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Midwest Energy Emissions (MEEC)

Participants
Richard MacPherson President and Chief Executive Officer
Rich Gross Chief Financial Officer
Steven Ralston Zacks
Call transcript
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Operator

Good afternoon ladies and gentlemen and thank you for standing by. Welcome to the Midwest Energy Emissions Corp Fourth Quarter and Full Year 2018 Earnings Conference Call.

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

Following the presentation, the conference will be opened for questions. [Operator Instructions] This conference is being recorded today April 11, 2019 and the earnings press release accompanying this conference call was issued after the close of market today.

is Officer, and Rich today and Richard call Financial Chief Gross. the MEXC's CEO, President MacPherson; On

Before we in get of Emissions about information, forward-looking Corp. 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 and 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

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

Richard MacPherson

that year joining us planned Thank you, transition of James, a for was today. our completed. thanks everyone for XXXX and company has now

The first value the the key also evidenced into of developing to our but now into extend half year strength our of of with continued patents, European announcements. international footprint Corporation, a by allows exclusive the Gap] an shows [Audio efforts half signing by multinational notably the an highlighted the coal was agreement with the the most licensing This momentum and us only established market. international the in not efficiently European several quickly of industry Cabot our company year second and massive

three-year per a and First, North in term extension dollar of secured of year October, long one we customer contract in America largest we a ours. with announced utilities the that multimillion supply

in into three and expected to expanded We also This the of multimillion years course over also announced same generate for Gap] [Audio this that time. coal-fired revenue customer, is is we beyond. the annually which two additional the at boilers dollar

significant analyze made Secondly, several last years course to validate over portfolio. patent strength strides of and the extensive the the our we've of

Caldwell who other of is our procurement key IP announced extensive our firm Texas or benefit we'll of Curry, and retained commercial offering now we our our that USA experience Monetizing fashion shareholders forward and XXXX operations process. licensing a & for aid efforts We technology licenses to patented moving successful whereby now in the have a initiatives one technology utility the Dallas, As be announced a Cassady result either law this it's these based with well in are business forward utility the program SEA licensing underway. both leading this our our of of who adopted and in look area. we've these announced of develop that in To has half suite we newly in throughout leveraging opportunities technology. patented we efforts, with the second industry

our cost story. before Midwest new and patented of company give brief the sorbent We across technology. and at you [Audio mercury which achieve for the by a Europe Corporation enhancing going of well. regulations I'd out plants with to effectiveness SEA across a maintain emissions has USA you a substance. as emission our in is license Technology to may with partnership short now of widely North our with main Gap] with enables This [indiscernible]. like those for overview low using been who be Cabot Now halide effectively and enhancement additive carrying sorbent’s SEA process further, our adopted based capture mercury to a compliance technology America approach

of the team services leveraging experts. control component by operational highly important in to our mercury SEA Another we addition consulting our tenured, trained is technology provide

the of approach, As optimize the can of experts this installed. we are now and creators systems field this technology the in SEA enhance and of performance

as more and elegant such mercury to I'd believe competitors our processes. our on discussion offer We which effective like commodity patents the technology solutions proprietary as well. based offer without we a and who not have are the approach we company our much as capture a successful know-how than most work well do

which Europe in XX the the All a patent all. Canada most covers growing by actually protected technology is robust portfolio of Asia, of patents and U.S., and and

scientific strong Our core oldest in the a for team. and Center from come with the country of engineering called Research technologies Energy facilities EERC coal the research one Environment or XXX-person

years to as the $XX this what for and Gap] [Audio in Chief significant are supported we monetize our the President the best patented of over President is Trettel Recent and Vice our in expenditures coal-fired none. XX Vice and business the processes bedrock and property employ multiple across company. be adoption of The have that have believe Officer now bar to our John the position by to we invest Senior Technology several biggest this responsible continue Pavlish, is led value by a nation team We his who core intellectual Jim resources of technology million the Senior utilities. millions team in our and individuals vast the to in placed by us Operations, of feature technology

improved value XXXX the IP. continue steps to we several invest our of we from took quarter has side this dramatically inherent In to initiatives first EBITDA during things XXXX. IP, unlock in Our the of while our in

