Investor Presentation September 2010

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Please note that this presentation contains forward-looking statements within the meaning of

Section 21E of the Securities Exchange Act of 1934, which provides a "safe harbor" for such

statements in certain circumstances. The forward-looking statements include, but will not

necessarily be limited to, statements or expectations regarding future contracts; amount and

timing of future tax credits, revenues and operating income; timelines for our projects and

anticipated regulations and legislation; future supply and demand; and timing of the Norit

arbitration. These statements are based on current expectations, estimates, projections,

beliefs and assumptions of our management. Such statements involve significant risks and

uncertainties. Actual events or results could differ materially from those discussed in the

forward-looking statements as a result of various factors, including but not limited to, changes

in laws and regulations, government funding, prices, economic conditions and market demand;

timing of new and pending regulations and any legal challenges to them; impact of competition

and legal proceedings; availability, cost of and demand for alternative energy sources and

other technologies; technical, start-up and operational difficulties; inability to commercialize our

technologies on favorable terms; risks related to ADA-CS such as changes in the costs and

timing of commercial operations at the AC plant, failure to raise additional financing or satisfy

terms of existing agreements, actions of our joint venture partner and inability to sign or close

acceptable coal supply and off-take agreements in a timely manner; failure of CCS’ leased

facilities to continue to produce coal which qualifies for IRS Section 45 tax credits; termination

of the leases for such facilities; decreases in the production of RC by the lessee of such

facilities; our inability to come to terms with DOE or industry partners concerning the CO2

capture technology project; availability of raw materials and equipment for our businesses; loss

of key personnel; and other factors discussed in greater detail in our filings with the Securities

and Exchange Commission (SEC). You are cautioned not to place undue reliance on our

forward-looking statements and to consult filings we make with the SEC for additional risks and

uncertainties that may apply to our business and the ownership of our securities. Our forward-

looking statements are presented as of the date made, and we disclaim any duty to update

such statements unless required by law to do so.

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2010 Investment Highlights

Developing solid sorbent capture technology for greenhouse gas CO2

Currently working under $3.2 MM DOE and utility funded program

Negotiating a $14 MM contract awarded by DOE to scale-up technology

Capture

Emission

Control

Clean Coal Solutions (“CCS”) entered into leasing agreements for two facilities with

an unaffiliated third party; both facilities are operating and producing Refined Coal

(“RC”)

o

Revenues will begin in the third quarter and ramp up over the next quarter to

a level of approximately $12 MM per year for the next 9 years

o

full

capacity,

the

two

facilities

are

expected

generate

MM+

($0.80+/share) per year in net operating income for 9 years

o

Additional other income of $2.2 MM ($0.29 per share) expected from JV

Partner

NexGen

over

months

ending

mid-2012

New and expected MACT regulations driving further market growth

ADA Carbon Solutions (“ADA-CS”) constructed and is now operating energy-

efficient AC manufacturing facility in LA

$12

($1.60/share)

judgment

awarded

ADA

lawsuit

with

Calgon

Carbon

New mercury control technology licensed to Arch Coal

o

$2 MM upfront licensing fee to be recognized over 18-months ending

12/31/11

o

License includes potential for royalties up to $1/ton of coal and chemical

sales for treating Arch’s PRB coals (>100 MM tons per year)

Refined Coal

(Clean Coal Solutions)

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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

Two systems operating at two power plants in the

Midwest qualifying for Section 45 tax credits

–

$6.20 ton/coal (escalates annually) for ten years

–

Both

systems

leased

party

financial

institution

convert tax credits to revenues

Revenues

commenced

Quarter

2010

–

Systems started up in July at reduced capacity

–

Expected to be operating at design capacity by year end

–

ADA will consolidate JV revenues expected to be >$12

MM per year for the next nine years

At full-capacity, net operating income of over $6 MM+

($0.80+/share) per year is expected

Additional other income of $2.2 MM ($0.29/share)

expected from JV partner NexGen

over next 24 months

ending mid-2012

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Pending and Enacted Federal Laws

that Will Increase Our Markets

****U.S. EPA MACT for Cement -

Issued

08/09/10

–

Could require ACI systems & AC on up to 90 cement kilns in

the U.S.

–

ADA currently in negotiations with several cement companies

U.S. EPA MACT for Coal-Fired Utility Boilers

–

Will cover all 187 Hazardous Air Pollutants (“HAPs”)

–

Should result in 90% to 95% limit for mercury

–

Final regulations expected November 2011; 3 years to implement

U.S. EPA Industrial Boiler MACT

–

Will cover over 600 boilers, smaller units

–

Draft

published

April

;

finalized

December

2010

–

Could increase market for ACI systems by several hundred; sales of

AC by 50 to 100 MM pounds per year

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

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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