Environmental technologies leader Midwest Energy Emissions Corp (OTCMKTS:MEEC) has had a fairly tough time in the markets in recent days and that continued yesterday as the stock declined by another 4%.
Trading Data
On Wednesday, MEEC stock fell 4.06% to $0.47 with 182K shares, compared to its average volume of 110K shares. The stock moved within a range of $0.4200 – 0.4999 after opening trade at $0.49.
ME2C® Environmental Secures Multi-Year Contract Renewal Expected to Reach $1.5 Million Annually
The decline in the stock yesterday took the total decline over the course of the past week to as much as 10%. The decline in the stock price may be alarming but such declines can often present an opportunity as well and hence, it may be a good time to perhaps take a look at the announcement from the company on Wednesday at this point.
The company announced yesterday that it bagged a renewal agreement stretching across several years that is going to generate as much as $1.5 million on an annual basis. As per the terms of the extended supply agreement, Midwest Energy Emissions is going to be responsible for the task of supplying its Sorbent Enhancement Additive technologies meant for mercury emissions capture.
It goes without saying that the expansion of the agreement was a significant deal for the company and it is going to be interesting to see if it leads to a change in sentiments in the coming days. It may be a good time to start tracking the stock.
Key Quote
“Our long-term supply customer in mercury emissions has received significant benefits from our mercury emissions capture technologies and expertise,” stated Richard MacPherson, CEO of ME2C Environmental. “This second contract renewal for a third plant at one of the largest utilities in the U.S. provides strong validation of our approach to mercury emissions. We previously announced in January a renewal for two other plants operated by this customer. As coal-fired power increases throughout the U.S. over the next couple of years, ME2C has the capacity and infrastructure in place to be a solid business partner for major utilities across the U.S. working to achieve reduced mercury emissions, ensure high-quality coal ash for beneficial use, and partner with an environmentally friendly technology company.”
Technical Data
MEEC stock is trading above the 20-Day and 50-Day Moving averages of $0.552 and $0.55 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.81.
