ADA-ES INC - FORM 8-K - EX-99.1 - MARCH 29, 2011 INVESTOR PRESENTATION

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Investor Presentation

March 29, 2011

NASDAQ:ADES

Exhibit 99.1

Disclaimer

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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 the growth in markets for ADA-ES, Inc.’s (the “Company” or

“ADA”) products and services; amount and timing of future tax credits, revenues, operating income, cash flows, legal expenses and

other financial measures; timelines for our projects; ability of ADA to take advantage of expanded markets and opportunities; scope,

timing and impact of current and anticipated regulations and legislation; future supply and demand; and related matters. 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 regulations and any legal challenges to them; negative outcomes in the Norit

Arbitration; impact of competition; lack of working capital; 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; additional

risks related to ADA Carbon Solutions including lack of continued funding and failure to raise additional financing, demand of payment

on existing loans and other obligations, inability to obtain permits, our lack of control and further dilution of our interest, changes in

the costs and timing of full commercial operations at the AC plant; additional risks related to Clean Coal Solutions, LLC including failure

of its 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 refined coal by the lessee, seasonality and failure to build new facilities to meet the recently

extended Section 45 tax credit placed-in-service date for IRS Section 45 tax credits; our inability to come to terms with additional

industry partners in our DOE CO

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 such statements and to consult our SEC filings 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.

Leader in Clean Coal Technology

Investment Overview

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Primary Market: 1,100+ coal-fired utility boilers in the U.S.

–

Coal provides 50% of electricity in the U.S.

Existing & proposed regulations for mercury emissions

Multiple sources of near & long-term revenues & income

–

Refined coal

–

Emission control equipment & consumables

–

License to Arch Coal

–

capture technology

2010 revenues up 11% to $22.3 million

–

Adjusted net income of $5.1 mm or $0.69 pere share

(See slide 16)

7.4 mm shares outstanding

Corporate Structure

ADA-ES

–

ACI Systems

–

License to Arch Coal

–

Flue Gas Conditioning

–

Acid Gas Control Technology

–

Capture

–

DOE & Industry Consulting

Clean Coal Solutions (CCS)

Products:

–

Refined Coal

JV Partner:

–

NexGen Resources

–

ADA

Ownership:

50/50

ADA Carbon Solutions (ACS)

Products:

–

Activated Carbon

JV Partner:

–

Energy Capital Partners

–

ADA Ownership on first line:

currently 26%

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Emission Control:

Near-Term Market Drivers

36 months to become compliant from issuance date

On March 16, 2011 EPA’s Mercury and Air Toxics Standards proposal (“Air

Toxics Rule”) requires reduction of Hazardous Air Pollutants (“HAPs”) from

new and existing electricity generating units

–

Rule scheduled to become final November 2011

–

Plants required to be in compliance in 36 months

ADA provides low-cost control technology for all three groups of HAPs

covered by the Air Toxics Rule

Mercury: 80-90% reduction from mercury in coal for all plants

–

Activated Carbon Injection (“ACI”) Equipment

–

Activated Carbon through JV ADA Carbon Solutions

–

Refined Coal through JV Clean Coal Solutions

–

Enhanced Coal, licensed for production to Arch Coal

Acid gases, HCl and SO

–

Dry Sorbent Injection (DSI) systems

EPA finalized similar rules for Cement Kilns and Industrial Boilers

Refined Coal Reduces Mercury

Clean Coal Solutions: JV with NexGen Resources Corp.

CyClean –

patented technology enhances combustion of PRB

coals in cyclone boilers and reduces mercury and NOx

Two systems installed & operating at two power plants

Refined Coal contributed ~$10 Million in revenues to ADA-ES

in Q3 & Q4’10

(first full half year of operation)

Two existing units expected to produce ~$1.00/share in

earnings for ADA for the next nine years (based on 7.5 mm

shares)

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Refined Coal Growth Opportunity

New

Air

Toxics

Rule

creating

additional

demand

for

Refined

Coal.

Opportunity

to triple revenues & operating income if equipment installed in 2011

–

Top ten prospects provide potential for over 30 mm tons per year

of Refined Coal

@ $6.20 per ton

Currently fabricating 6 additional Refined Coal facilities

–

Each unit will be capable of producing 1-5 million tons per year

–

Scheduled for completion in May and June

–

Schedule allows for fabrication of a total of 16 systems before year-end

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$ in millions Estimated revenues Estimated

operating income

Refined Coal Growth Opportunity

CURRENT PROJECTIONS

(based on 2 existing facilities @ 6 million tons)

POTENTIAL OPPORTUNITY

(based on 20 million tons)

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$10

$12

$14

$16

$18

$20

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

ACI System

for Mercury

Activated Carbon Injection Technology for

Mercury Reduction at Power Plants

Emission Control Equipment

(NO

, SO

, Particulate)

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Emission Control:

