<SEC-DOCUMENT>0001213900-23-010961.txt : 20230214
<SEC-HEADER>0001213900-23-010961.hdr.sgml : 20230214
<ACCEPTANCE-DATETIME>20230213200659
ACCESSION NUMBER:		0001213900-23-010961
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230214
DATE AS OF CHANGE:		20230213

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Advanced Emissions Solutions, Inc.
		CENTRAL INDEX KEY:			0001515156
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS CHEMICAL PRODUCTS [2890]
		IRS NUMBER:				275472457
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-87576
		FILM NUMBER:		23621283

	BUSINESS ADDRESS:	
		STREET 1:		8051 E. MAPLEWOOD AVE., STE 210
		CITY:			GREENWOOD VILLAGE
		STATE:			CO
		ZIP:			80111
		BUSINESS PHONE:		720-598-3500

	MAIL ADDRESS:	
		STREET 1:		8051 E. MAPLEWOOD AVE., STE 210
		CITY:			GREENWOOD VILLAGE
		STATE:			CO
		ZIP:			80111

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Arq Ltd
		CENTRAL INDEX KEY:			0001637606
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			Y9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D

	BUSINESS ADDRESS:	
		STREET 1:		28-30 THE PARADE
		CITY:			ST. HELIER
		STATE:			Y9
		ZIP:			JE1 1EQ
		BUSINESS PHONE:		304-414-0854