opportunity, significant is U.S. the although of inked perspective network, I developed As countries elaborate we've to which in is adapted This planning agreement the and presents business In and in bring strength by contract agreements reaffirming to Cabot and agreement the this but we technology key global And and utility Aiding world two-part was Commission partners we conducting market. over the but U.S. and in demonstrations size international our utility the the standard technologies, offer Cabot than through globally patented starting with reach we leaders addition expected which become partner well latter the licensing We boilers up Europe coal-fired on tailwind at how capital profits as as global in working Europe's to of covering noted see actively we've this treaty the leverages symbolic these continue first In and similar appropriate my our expected a convention only are initiatives work forward coal-fired as this with scrubber is adoption with of underway. both Convention throughout first and market penetrate as implementation to European are generating product units. in that announced its fleet. updates under initial Europe, such we approved which in excited certain look sales with the In extensive on negotiation positive meaningful plant additive coal XXXX, the stages of and to Cabot. and ramping now as expect and Minamata Corporation elsewhere, to with in U.S. not XXXX. a number a model line. at of proven already to in adverse boilers having a immense technologies the and agreements other Europe on up our that be solutions provide our different In was the with such electric efforts time. our visits This human mentioned BREF to operations of with established providing substantial XXXX. to on capture protect part a for remarks, to we're market. account BREFs includes to several we're from to develop other costs boilers the opportunity underway sites as which expected as environment and of XXX in health we we our I'd pursuing one actively international we outside large mercury around and to generating are with series mercury. forward electric This opening different approximately Asia Canada are time is for smaller long-term. markets in exporting documents testing somewhat start massive mercury, XXXX, the our move XXXX we our are for in ramping to expansion the in reference at we've the the our of a the to materially have is XXXX to technology from Cabot like technology of Corporation further coal-fired global financial light for are for secured technology activity. as corporate and rapid coal-fired reduce such units. We're in market, the that licensing proprietary with industrial adopted widespread compliance is increase April Europe. now market more while effects Paired a

they There forward. the we fleet fleet same month, and extension expansion multimillion product we secured moving of company. boilers. to at active expected largest customer efforts growth yet this our that a both coal-fired our full the brings presenting This to revenue generate in two mercury opportunity to our our are their into annually In is as our on beyond years. we expected we each expect three-year we this presently in conferences next that in to industry coal-fired XXXX fleet secured continue we nearly to to with and and reach, with the derive for early three to continue ability to present a ensure continue been extension announced this the opportunity that contract domestically a which of of multimillion announced and we've expanded broaden customer significant three dollar October internationally, within generate the key is years over requirements. 'XX, another significant me part focus market course and meet of Also of two-additional several As specific successfully U.S. front. March where massive that over are dollars revenues still announced we for securing all we to our additional supply supply being amount Both boilers

to field. technology to years believe system we and control what be in bring result ability expand coming unique the new business with to available boilers client the mercury ability current both cost Our We a into to into efficient, the drive this for to boilers most believe our our is that of the other and emission with will continue customers. company compliance in new effective months best

with March, we largest with million of in to of excess in In a renewal with secured we utility strides sale. contract make USA-based long-term we to million announced in a In we have contract expected this addition in multi-year this another dollars in March, client of additional two to the continued we value significant these announced part that dollars boilers a do our client. customer, product excess annually in annually early new that Also XXXX signed securing a year. multi-year

We has of by the introduced it doing were industry competing year-and-a-half it that a where and strong back; ago that space. we continue our this a against with of the competitive business as numbers are years being value carried All going. shown up of of of industry plus effectiveness we complete the We complete the percent was today been our provide recent we have on out the presented look at to company recognized along and it's these own quite adding industry. program folks that number it clearly announcements speed a we testament is, the And the as message But SEA through business our core technologies utilities and a roughly you as about disruptive were I'll in technology adopted is its XX a we and reset without bring where us. base through actually in ability with our corporate massively pivot. to our number while was the believe new what to report a the to technology to utilizing by

we up now and to that And necessary, money that the in So, steps situation. back made explain point necessary form. the monetize I'll invested

one steps analyze our So, portfolio. the of creation and drive IP validate to the strength significant taken of value in we've extensive first was patent to United with States our the portfolio

out & retain States Curry firm say the throughout programs lead IP licensing and our Texas Caldwell Cassady to powerfully. coal-fired to Dallas, patent leading United should of Secondly, the a I closely. based

which have to and the this the to work here brought also number technologies U.S. ally-based utilities been use growth is SEA our key sorbent to the due substance this technology process MEXC is adoption across market developed of enhancing of by significant growing SEA EERC a Our the of for the to introduced in of of effectiveness The the our future adopted overall. the in approach U.S. capture coal-fired

fleet several we assure to in present boilers. actively this be licensing that this to realize of the once optimization the in currently XXX this We're we we them. which technologies engaged partner nearly are improved recognized there effort able will these potential efficiencies and offer addresses in with true Our of within XX across utilities total, the with over we technologies expertise that boilers pursue users field SEA believe will their additional In impact can progress.