Equipment Sales

Installed/installing 47 Activated Carbon Injection (“ACI”)

systems at coal-fired power plants

–

Over 30% market share; plants total > 20 GW

–

Remain active in the bid and proposal process

Plant burns PRB coal or lignite

Plant burns bituminous coal

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Emission Control:

Consumable Sales

Constructed largest AC plant in the U.S. (Red River, LA)

–

Capacity: 150 mm lbs/yr

Start-up operations commenced in May 2010

–

Q3’10: delivered AC to customers from 2 of 4 furnaces

–

As of Q1’11: operating at full capacity

Site permitted for 2

production line; seeking permits

for 4 more lines

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Emission Control:

Expected in ACI Equipment

Final U.S. EPA Utility MACT due Nov 2011

–

Expect ACI orders from utilities beginning 2011; utilities have

three years to become compliant once the Utility MACT is final

Monumental Growth

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Mercury Control:

License to Arch Coal

Designed to enable Arch’s Powder River Basin

(“PRB”) coals to burn with lower emissions of

mercury and other metals

Royalty

agreement

–

payments

ADA

$1.00/ton based on premium of Enhanced Coal sales

Air Toxics Rule could create a market for >100 mm

tons of Enhanced PRB coal per year

Full-scale tests showing promising results

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Control of Acid Gases

HCl, SO

, SO

Air Toxics Rule identifies HCI

and SO

as surrogates for acid

gases

ADA provides DSI systems as a

low-cost option to wet

scrubbers

Equipment costs $2-3 Million

for average size plants

EPA predicts over 200 systems

will be needed by 2015

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Capture

Developing solid sorbent capture technology to capture

from flue gas in conventional coal-fired boilers

DOE and industry funding:

–

Phase

$3.8

R&D

program

awarded

Nov.

2008

develop technology; successful field tests at 1 KW pilot plant

–

Phase

$19

mm,

51-month

contract

awarded

Oct.

2010

scale-up technology to 1 MW; key step toward

commercialization

Advantages over competing technologies:

–

For customer: lower cost and less parasitic energy

–

For ADA: continuous revenues from sale of proprietary chemical

sorbents

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Financial Summary:

Recent Financial Results

2010 Financial Highlights:

–

Total revenues up 11% to $22.3 mm

–

Gross profit grew 121%

–

Net loss of $15.5 mm, or $2.09 per share, vs. FY’09 loss of

$8.8 mm, or $1.26 per share

–

Net income of $5.1 mm, or $0.69 per share, excluding

$24.0 mm in non-routine legal expenses and a $8.2 mm

loss relating to the equity interest in ADA-CS

Revenue

CAGR

21%,

2003

–

2010

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Financial Summary:

Outlook

Legal expenses expected to decline significantly in Q2’11

Existing Refined Coal facilities expected to generate

~$1.00 per share in pre-tax cash flow and operating

income after deduction of NexGen’s share through 2019

Possibility to more than double that amount with

additional Refined Coal facilities and extension of tax

credits

Emission Control:

–

Pending Federal MACT rules should substantially expand ADA’s

existing

market

for

ACI

systems

–

expected

timeframe

2011

–

Arch agreement expected to generate payments of up to

$1.00/ton of Enhanced Coal beginning in late 2011

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Financial Summary:

Balance Sheet Highlights &

Other Data

Balance sheet highlights (at 12/31/10):

–

Working capital, excluding deferred revenue, of $10.1 mm

–

Shareholders’

equity of $11.4 mm

–

Cash & equivalents of $9.7 mm

–

7.4 mm diluted shares outstanding

As of 03/24/11:

–

Market cap: $141.1 mm

–

50%+ held by institutions

–

~11% held by insiders and employees

–

Analyst coverage: Avondale Partners, JMP Securities, Johnson Rice,

Lazard Capital Markets, Pritchard Capital Partners, Wedbush

Securities

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Expected Timeline of Revenue

Recognition by Segment

‘’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ‘21

ADA-CS –

Activated Carbon*

-By 2015 demand for AC should greatly exceed supply

First line revenues not consolidated with ADA

Arch Coal licensing agreement

-$2 mm upfront payment

-Royalties of up to $1.00/ton of Enhanced Coal

ACI Injection Systems

-EPA MACT driving demand in 2011

and beyond

CO2

Capture Development -

DOE/industry funding

$19 mm, 51-month contract

Refined Coal –

Section 45 Tax Credits

Qualifies for 10-year tax credits

>$15 mm in annual revenues; $7 mm or $1.00 per share in pre-tax operating income

Refined Coal –

Section 45 Tax Credits Extended on 12/16/10 for one year

Potential for over 300 mm tons of Refined Coal

-Tax Credits valid from 2011 to 2021

Refined Coal

Capture

Emission Control

Activated Carbon

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A Leader in Clean Coal Technology

NASDAQ:ADES

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