In the past week, investors have not been kind to the Midwest Energy Emissions Corp (OTCMKTS:MEEC) stock and that is quite apparent when one considers the fact that in the past week it has tanked by as much as 13%.
Trading Data
On Wednesday, MEEC stock moved down 0.26% to $0.5510 with more than 109k shares, compared to its average volume of 105k shares. The stock has moved within a range of $0.5500 – 0.6000 after opening trade at $0.57.
ME2C® Environmental Secures Multi-Year Contract Renewal Valued at Over $2.5 Million Annually
The environmental technologies company was actually in the news yesterday after it made an announcement with regards to the fact that it had signed a contract renewal for two years that is going to bring in as much as around $2.5 million in yearly revenues. It goes without saying that the announcement was a significant one from the company but it did not lead to a change in fortunes for the Midwest Energy Emissions stock.
As per the provisions of the extended agreement, Midwest Energy Emissions will be responsible for supplying clients with its patent protected Sorbent Enhancement Additive for the purpose of mercury emissions capture. The Chief Executive Officer of the company Richard McPherson spoke about the development as well.
He stated that everyone at the company was pleased at the fact that Midwest Energy Emissions has managed extend its strong partnership with a long term customer. Investors will be hoping for a quick turnaround in the stock price this week.
Key Quote
“We are pleased to continue our solid partnership with our long-term supply customer, one of the largest power producers in the U.S.,” stated Richard MacPherson, CEO of ME2C Environmental. “This contract renewal, covering two significant plants that support a wide area of power production in the Southern region, is a testament to the value of our patented technologies and solid expertise in mercury emissions. We are prepared to support this large utility’s emissions control needs as they meet the power generation needs of a substantial market.
Technical Data
MEEC stock is trading below the 20-Day and 50-Day Moving averages of $0.61 and $0.69 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.89. The stock is down 17% in the past month.