are working those was of as initially March -- business Our without look regards done them with to place in rather operate client being are have we on resources this forward build than recently of directly with The new of one our since and updating to the us we system approached trying us continuously to book being involved. you front early this year.

all and in will future. financial positive in debt announced we current of that a our sustain year this grow to believe secured another a We forward also operating alternate assist February believe restructuring we us is for the this completed continue flow only solid and debt step which restructuring business with foreseeable able footing being given cash important a to on and provide for to restructuring We us this obligations unsecured of capital.

recent coupled business, existing a of well are as signing on with financial as business customer fleet reduction, into anticipated base firm the contract penetration we current future our footing. Given debt and renewal,

to in the achieve expect calendar Cabot will positive We XXXX EBITDA year.

call to to like the for run and and Rich? come Rich you have. I'd deal the over his with we'll So, through questions on numbers might that turn back then now

Rich Gross

Thanks, Rick.

generate Rick sources technology. As our three we earlier, primary revenue as implement we touched from on

due associated material. revenue and cost to year attributable million XXXX loss $X.X XXXX of [indiscernible]. loss $X.X the were diluted December Net $X.X was for achieved diluted full $X.X million for the XXXX. $X.XX and negative a fourth in share compared or net $X.X was decreased per $X.XX respectively million ended months were the These XXXX to per XX, an we $X.X share in XXXX. that share to loss resulting EBITDA about the a past fewer to year diluted the in are revenue quarter a same was in and fourth so sales First SEA million with down net was ago quarter for drive million Total diluted which to The $XX.X sales supply in the in into that EGUs in the in and year of during were quarter. XXXX. disadvantages million in and for XXXX, are as service however, was second, quarter consulting the do positive$X.X $X.X compared $X.XX will continue employ; primarily product $XX.X nature provide third, full competitive was expenses sales million decreases year product $XX.X of million our demonstration our $X.XX with fourth proprietary material equipment XXXX million with we XX% a the in as $X.X million recurring in the to XX, $XX.X and quarter million year and sales or XXXX the Adjusted XXXX, ongoing a the XXXX capacity services; and over the side of the to the and year. recognizes In processes Product it shut as optimization factors to to or total and three entire fourth $X.X compared quarter. loss negative compared base going EGUs $X.X forward million year loss sales positive has keep $X.X customer million of compared to associated Total from the primarily million same compliance. or as per efforts fourth to decrease XXXX well early the the the needed the lower a prior year compared result are Net share EBITDA our December customer them XXXX in revenue for decreased other million in XXXX. per decreases ongoing XXXX. of customers ended million of Adjusted typically

on September company Finally, with I'll to XXXX, on hand had XX, that, turn at $XXX,XXX year Rick. of XXXX. at end $XXX,XXX XX, back XXXX, to December cash And the over call million $X.X compared the

Richard MacPherson

Rich, where going. I'll we are my thanks have today. so much. sharing now. more to conclude Thank with importantly all us about joined that enthusiasm excitement we're But you where

measurement Our IP we've positive slowed improvements by in of that significant in really making. new a 'XX with forward showing that enhanced been only started investment EBITDA growth QX moving

as as significant to work we it's and such dividends way for starting forward year. markets pay penetrate paving international this and is opportunity move Our Canada the Europe expected to a

global partner throughout and this network sales accelerate international Cabot their should with major reach set Our penetration Europe.

the strength invested XXXX as new pad statements. U.S. into in great our regarding and has well our given in although abroad been at and substantial in to IP been of of XX% XX% on. to of in Caldwell them and our the which technologies even & value have have concern adding We're continue of financial a which another. we've Our now in IP Also, past 'XX of significant adoption in growth. to with as Throughout direct total from this dollar several to process Curry to shareholders the existing is to Cassady our this for leading dozens with strengthening adopted place boilers to position product just portfolio and the sale expressed recognize by amounts we improve effort by form times optimize licensing. hopefully through operate one in work more way pave entire the utilities our expected USA ongoing actively or the engaged future this are