	MAIL ADDRESS:	
		STREET 1:		28-30 THE PARADE
		CITY:			ST. HELIER
		STATE:			Y9
		ZIP:			JE1 1EQ

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Hendricks Resources Ltd
		DATE OF NAME CHANGE:	20150324
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>ea173424-sc13darq_advanced.htm
<DESCRIPTION>SCHEDULE 13D
<TEXT>
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     <TITLE></TITLE>
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B></B></FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>UNITED STATES
</B></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>SECURITIES AND
EXCHANGE COMMISSION</B></FONT><B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>SCHEDULE 13D
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Rule 13d-102)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TO RULE 13d-l(a) AND AMENDMENTS THERETO FILED
PURSUANT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TO RULE 13d-2(a)&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Amendment No. )* </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 12pt"><B>Advanced
Emissions Solutions, Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Issuer) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common stock, par value $0.001 per share </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Title of Class of Securities) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>00770C101 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(CUSIP Number) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Richard Campbell-Breeden </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Arq Limited<BR>
30A Brook Street<BR>
London W1K 5DJ<BR>
United Kingdom </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>+44-7824-443808</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>February 13, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Date of Event Which Requires Filing of this
Statement) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the filing person has previously filed a statement on Schedule
13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of &sect;&sect;240.13d-1(e),
240.13d-1(f) or 240.13d-1(g), check the following box. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The remainder of this cover page
shall be filled out for a reporting person&rsquo;s initial filing on this form with respect to the subject class of securities, and for
any subsequent amendment containing information which would alter disclosures provided in a prior cover page.</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information required on the remainder of this cover page shall
not be deemed to be &ldquo;filed&rdquo; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&ldquo;Act&rdquo;) or otherwise
subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">CUSIP No. 00770C101</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; border: Black 1.5pt solid; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 93%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
                                            of Reporting Persons</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARQ
    LIMITED</FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check
                                            the Appropriate Box if a Member of a Group (See Instructions)</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
    &#9744; (b) &#9746;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC
                                            Use Only</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Source
                                            of Funds (See Instructions)</FONT></P>
                                                                                                                                                 <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WC</FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check
                                            if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)</FONT></P>
                                                                                                                                                 <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Citizenship
                                            or Place of Organization</FONT></P>
                                                                                                                                                 <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jersey</FONT></P></TD></TR>
  </TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="4" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
                                            of<BR>
                                            Shares<BR>
                                            Beneficially<BR>
                                            Owned by<BR>
                                            Each<BR>
                                            Reporting<BR>
                                            Person<BR>
                                            With</FONT></P></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 75%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sole
    Voting Power</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,814,864
    shares of Common Stock</FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shared Voting Power</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sole
    Dispositive Power</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,814,864
    shares of Common Stock</FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shared
    Dispositive Power</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  </TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 93%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate
    Amount Beneficially Owned by Each Reporting Person</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,814,864
    shares of Common Stock</FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check
    if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Percent
    of Class Represented by Amount in Row 11</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.22%
    <SUP>(1)</SUP></FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Type
    of Reporting Person (See Instructions)</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CO</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Based upon 26,824,773 shares of the Issuer&rsquo;s Common Stock outstanding as of February 2, 2023</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1. Security and Issuer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This statement on Schedule 13D (this
&ldquo;<B>Statement</B>&rdquo;) is filed with respect to the common stock, par value $0.001 per share (&ldquo;<B>Common
Stock</B>&rdquo;), of Advanced Emissions Solutions, Inc., a Delaware corporation (the &ldquo;<B>Issuer</B>&rdquo;). The address of
the principal executive offices of the Issuer is 051 E. Maplewood Avenue, Suite 210 Greenwood Village, Colorado. Information given
in response to each item shall be deemed incorporated by reference in all other items, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2. Identity and Background </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a, b, c, f) This Statement is being filed by Arq Limited, a company
