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Advanced Emissions Solutions, Inc. (NASDAQ:ADES) (the "Company" or "ADES"), an environmental technology company producing activated carbon and other unique carbon solutions for use in water, air and soil purification, and sustainable materials, today announced that it has executed the contract with Wieland Davco Corporation ("Wieland") for the construction of its strategic Granular Activated Carbon ("GAC") facility at its Red River plant in Coushatta, LA ("Red River").
Mobilization of construction operations has already commenced and the mechanical completion of the project is anticipated by Q4 2024, as forecasted. The contract is being executed by Wieland on a "Cost-Plus" basis. The Company estimates that total construction and equipment costs at Red River will be in the range of $45-50 million, representing an increase of approximately 20% on previous guidance. This increase is the result of construction and equipment costs being higher than original estimates, due to inflationary and timing-related issues. The Company is confident that this increase is covered by a combination of its existing capital on its balance sheet, anticipated cashflow in 2024 and reductions in other costs.
Separately, the Company is pleased to announce that all major construction work at its Corbin facility in Kentucky, which will provide the recycled bituminous coal waste feedstock for Red River, remains on track to be completed on time and within budget. Corbin commissioning activities will begin in March 2024.
"This expansion is a transformational project towards becoming a material producer of GAC and is well underway. We look forward to selling our first product in 2024," said Robert Rasmus, CEO of ADES. "As we observe a materially undersupplied GAC market in North America, I am optimistic that we will deliver valuable sales contracts against the 25 million pound expansion in the coming months and well in advance of Q4 2024. We will update the market accordingly."
"Since joining ADES in September 2023, I have been impressed by the determination of our operational team to drive this project forward," added Deke Wiliamson, COO of ADES. "With Corbin basically complete, today marks the start of a very busy year for ADES at Red River and I am pleased that we will be joined in this endeavour by our partners at Wieland. Together with the broader team, I am looking forward to delivering this project safely, on time and on budget."
Ryan Roberts, Vice President/Regional Director of Wieland, added: "We have a long pedigree of successful construction in Louisiana and we are delighted to have been successfully chosen to build this project at Red River. We are dedicated to excellence in construction for our customers and we look forward to delivering on this with ADES."
Posted In: ADES