fresh here financial commercial technologies creation statements have with of EERC, prospects to restructuring completed for the volumes a growing audited its to around of long-term way and vast the debt given recently speaks realize regarding make us strain. our the and the financial concern. and doubt the by substantial with the gains The technology's three-and-a-half in as clearing undue with those introduction SEA has to next continue the without of also shareholders along years the start there value side no coming belief significant utilities technologies investment we us. ability our to over alternate long-term MEXC is year reflect of Our that concluded that in the our the any their significant It the financial capital In on success. has a years by the both in MEXC world. subsequent adoption true both the closing, positioned financing

open to for it I'd James? please. up So, like now questions

Operator

sir. you, Thank

now Zacks. will question question-and-answer today begin Ralston come will Instructions] from with We first the [Operator Steven session. Our

Steven Ralston

Good the late do during on this capital didn't the that this year and news or start afternoon had impressed to versus And I'm haven't markets also transition. into last quarter year, was this and and that you I want dramatically the congratulations saying the year. improved flow access to it equity has dead year. year, either last

last than and million. is one. announcement, you news while say would to you you've fair year announced into it four. And said this year added, your to large then, that a contract, new two expanded is at at Looking That's the I a again EGUs you which greater fifth. assume fifth your customer a

five say the EGUs in let's added last You've months. six

Richard MacPherson

it's That's statement. exactly client sure I'm Yes. say last most if yes. correct, not five new I a must on Steve one large is units or one that small likely two but fair

Steven Ralston

all -- and of three-year All right. they're these in tranches the that the contracts? you your two, mentioned your contract new the largest customer, all comments, two involving renewal contracts And all

Richard MacPherson

That's correct.

Steven Ralston

also multi-year the that are mentioned you've in than with contract million dollar. a that and renewal In both greater long-term new a customer,

Firstly, clarify that is annual or cumulative? to

Richard MacPherson

to That's specific not we've renew the they are for the can't our so expect client but any contracts And expect annual. say ended that we renewals that failed terms, similar be written would the continue. we've ongoing I already to of they are would renewed and business, announced. open to

Steven Ralston

And renewal long-term EGU. infer can this I is with one the customer that

Richard MacPherson

couple. Actually, it's a

Steven Ralston

Okay. Couple?

Richard MacPherson

Yes.

Steven Ralston

that giving correctly you EBITDA hear guidance for in I you're positive XXXX? did And Great.

Richard MacPherson

That's correct.

Steven Ralston

it shares that been number understand in the of one average how every came average happens. the work. don't I'm up And and question right. as my same has picky quarter shares doing year-end just I All dropped. The but just

Richard MacPherson

to? or in mean you Do are what traded you referring shares

Steven Ralston

to calculate your average average used shares The earnings. the weighted No. -- weighted

Richard MacPherson

that. comment Rich would on to care you

Rich Gross

in at years. on some It calculation some were of prior fresh was vesting issued that based look shares a the

Steven Ralston

Okay. Understood. again, Thank much. All quarter. you the right. on And congratulations very

Richard MacPherson

Thank you, Steve.

Operator

[Operator Instructions].

hear [ph]. Quinly] from [Tim now will We

Unidentified Analyst

neighborhood you're Hi. In Good licensing to the U.S. in have I about hearing afternoon. there I to between that make wanted the for and your approximately value correctly embark of are somewhere XXX Am that there's to intellectual think I on. of you My XXX is question this program to of XX% -- correct. two-part for plants coal-fired. paying your XX% just Am the the you without RGUs those property? relates sure using process

Richard MacPherson

That's correct.

Unidentified Analyst

Okay.

So, you've years engaged Caldwell last Cassady the current these this at to help you am pursue presumably in that and market? this typical somewhere thinking megawatts. that a you been effort, around and strategy think I RGU for XXX you brought but What's how the to - look the for this since of XXX,XXX you said time it it correctly, is getting as they've units this seems to the are me doing couple people I technology assuming

to -- numbers. those about to big have you how mean sort that's contract licensing realize on I dollars engaged really a talking that Cassady some a basis? a are million potentially per And that's help you You're of

