics there, overall a very will decision being biggest the block made over to And success think and I loan part the technologies which carrying

Unidentified Analyst

Okay.

of done about look two to that year the five compliance of talking infringes realize portfolio, is years over in utilities North over spent then guess relationship or a Now, patent the of Europe the that – that in on that excess in you’ve strategy of Rick lot so impact your a look that or you value you commoditized an market position, effectively I your the last I competitive follow-on of is clearly sort I process if given the insulate to obviously using couple America. if America, was know sort year from and to there four last it likely out sort approach – And reaching will was just the capacity. that activated you wondering most in you’ve here the And the portfolio? U.S. carbon that’s and what is part of North become just spent that from monetize U.S. time most to next a or this you are in value this dynamic as

Richard MacPherson

to the Firstly, feel that will a able higher be operate don’t have competitively kind able and and they’ll in be with we Cabot degree the that comfortable here there European and very about believe to over win pressure business business good same the much America more they very in situation, that. we there, North of had so they will build that to over we feel regard – that not they

patent that we Secondly, position with rights our do regards perceived still privileges have and that’s review. to in under and North strategy America, a here

We of deploy are and many we years about to strategy able be ahead would go a presently that. to considering how us have

back wins solution the through we go two be significant we report new of meantime a that on to the and that are very For bringing market confident as regard focused our part until come XXXX. of to with we’ll form rest able

Unidentified Analyst

actions of that How of could and might opportunity you give lead to to an that get those in in the it’s sense of great of big but you sense look Okay. I a to the from is there of assets the as timing taken that some sort you on, a And finally play then can into terms got fleet out this assuming I’m transaction acquired with the Rick, the discussion what Vistra, you’ve give call us of and a of compliance? of sounds forward. know up how can potentially is us Energy they’re – relationship need It that Vistra just be your to early operator be going closed. to

Richard MacPherson

Sure.

not the at commitment any preference our with do statement we’re Kim, Vistra fleet. install in my have acquired me this response we going point their that to So systems let that newly from

been provided. us mercury However, due capture we corporate manage sole mercury program the They us their their in we earlier along of their to source the capture with for to technology that order years. we and two awarded other the owned past pastly have effectively them in we or provided features referenced how three help present call

to this forward to And engaging guarantee there’s continue will forward. We them successful. in that that newly with looking be acquired going fleet effort are no

as sure process be it’s as earlier forward. to go those number, month. but significant they we secure no However, on a we’re term, units, to I to operate many believe clear coal not that started And doing this we have we’ve long would as in forward. everything we and and to past, this how XX can we’ll not be new all successful They going I’m able so customers reason and at see do commerce been the competing point we should have that against

Unidentified Analyst

Okay, Good luck. great. Great, thanks Rick.

Richard MacPherson

Thank you.

Operator

the back And would or presenters time, I comments. over additional conference for any at turn this to to your concluding like

Richard MacPherson

for We forward bringing very look the much thank we with for Kevin, near to very much help thank as first your so future. forward our you participating. numbers the And go thank you again at Once much. company. today. reporting so quarter in Folks, speed you much you up developments the to

Operator

today’s conclude conference. does Thank this participation. you your gentlemen, and for Ladies

You may now disconnect.