incorporated under the laws of Jersey (&ldquo;<B>Arq</B>&rdquo; or the &ldquo;<B>Reporting Entity</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Arq is an environmental technology company founded in 2015 that has
developed a process for producing specialty carbon products from coal mining waste.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The business address for the Reporting Entity is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Arq Limited<BR>
30A Brook Street<BR>
London W1K 5DJ<BR>
United Kingdom</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The executive Officers and Directors of Arq have resigned their respective
positions in all of the direct and indirect subsidiaries of Arq upon the consummation of the Purchase Agreement (as defined below) with
the Issuer. The Issuer purchased from Arq all of the issued and outstanding equity interests of each of the subsidiaries of Arq and assumed
all contracts and contractual liabilities of Arq. Arq has no controlling shareholder otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Positions at Arq:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; vertical-align: bottom; width: 60%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; vertical-align: bottom; width: 11%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Position</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; vertical-align: bottom; width: 11%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Citizenship</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; vertical-align: top; width: 15%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Principal&nbsp;Occupation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Richard Campbell-Breeden</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">UK</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Investor, Advisor</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Julian Alexander McIntyre</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">UK</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Entrepreneur, Investor</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Joseph William Valis</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Investor, Advisor</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Rufus William West</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Jeremy Matthew Blank</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Fund Manager</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Steven Jacobs</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Simcha Mordechai Mann</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Canada</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) <U>Criminal Proceedings</U>: During the previous five (5) years,
neither the Reporting Entity, nor, to the knowledge of the Reporting Entity, any director, executive officer or controlling person of
the Reporting Entity, has been convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(e) <U>Civil Proceedings</U>: During the previous five (5) years, neither
the Reporting Entity, nor, to the knowledge of the Reporting Entity, any director, executive officer or controlling person of the Reporting
Entity, has been party to a civil proceeding of a judicial or administrative body of competent jurisdiction such that, as a result of
such proceeding, the Reporting Entity or any such individual was or is subject to a judgment, decree or final order enjoining future violations,
of, or prohibiting or mandating activity subject to, federal or state securities laws or finding any violation with respect to such laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3. Source and Amount of Funds or Other Consideration </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">On February&nbsp;1, 2023, the Reporting Entity
and the Issuer entered into a Securities Purchase Agreement (the &ldquo;<B>Purchase Agreement</B>&rdquo;), pursuant to which the Issuer
acquired all of the direct and indirect equity interests of Arq&rsquo;s subsidiaries in exchange for consideration consisting of (i) 3,814,864
shares of common stock and (ii) 5,294,462 shares of Series A Convertible Preferred Stock <FONT STYLE="background-color: white">par value
$0.001 per share, of ADES (the &ldquo;<B>Series A Preferred Stock</B>&rdquo;)</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">Each share of Series A Preferred Stock will
be automatically converted into a share of Common Stock upon approval by the holders of the percentage of Common Stock required to approve
such conversion under the applicable rules of Nasdaq, without the need for any action on the part of the holders of the Series A Preferred
Stock. Each share of Series A Preferred Stock is deemed to have an original issue price of $4.00 per share (the &ldquo;<B>Original Issue
Amount</B>&rdquo;). The number of shares of Common Stock issued upon conversion of each share of Series A Preferred Stock shall be equal
to the product of (i) the sum of (A) the Original Issue Amount&nbsp;<I>plus</I>&nbsp;(B) an amount equal to the cumulative amount of the
accrued and unpaid dividends on such share at such time (regardless of whether or not declared or funds for their payment are lawfully
available)&nbsp;<I>divided by</I>&nbsp;(ii) the Original Issue Amount, subject to adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Holders of the Series A Preferred Stock are
entitled to receive cumulative dividends which will accrue quarterly on the last day of each applicable quarter (whether or not declared
or funds for their payment are lawfully available) and will be payable quarterly, in arrears, on the earlier to occur of (a) the date
any dividend is paid to holders of Common Stock with respect to such quarter and (ii) 30 days after the end of each quarter (the &ldquo;<B>Series
A Quarterly Dividend</B>&rdquo;) at the rate per share of Series A Preferred Stock equal to the greater of (i) if the Company declares
a cash dividend on the Common Stock with respect to such quarter, the amount of the cash dividend that would be received by a holder of
Common Stock in which such share of Series A Preferred Stock would be convertible on the record date for such cash dividend and (ii) an
annual rate (the &ldquo;<B>Rate</B>&rdquo;) of 8.0% of the Original Issue Amount per annum compounded quarterly with respect to such quarter.
The Rate will increase by 2.0% on the first day of the first quarter ending on or after the 635th&nbsp;day following the closing date
of the first issuance of Series A Preferred Stock and on each subsequent anniversary of such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Series A Quarterly Dividend is payable
in cash or in additional shares of Series A Preferred Stock (the &ldquo;<B>Series A PIK Shares</B>&rdquo;), at the option of the Issuer.
The number of Series A PIK Shares to be issued shall be determined by dividing (i) the Series A Quarterly Dividend payable with respect
to all shares of Series A Preferred Stock held by a holder thereof by (ii) the aggregate Original Issue Amount of all shares of Series
A Preferred Stock held by a holder thereof, and each fractional Series A PIK Share will be rounded to the nearest whole Series A PIK Share