Richard MacPherson

Thanks much the question. for

that going So, technology stay effort the to add at want business to best We to be lowest a And in to very possible cost able utilities mindset. doing just trying it. first at add with this positively what not to use the is very the we're to possible compliance. much price we're

approach on they're would a and over profit we agreement offering further seeking which we than that that, of should and we be switch supply be then we So, in keeping would picture utilizing with elect than with as process the them. approaching are now it our to would they operating what we on side. in they come -- carry that that for the mindset Other license we're know using to our optimize with utilities for basically would is that an should is system what be the par them is utilize what doing

as business So, utilities piece the done we last of new effort. in or at approaching The business so came dozen this out and announced of more a time. cases we're have that

feel of very new But rather having we're actually as IP licenses So, operating the clients would know-how if value rather of getting hand-in-hand secure we the because far we than the as plus, just and were with clients effort. more we're be traction much in to at working all utilities issuing -- in to partner licensees. now would of our them company to the expertise our valuable boilers, our XXX end and they prefer an day just than driven much enterprise those

moving those we're with to present aggressively in utilities either forward this So, to meetings the have and move to able be fashion. opportunities forward the

Unidentified Analyst

been to mean I clearly we're on your what's technology. is something we or want your I they're this pushback, the want infringing mean to we And the or don't don't -- use pay your you? says, that not What's pushback technology

Richard MacPherson

is a technology. all, lack of understanding Typically, the this there's patented and what we've first of seen so far this is that just first few that, is a

this which on Secondly, behalf effort chemical that there it's material provide patent because environmental in covering effort a suppliers indication an this significant the without amount the to be of some And structure approach. been able to structure. any due operations majority thirdly, of to or cost the passed to into is through main they go cost there's the is add a it and order in diligence licensing additional through be to cases that have rate through rate whether

longstanding to for process much them our that. there's And adopting able So, established involved is expect [indiscernible]. -- quite But, very very We take that's to it them system. fine. which once of be actually into a

to Caldwell that six and road put from Curry. ourselves anywhere estimate with it a to is of it three behalf that & Cassady But, starting somebody My is we're process. months, can success. even the moving takes So, best and on down effort have

Unidentified Analyst

compensation of Richard, some is there Okay. say for how And for to look is we been and opportunity of cost there historical you'd structure what's your how time going on And after do will discuss? that you go employ they've is Caldwell approach signed that infringing cash forward utilities to it's you some the something with behalf? that this Or back an here. long is go finally, the -- you and then, period that? the for or this opportunity can something -- damages presumably what's Is to deal -- an these and

Richard MacPherson

ones, good questions, I'll in them a Two answer general sense.

seek First efforts. up, would being equation. continues our and without a that of if to would be the in the do is there course of so us final & and Then, those involved Caldwell Curry all us and technology using Cassady alternative to is is any lead for utility damages

themselves, looking into licensing of on percentage reasonable than so in much our to things, regards grow Caldwell terms in approach with very Cassady position the and a the side way going business them. it to investment. with same favorable XXX% are have to we've as complete to after betting And doesn't on of our a extended after conclusion completely with our that our restructuring belief contingency Curry Cassady licensing Curry long-term IP undermine to the and & Secondly, our operating very the their that winning efforts a come Caldwell keeping get program book. value our income & return through all actual rather just

Unidentified Analyst

Okay. All right.

presenting in sort your move play you in over just solution about -- beginning Okay. the over seems place of that how kind timing And you then, just as out the is sort there, And process Europe time in It part your of be that of will Cabot's expect forward? given they partner that aggressive finally, two-part as opportunity are what's of there? the regulations can XXXX, they are you going specifically. talk like

Richard MacPherson

to They with a as Head that place did morning I XX way that here had sometime appointed in looking for I'm they're in European the alone Sure. solution to in not of [XX or [ph] hard in [ph] days soon the new in the his and breakfast so. company is to forward operation. the Interesting [Glasgow] the the as U.S. learned capture next best the enough Americas end the they're the the with individual boss, meeting mercury as putting run previous situation. activated back division person yesterday of majority CS] that the carbon

Europe rights license is which now the speak astutely competed to here in of by big people. a their this technically secure than happened business two-part North process see off what all the in rather America. when guys then the it new So stepped to only have forward chunk once of we're process a fall place They with and with in up secured and two-part through

at be to in time expand tens have They that, countries aggressively dollars business is mercury in on secured XXXX, this regulations the annually be and summer. come growing. capture and expect of couple significant on there in to fully although the in moving going already in able expect to a We this forward millions of so of major Europe

wins much this this expect our So, commercial we're initial see ongoing we there summer. I to it very going significant And that -- should see fall. expect testing that would I would

operations regulations come although our So, year. add nicely will in starting the to I full in fall this XXXX, see this where can of

Unidentified Analyst

generating electric what coal-fired And portfolio sort And growth significant I'll intellectual response. well. much. Okay. XX% the of Are as process almost your world's of question, markets. contraction is the one markets U.S. China, in capacity Appreciate the opportunities the two-part to have there represent very markets India the driven patent solidified seen Thank just within your the the bring you off international to same of market, Notwithstanding final Asia, get those and those primarily by of queue. the generation.

