Investopedia: ADA-ES A Coal Story The Market Actually Likes

Thermal coal companies are getting pounded, as a warm winter left utility stockpiles higher than normal and utilities switched to cheaper natural gas. Amidst all that, though, ADA-ES (Nasdaq:ADES) is near its 52-week high as the company continues to ramp up its refined coal business and sees ongoing demand in its emissions control business. ADA-ES has risks that are well above average, but as a rare play on cleaner coal technologies, the stock could still continue to work.

Momentum Coming out of the Fourth Quarter  
ADA-ES certainly closed out 2011 on a strong note, as revenue was well ahead of expectation. Revenue jumped 174% to almost $25 million, driven by 20% growth in the emissions control business, over 150% growth in the tiny CO2 (carbon dioxide) capture business and 244% reported revenue growth in the refined coal operations (to over $20 million).

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Investopedia: Can ADA-ES Make The Improbable Possible?

"Clean coal" is typically put in the same box as military intelligence or good government - something everybody would like to see, but is ultimately about as good of an investment concept as unicorn ranches. Not for lack of trying, but many clean coal technologies have risen up and then faded away when the real-life results didn't match the lofty promises of controlled bench-top experiments and the cost advantages disappeared in a puff of smoke.


All of that said, ADA-ES (Nasdaq:ADES) keeps trying to crack the code and recent test results have sent the stock back up sharply. The question still remains, though, whether this tiny Colorado company can succeed where so many have failed and where most of the world's chemical companies don't even see value in trying. (For related reading, see Can Business Evolve In A Green World?)

The Latest Hope
ADA-ES recently announced that a new technology called M45 showed some encouraging results in full-scale tests with refined coal. According to the company, M45 lowered NOx emissions by more than 20% and mercury emissions by more than 40%. As the company dutifully noted, this would qualify for special government tax credits that would arguably make the technology interesting from a commercial perspective.


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