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8-K - FORM 8-K - ADA-ES INCd8k.htm
NASDAQ:ADES
A Leader in Clean Coal Technology
Ingalls and Snyder
Seminar for Specialty Chemical
Companies
November 17, 2009
New York, NY
©
Copyright 2009 ADA-ES, Inc.  All rights reserved.
Exhibit 99.1


-2-
Please
note
that
this
presentation
contains
forward-looking
statements
within
the
meaning
of
U.S.
securities
laws,
including
statements
relating
to
coal;
future
bids,
contracts,
projects,
project
funding,
ownership,
tax
credits
and
revenues;
statements
regarding
the
new
activated
carbon
(“AC”)
facility
ADA-CS
is
building;
ADA-CS’
ability
to
supply
AC;
the
likelihood,
timing
and
impact
of
new
laws,
regulations
and
court
rulings
on
our
target
markets;
and
anticipated
sizes
of
and
growth
in
our
target
markets. 
These
forward-looking
statements
involve
significant
risks
and
uncertainties
that
could
cause
the
actual
results
to
differ
materially
from
those
anticipated,
including
changes
in
laws
and
regulations,
government
funding,
prices,
economic
conditions
and
market
demand;
impact
of
competition
and
litigation;
availability,
cost
of
and
demand
for
alternative
energy
sources
and
other technologies; operational difficulties; availability of skilled personnel; failure to satisfy
performance
guaranties;
risks
related
to
ADA-CS
such
as
changes
in
the
costs
and
timing
of
construction
of
the
AC
facility,
failure
to
raise
additional
financing
or
satisfy
conditions
in
existing
agreements
and
inability
to
sign
or
close
acceptable
coal
supply
and
off-take
agreements
in
a
timely
manner;
availability
of
raw
materials
and
equipment
for
our
businesses;
and
other
factors
discussed
in
greater
detail
in
our
filings
with
the
SEC.
You
are
cautioned
not
to
place
undue
reliance
on
our
forward-looking
statements.
These
statements
are
presented
as
of
the
date
made,
and
we
disclaim
any
duty
to
update
them
unless
required
by
law
to
do
so.


-3-
Clean Coal Technology
Coal is an abundant, cheap, and secure fuel
that provides over 50% of electricity in the US
1,100 coal-fired boilers in the U.S.
ADA provides the technology to burn it cleaner
Senior staff are industry recognized experts
30-year track record of developing and then
commercializing technologies
Positioned to take advantage of public and
political support for Clean Coal Technologies


-4-
Major Steps Taken During Downturn:
Mercury Control
ADA Carbon Solutions (“ADA-CS”),
ADA’s JV with Energy Capital Partners:
Built
60
million
pound
per
year
Activated
Carbon (“AC”) processing and logistics
facility in NW Louisiana
-
Began shipping AC to customers in
July 2009
Currently building North
America’s largest AC
manufacturing facility 
-
Financing $385 million
facility through
debt/equity split
-
Facility will start-up in
Spring 2010


-5-
Major Steps Taken During Downturn:
Refined Coal and CO
2
Capture
Building two CyClean systems for
Refined Coal to place in service before
year-end
Could produce $0.50 to $1.00 in
earnings per share in 2010
Scaling up carbon
capture technology
Working on a $3M
DOE and Utility
funded program
Bidding on a $15M
program


-6-
GROWTH AREA 1:  Mercury Control


-7-
AC Market Drivers:
Regulations for Mercury Control
Existing rules create $200 -
300 million AC market


-8-
Activated Carbon Injection (“ACI”)
Equipment Sales for Initial Market
Contracts for ACI systems for over 130 boilers (55 GW)
have been awarded by power companies to date
ADA market share: approximately 30%
The rest are split between 7 or 8 other companies
An additional 15-20 contracts are expected for new power
plants and current state regulations
Working closely with largest utilities in the U.S. and
Canada
Key supplier of mercury control technology to major air
pollution control companies


ADA
Commercial
ACI
Systems
>
20
GW
Plant burns PRB coal or lignite
Plant burns bituminous coal
ADA Clients
-9-


-10-
Update on Expected Federal Laws
U.S. EPA MACT for Coal-Fired Boilers
Will cover all 189 Hazardous Air Pollutants (“HAPs”)
Should result in 90 to 95% limit for mercury
EPA has agreed to have a final rule in place by November 2011
with full implementation in 2014.
U.S. EPA Industrial Boiler MACT
Will cover larger number of boilers, smaller units
Will require distribution for AC and simpler ACI systems
U.S. EPA MACT for Cement
AC needed for both mercury and volatiles
U.S. Legislation
3-P Bill could be added to Climate bill by Sen. Carper (D-DE)
which includes 90% Hg
Canadian-wide mercury standard has been passed


-11-
ACI System
for Mercury
90% Mercury Control at Approximately
1% of the Retail Cost of Electricity
Emission Control Equipment
(NO
x
, SO
2
, Particulate)


Annual Market for ACI Equipment
Expected from a Federal MACT Standard
-12-


AC Production Supply / Demand


ADA-CS
New
Activated
Carbon
Production
Building largest AC plant(s) to date: 150 mm lbs/yr
Capital cost:  approx. $385 mm
Plant designed to be low-cost producer
3-5 year development process:  Under construction and 
on schedule
Red River, LA plant startup target: April 2010
-14-


-15-
Low-Cost Producer
Plant sited in the middle of lignite reserves
Provides access to a long term supply of low-cost feedstock
material
Minimal transportation costs for lignite
Plant design with four furnaces in a single production line
minimizes labor requirements
Modern, state-of-the-art equipment, reduces
maintenance costs
Production designed for large volume customers,
minimizes material handling and labor
Energy efficient design with extensive energy recovery
Generates 19 MWs, 6 MW for internal use, 13 MWs to be sold
on grid as revenue source


