“MATS is also expected to create a new market opportunity for ACI systems of approximately $500-$600 million, based upon the anticipated purchase of 400-600 new systems over the next three years. MATS has created a significant increase in procurement activities and we have been very busy responding to this market. ADA has active bids on over $119 million for ACI systems, and the contracts are just beginning to be awarded. We recently announced two contracts for ACI systems including one for a cement plant. In addition, we have been notified of a fleet-wide award for ACI systems that is expected to be in the $10-$20 million range. We expect that all three contracts will begin generating revenues starting this month.”

CO 2 Capture

CO 2 Capture revenues decreased by 31% to $676,000 in the third quarter of 2012 from $977,000 in the comparable prior year period, due primarily to a decline in activities associated with the previously announced Department of Energy (“DOE”) contract. As of September 30, 2012, ADA had outstanding DOE contracts, including anticipated industry cost share in progress, of approximately $14.6 million. ADA expects to recognize approximately $2.0 million from these contracts in the fourth quarter of 2012, dependent upon continued DOE funding. As previously announced, ADA initiated the fabrication and construction phase of a one megawatt Carbon Dioxide (CO 2) Capture Pilot Plant in the second quarter of 2012. The pilot plant, which is scheduled to commence operations in October 2013, will be installed at Southern Company subsidiary Alabama Power’s Miller Electric Generating Plant outside Birmingham, Alabama.


As of September 30, 2012, ADA had cash and cash equivalents totaling $17.5 million, compared to $40.9 million as of year-end 2011, primarily reflecting increases in our staff levels, property and equipment additions and the acquisition of BCSI. At September 30, 2012, we had a working capital deficit of $16.9 million compared to restated working capital of $1.4 million at December 31, 2011, with the difference due primarily to the decrease in cash and cash equivalents. At September 30, 2012, $10.4 million had been drawn on Clean Coal’s line of credit down from $18 million at the end of the second quarter. Stockholders’ deficit was $34.2 million at September 30, 2012.

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