Arq Secures Second Contract for its Granular Activated Carbon (GAC) Facility

GREENWOOD VILLAGE, Colo., June 18, 2024 (GLOBE NEWSWIRE) -- Arq, Inc. (NASDAQ: ARQ) (the "Company" or "Arq"), a producer of activated carbon and other environmentally efficient carbon products for use in purification and sustainable materials, today announced its second major sales contract for the supply of GAC to be produced from its strategic Red River facility.

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This agreement, with a company specializing in the manufacturing of personal and industrial air purification devices, has a commencement date of January 2025 and scales up to an ultimate run-rate requirement of 4 million pounds of GAC per year.

This second GAC contract is in addition to the 5 million pound per year agreement announced in May 2024 (here). At its 4 million pound per annum run-rate and in conjunction with the previously announced contract, these two agreements reflect approximately 36% of the Red River facility's initial 25 million pounds per year GAC nameplate capacity, due to come online by year-end 2024.

Bob Rasmus, CEO of Arq, remarked, "This second contract is not just a win for Arq, it’s a testament to the industry’s confidence in our GAC solutions and strategic vision. Our first contract was with a North American solutions provider of water and wastewater treatment, principally addressing the PFAS market. This latest contract is focused on specialized air purification, underscoring the market’s recognition of our superior product, the value of our environmental technology and the breadth of our potential industry applications. We’re proud to continue to provide transparency regarding contract wins and with 36% of our Red River capacity now contracted nearly seven months ahead of the plant’s commissioning, we're delivering ahead of our internal expectations as well as validating our view that the market is in short supply of high quality, fully integrated and domestically manufactured GAC. For these reasons, our conversations with additional potential customers are progressing well and we remain in a strong position to fully contract our capacity with compelling terms before production begins at the end of 2024."

Garrett Chandler, VP Sales of Arq, expressed, "This second agreement confirms our position as a strategic partner to customers who want high quality GAC for specialty products. It’s also a clear indicator of the growing demand for our GAC products across a broad portfolio of applications and the effectiveness of our sales strategy. We’re excited to continue our momentum in a variety of markets to secure additional future sales of our innovative products."

Joe Wong, CTO of Arq, concluded, "Securing a second contract with attractive terms is a pivotal moment for Arq. It validates our leadership and expansion into GAC solutions in numerous applications. This contract is a powerful endorsement of our product’s performance and our commitment to environmental technology, but we’re excited to keep pushing the boundaries of innovation and work with our customers to provide the best solutions for compliance and sustainability."

About Arq

Arq (NASDAQ: ARQ) is a diversified, environmental technology company with products that enable a cleaner and safer planet while actively reducing our environmental impact. As the only vertically integrated producer of activated carbon products in North America, we deliver a reliable domestic supply of innovative, hard-to-source, high-demand products. We apply our extensive expertise to develop groundbreaking solutions to remove harmful chemicals and pollutants from water, land and air. Learn more at: www.arq.com.