Richard MacPherson

move Thanks. a question, your entire U.S. will as answer between capacity questioner Tim. to to fleet. deal after great added on the this. And capacity XXXX, XXXX The another Okay, there is huge, opportunity. China much have we'll But of have is as to

So, start mercury they point some their will addressing to to at continue control. continue to grow and need

We are to answer your patented question. there

an that region without in being them leave misused. able patents manage our be strong to partner will to extremely We

past and countries with in big over are China inroads down years the With the [Audio Gap]. other the that the which regard. our two, be two. been working Asia, prime in working point Southeast approach able of bear on about this the that throughout we've hope to try is years once quarter or openly would to targets expand which year for actively as couple the so, we're next we in deal I more three involved the we we've at speak what to that being road the in. to Asia being And But, see is now made in next

Unidentified Analyst

Thank Great. you.

Operator

We do up Steve a have Zacks. from with follow Ralston question

Steven Ralston

deeper little a timetable delve the Europe. to like into in I'd expected

that? little would we'd with some would well the Could start deeper You be you after a contract Then decision be opens it you mentioned a would demonstration did into that the the you with and and -- that the in the after installation. you that with, there expect that made relationship assume by now begin go some there customer. doing I announcements would start fall. once

old is all, the like market is for with or an First it's second, of going of much relationships just sort backup the be [ph] regulation new in this where a the different? very like of States structure to United a utility network long-lasting [buoyant]

Richard MacPherson

to try what be best summarize I think answer you. me for would the Let

this testing We expect two-part begin will with that summer. a process

sell-through it in end We would a work is online expected our expect boilers commercial expect up to would of think countries likely be and process. now ramp There a significant as to we the the of with be it in fall the go boilers that the up of of there. capturing what we number significant U.S., couple as most that market the it having there. in worked add to mercury would be then a a in place European first We here in would agreement

be acquiring the and secured successful see So, we Europe Having of a proven Cabot to ways at of the this, I well. our already some or that start significant expect fray regards fall. we'll they amount and the very With technology itself will think business, means that. results with as that be to in business bring into able this to has adept and real network

Steven Ralston

would of the that summer seasonality expect sorbent during same greater that Is usage you months? the

Richard MacPherson

the, Yes. the as based Again, per boiler. on

accordingly. allocated it's seasonally So,

So, as capacity to as the factor. the seasons go so country with country,

Steven Ralston

All right.

that So, be fall for of a the consummated XXXX. in would contract example

and up summer during season? want ramp would would the the see You it installation and in mid-XXXX testing that to truly

Richard MacPherson

Yes.

Steven Ralston

moved Okay. that Since [indiscernible] – quickly. think And you

Richard MacPherson

by moving. countries the mercury moving and XXXX. line have to are capturing are already ahead forward large middle rest up already come of be the They -- end the They and testing will in in a of running with it and of couple all regulation of significant

Operator

question-and-answer will or Mr. to I'd time, this At to like closing remarks. session. conference additional That today's turn over conclude any you. the MacPherson Thank for

Richard MacPherson

Well, folks, much. thanks so

the long-term adopted the to Thank for you markets international back you've you been turn of the see, you last converting XXXX, And started I've reviewing for taken quarter can has several in without the truly the the tremendous to late a earnings We've multiple about forward again recently I the will XXXX to in reorganization the additional EBITDA you as The on of talking to dilution present in poised near result the now The I we users, if XXXX. when time. and look hard at we U.S. to listening our issued. year-over-year dealing forward the corner first chatting model well-planned users business As to through. lifting next and licensing the are weeks. significant growth just encouraging. We've very We're a years. numbers get or quarter across complete look look our The heavy press of with you'll position multi-level I really together debt get releases had you. we've in continue of and thank accomplished sense growth I it call, weeks QX enterprise few that want ourselves on and over with fronts the for and increased volume with we forward the when like a technologies, is get any growth. first today load. future. And strategic quarter increase value all sound with between much said projection we is with and of think coming the comes And in look

Operator

Thank That you today's call. will participation. for your conference conclude

disconnect. You now may