A Primer On Birchtech
Overview
Birchtech Corp. (BCHT), formerly known as Midwest Energy Emissions Corp., is a provider of specialty activated carbon technologies focused on air and water purification.
The company underwent a significant rebranding in October 2024, changing its name to Birchtech Corp. to reflect its evolving business model.
As of December 31, 2025, the company operates with a lean workforce of 14 full-time and 6 part-time employees.
In December 2025, the company executed a 1-for-5 reverse stock split to consolidate its share structure.
Mercury Emissions Control Business (ME2C)
The company utilizes a patented two-part SEA (Sorbent Enhancement Additive) process to capture mercury in coal-fired power plants.
This technology is designed to achieve mercury removal at a lower cost and with less operational impact than traditional powdered activated carbon (PAC) systems.
A key advantage of the SEA process is that it preserves the marketability of fly ash byproducts for beneficial use by concrete companies.
As of the end of 2025, 16 Electric Generating Units (EGUs) in the United States were actively using Birchtech’s SEA technologies and purchasing their products.
The company believes a significant number of US coal-fired plants are infringing on their patents, and their strategy involves pursuing litigation to convert these entities into licensed customers or supply chain partners.
Pivot to Water Treatment
In April 2024, Birchtech launched a new water treatment business targeting the potable (drinking) water market, specifically focusing on forever chemicals like PFAS and PFOS.
The company is developing Carbon Rejuvenation, a thermal reactivation process for spent Granular Activated Carbon (GAC) that allows it to be reused, reducing lifecycle costs and environmental impact.
Birchtech has established two Design Centers in Pennsylvania and North Dakota to conduct research, thermal reactivation, and performance validation.
Demonstrations in early 2026 indicated that their reactivated GAC performs comparably to virgin carbon in removing PFAS.
The company recently introduced SEA-IX, a line of nuclear-grade ion exchange resins suitable for nuclear plants, coal-fired plants, and municipal water systems.
Regulation and Market Drivers
Mercury (MATS Rule): The market is driven by the EPA’s Mercury and Air Toxics Standards (MATS). While the 2024 updates to MATS were initially strengthened, the Trump Administration repealed these amendments in February 2026, returning compliance obligations to the original 2012 standards.
Water (PFAS Regulations): In April 2024, the EPA set the first national enforceable standards for PFAS. However, in May 2025, the administration announced plans to extend compliance deadlines for PFOA and PFOS to 2031 and reconsider regulations for other PFAS variants.
Market Reach: While currently focused on North America, Birchtech is monitoring the Minamata Convention on Mercury, which could open future opportunities in the European Union.
Intellectual Property and Innovation
The mercury removal portfolio includes 18 granted patents worldwide (13 in the US and 5 foreign), though several patents expired in late 2025.
The company has filed provisional and PCT applications for its new water treatment technologies to establish future patent protection.
Birchtech also holds a license for Dakin IP, a proprietary compound used to improve boiler combustion efficiency and reduce emissions.
Birchtech is vigorously defending its IP. Since 2020, the company has already collected roughly $37M in licensing fees and settlements from utilities. After widespread industry infringement led to a multi-year revenue decline, the company initiated sweeping patent litigation that is yielding major results.
Most notable is the $78.4M judgment in March 2024, when Birchtech won a unanimous federal jury verdict in Delaware against the CERT defendants for willful patent infringement. In December 2025, the court increased the final judgment to $78.4M (inclusive of pre-judgment interest). This figure is collecting interest as well until it’s collected.
And as of June 3, 2026, all challenges to its patents have disappeared. Up until now, the defendants were pursuing an Inter Partes Review (IPR) at the Patent Trial and Appeal Board (PTAB). This was their nuclear option. If the PTAB had agreed to review and subsequently invalidate Birchtech’s core mercury-capture patents, the entire legal foundation of the lawsuit would have crumbled.
The validity of Birchtech’s patents is now secure from further administrative challenges by these defendants, signaling that the defendants have exhausted their leverage at the patent office level, greatly hardening Birchtech’s legal position.
What remains is their legal appeal, but the CERT defendants haven’t posted a supersedeas bond, which means that Birchtech does not have to wait for the appeal to conclude to go after the money.
Competitive Positioning and Operations
Major competitors include Arq, Inc., Norit Activated Carbon, Calgon Carbon Corporation, and Nalco.
Birchtech competes by claiming its SEA technology provides superior mercury removal at lower projected costs during head-to-head utility tests.
The company relies on third-party suppliers for raw materials, including PAC, exposing it to inflation and supply chain availability risks.
The business experiences seasonality, with higher demand for mercury products during high-load periods in the Southwest and higher water treatment demand during the summer months.
Stay tuned for our take on financials.