(with 0.5 of a share being rounded down to 0.0).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 4. Purpose of Transaction </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information set forth in Item 3 of this Statement is incorporated
herein by reference. The Reporting Entity holds the securities of the Issuer for investment purposes with a view to increase the Issuer&rsquo;s
value and provide synergy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Former members of Arq&rsquo;s board of directors
became members of the Issuer&rsquo;s board. On&nbsp;February&nbsp;1, 2023, the Issuer&rsquo;s board of directors expanded the size of
the board from four to seven members and elected Julian McIntyre, Richard Campbell-Breeden and Jeremy Blank to the newly created vacancies
on the Board, effective immediately. Each of Mr. McIntyre, Mr. Campbell-Breeden and Mr. Blank served under Arq&rsquo;s board and now will
serve as directors until the Issuer&rsquo;s next annual meeting of stockholders and thereafter until a successor is duly elected and qualified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Messrs. McIntyre, Campbell-Breeden and Blank
each receive compensation for service as a non-management director of the Issuer consistent with the compensation generally provided to
other non-management directors, as determined by the Issuer&rsquo;s board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except as set forth above, the Reporting Entity has no present plans
or intentions which would result in or relate to any of the transactions described in subparagraphs (a) through (j) of Item 4 of Schedule
13D.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5. Interest in Securities of the Issuer </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) and (b) (and (d) See Items 7-11 and 13 of the cover page of this
Statement and Item 2 and 3 above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c) Except as reported in this Statement, the Reporting Entity has
not effected any transactions in the Issuer&rsquo;s securities within the past 60 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(e) Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 6. Contracts, Arrangements, Understandings or Relationships
with Respect to Securities of the Issuer </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Pursuant to the Purchase Agreement, the Issuer
acquired all of the direct and indirect equity interests of Arq&rsquo;s subsidiaries in exchange for consideration consisting of (i) 3,814,864
shares of common stock, par value $0.001 per share, of the Issuer, representing 19.9% of the outstanding shares of Common Stock prior
to the completion of the transactions contemplated by the Purchase Agreement, and (ii) 5,294,462 shares of <FONT STYLE="background-color: white">Series
A Preferred Stock</FONT>, of the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Purchase Agreement contains customary
representations, warranties and covenants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Messrs. McIntyre, Campbell-Breeden and Blank,
formerly board members of Arq, were nominated to the Issuer&rsquo;s board pursuant to the terms of the Purchase Agreement, whereby the
Issuer agreed to increase the size of the Issuer&rsquo;s board to seven directors and appoint Messrs. McIntyre, Campbell-Breeden and Blank
to the board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The foregoing summary of the Purchase Agreement
does not purport to be complete and is subject to, and qualified in its entirety by, the text of the Purchase Agreement, which is filed
as Exhibit 1 to this Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Pursuant to the terms of the Purchase Agreement,
the Reporting Entity entered into a Registration Rights Agreement (the &ldquo;Registration Rights Agreement&rdquo;) with the Issuer. The
Registration Rights Agreement provides that as promptly as practicable following the closing, but no later than 150 days after the consummation
of the transactions, the Issuer will file a registration statement registering the resale of the shares of Common Stock received by Arq
and other Subscribers (as defined below). The Issuer will also use commercially reasonable efforts to have such registration statement
declared effective as soon as practicable following the filing thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The foregoing summary of the Registration
Rights Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the text of the Registration Rights
Agreement, which is filed as Exhibit 2 to this Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">In connection
with entry into the Purchase Agreement, on February&nbsp;1, 2023, the Reporting Entity and the Issuer also terminated a previous transaction
agreement, dated August 19, 2022.</FONT>&nbsp;<FONT STYLE="font-size: 10pt">The previous transaction agreement would have provided, subject
to its terms and conditions, for a business combination of Arq and the Issuer. By virtue of the termination of the Purchase Agreement,
the previous transaction agreement became void and of no further force or effect, with no liability on the part of any party to the previous
transaction agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="background-color: white">Separately,
the Issuer also entered into subscription Agreements with certain persons (the &ldquo;<B>Subscribers</B>&rdquo;) pursuant to which the Subscribers
subscribed for and purchased shares of Common Stock for an aggregate purchase price of approximately $15.4 million and at a price per
share of $4.00 (the &ldquo;<B>PIPE Investment</B>&rdquo;). The Subscribers in the PIPE Investment were shareholders of Arq.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 7. Material to be Filed as Exhibits </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; width: 10%"><FONT STYLE="font-size: 10pt">Exhibit 1</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; width: 89%"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515156/000151515623000003/ex21securitiespurchaseagre.htm">Securities Purchase Agreement, dated as of February 1, 2023, by and among Advanced Emissions Solutions, Inc. and Arq Limited</A></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Exhibit 2</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515156/000151515623000003/ex101registrationrightsagr.htm">Registration Rights Agreement</A></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>












<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">After reasonable inquiry and to the best of my knowledge
and belief, I certify that the information set forth in this statement is true, complete and correct.</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: February 13, 2023</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Arq Limited</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 4%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 30%">&nbsp;</TD>
    <TD STYLE="width: 66%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Richard Campbell-Breeden </FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">6</P>
<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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