-16-
ADA-CS
Interim AC Supply Facility
Currently supplying AC to utilities prior to new plant start-up
Sourcing high-quality AC
AC
processing and logistics facility
Processing
capacity
up
to
60
million
pounds
per
year
of
Powdered
AC
Easy access to rail and barge transportation


Ownership Structure after ECP
Equity
Investment
ADA -
ES
Energy Capital
Partners (ECP)
Red River
Environmental
Products, LLC
ADA Carbon
Solutions,
LLC
*
Parent
Companies
Development
Company
Project
Companies
35% Owner
-17-
*Based upon estimates of final capital and financing costs upon closing of debt financing.
25%*
75%*
Underwood
Environmental
Products, LLC
Morton
Environmental
Products, LLC
Crowfoot
Supply
Company, LLC



-19-
Financing for AC Facilities
Approximately $200 million spent on construction and
related activities to date
Plant remains on schedule with start expected April 2010
ECP has continued to fund construction beyond
anticipated equity investment
Continued funding by ECP likely to result in 25% ownership by
ADA*
Permanent debt anticipated to replace interim financing
Last week, ADA received promising news on $245 mm in
debt financing.  Details to come later this week.
Based upon management estimates of debt sizing upon financial
close and assuming closing of the Stock Purchase Agreement


Total Solutions Provider
Total Solutions Provider
The ADA Advantage
The ADA Advantage
-20-


GROWTH AREA #2:
Control of Greenhouse Emissions: 
Carbon Dioxide
-21-


Carbon Capture and Storage (CCS)
International, Federal, and State Regulations are
being proposed requiring 50% to 80% reduction in
CO
2
emissions
Requires development of technology to capture
carbon from existing plants
-22-
0
100
200
300
400
1
50% CO2
Reduction
New


ADA-ES CO
2
Capture Technology
Designed to capture CO
2
from flue gas in conventional coal-
fired boilers
Based on regenerable solid sorbents -
advantages over
competing technologies:
For the customer:  lower cost and less parasitic energy
For ADA:  continuous revenues from sale of proprietary
chemical sorbents
$3.2 million DOE R&D program with extensive industry support
Southern Company, Luminant, American Electric Power, Xcel Energy
There has been a significant increase in funding opportunities
for CCS technology through DOE.
-23-


Next Steps for CCS Technology
One more year on current DOE Program
Field tests using slipstream device
Bituminous Coal at Southern Company
PRB at Xcel
Lignite at Luminant
Design of conceptual 500 MW system
DOE has issued a Funding Opportunity
Announcement for scale-up of solid-sorbent based
carbon capture technology
Up to $15 million per program
Opportunities for DOE and industry funding for full-
scale demonstrations are expected in the future
-24-


GROWTH AREA #3:
Refined Coal Product
ADA-ES’
opportunity through
joint venture with an affiliate of
NexGen Resources Corporation
-25-


Section 45 Refined Coal Tax Credit
Clean Coal’s patented refined coal technology,
CyClean, is designed to enhance combustion of PRB
coals in cyclone boilers
Tax credit incentive
$6 ton/coal for ten years
Example for 500 MW plant:  2 mm tons/yr will create a
tax credit of  $12 million per year for 10 years
Tax credit qualifications
Placed in service by January 1, 2010
Owned and operated by third party
Reduces NOx by 20%
Reduces Hg by 40%
Window may be open for an extension
-26-


Opportunities and Challenges for
CyClean
Opportunity
Attempting to get two facilities installed before year-end
Produce approximately $3-6 million in earnings for ten years
Monetizations will trigger $4 million from NexGen to maintain
50% of JV
Challenges
Equipment must be fabricated and installed by year-end
Approximately $2.5 million in JV capital expenditures
Waiting for explicit guidance from IRS
Permits required prior to installation
Complicated contracts with utility partners must be
completed for each facility
Agreements with monetizers must be secured
-27-


Lawsuits
Calgon
Suit based upon a contract Calgon
signed with MidWest
Generation for AC sales
Calgon
and ADA had an MOU that provided a commission on
sales of AC bid while the MOU was in place
ADA believes that it is entitled to >$8 million in commissions
on this contract
Discovery near complete, trial expected in July 2010
Norit
In June, Norit
tried to get an injunction to stop construction of
the plant.  This was summarily rejected by the Judge.
On October 6, the Judge ruled in favor of a motion ADA filed
requiring that the suit be addressed by binding arbitration in
Atlanta, GA.
We view this as a very positive development in the Case
-28-


Financial Highlights
Cash flow positive on an
annual basis 2003-2007
Revenue CAGR of 23%,
2003 -
2008
9M’09 total revenues
increased to $13.5 mm vs.
$12.9 mm in 9M’08 due to
increased ACI system
sales*
As
of 9/30/09:
7.0 mm diluted shares outstanding
50%+ held by institutions
~11% held by insiders and
employees
Balance sheet highlights (at
09/30/09):
Working capital of $2.3 mm
Shareholders’
equity of $25.3 mm
Cash & equivalents of $800K
Market cap: $14.6 mm (11/04/09)
-29-
*
Nine months 2009 financial results do not consolidate the results of the subsidiary, ADA Carbon Solutions,     
LLC,  ADA’s joint venture with Energy Capital Partners and its affiliates.


Michael Durham, Ph.D., MBA
President and CEO, ADA Environmental Solutions
miked@adaes.com
(303) 734-1727
Creating a Future with
Creating a Future with
Cleaner Coal
Cleaner Coal