Fuel Tech Awarded Multiple Equipment Orders Totaling $2.2 Million
July 06 2020 - 3:10PM
Business Wire
Fuel Tech, Inc. (NASDAQ: FTEK), a technology company providing
advanced engineering solutions for the optimization of combustion
systems, emissions control and water treatment in utility and
industrial applications, today announced the receipt of multiple
equipment orders from customers in the US and Europe. These awards
have an aggregate value of approximately $2.2 million.
In Europe, two separate contracts were received for NOxOUT®
Selective Non-Catalytic Reduction (SNCR) systems for single units
firing natural gas and biomass. Fuel Tech’s SNCR technology is a
proven solution for utility and industrial combustion unit owners
looking to comply with more stringent NOx control requirements.
Deliveries for these orders will be completed by the third quarter
of 2020. Another European order for a NOx reduction system was
received for a biomass-fired industrial unit which will utilize
Fuel Tech’s Selective Catalytic Reduction (SCR) technology and an
aqueous ammonia feed system. Equipment deliveries are scheduled for
the fourth quarter of 2020.
In the US, an order was received for equipment supporting Fuel
Tech’s FUEL CHEM® TIFI® Targeted In-Furnace Injection technology
that assists primarily coal-fired power generation units burn
lower-quality fuels more cleanly and efficiently. This equipment
will be installed on three coal-fired units that are expected to
feed Fuel Tech’s proprietary chemical reagent as part of future
TIFI program chemical sales. This same customer purchased and
installed similar equipment in 2019 at a separate coal-fired plant
prior to starting a TIFI Program. Delivery of equipment is
scheduled for the third quarter of 2020. These units are not
base-loaded units, and the revenue potential of the TIFI program
chemical sales will be driven by power demand and unit dispatch.
When operational, these new units are expected to generate
historical FUEL CHEM gross margins.
Vincent J. Arnone, President and Chief Executive Officer,
commented, “We are very pleased to announce these agreements. Fuel
Tech’s broad portfolio of emissions control solutions allows our
global customer base to address their emissions control
requirements regardless of fuel source.”
About Fuel Tech
Fuel Tech develops and commercializes state-of-the-art
proprietary technologies for air pollution control, process
optimization, water treatment, and advanced engineering services.
These technologies enable customers to operate in a cost-effective
and environmentally sustainable manner. Fuel Tech is a leader in
nitrogen oxide (NOx) reduction and particulate control technologies
and its solutions have been in installed on over 1,200 utility,
industrial and municipal units worldwide. The Company’s FUEL CHEM®
technology improves the efficiency, reliability, fuel flexibility,
boiler heat rate, and environmental status of combustion units by
controlling slagging, fouling, corrosion and opacity. Water
treatment technologies include DGI™ Dissolved Gas Infusion Systems
which utilize a patented nozzle to deliver supersaturated oxygen
solutions and other gas-water combinations to target process
applications or environmental issues. This infusion process has a
variety of applications in the water and wastewater industries,
including remediation, aeration, biological treatment and
wastewater odor management. Many of Fuel Tech’s products and
services rely heavily on the Company’s exceptional Computational
Fluid Dynamics modeling capabilities, which are enhanced by
internally developed, high-end visualization software. For more
information, visit Fuel Tech’s web site at www.ftek.com.
NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This press release contains “forward-looking statements” as
defined in Section 21E of the Securities Exchange Act of 1934, as
amended, which are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995 and reflect
Fuel Tech’s current expectations regarding future growth, results
of operations, cash flows, performance and business prospects, and
opportunities, as well as assumptions made by, and information
currently available to, our management. Fuel Tech has tried to
identify forward-looking statements by using words such as
“anticipate,” “believe,” “plan,” “expect,” “estimate,” “intend,”
“will,” and similar expressions, but these words are not the
exclusive means of identifying forward-looking statements. These
statements are based on information currently available to Fuel
Tech and are subject to various risks, uncertainties, and other
factors, including, but not limited to, those discussed in Fuel
Tech’s Annual Report on Form 10-K in Item 1A under the caption
“Risk Factors,” and subsequent filings under the Securities
Exchange Act of 1934, as amended, which could cause Fuel Tech’s
actual growth, results of operations, financial condition, cash
flows, performance and business prospects and opportunities to
differ materially from those expressed in, or implied by, these
statements. Fuel Tech undertakes no obligation to update such
factors or to publicly announce the results of any of the
forward-looking statements contained herein to reflect future
events, developments, or changed circumstances or for any other
reason. Investors are cautioned that all forward-looking statements
involve risks and uncertainties, including those detailed in Fuel
Tech’s filings with the Securities and Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20200706005459/en/
Vince Arnone President and Chief Executive Officer (630)
845-4500
Devin Sullivan Senior Vice President The Equity Group Inc. (212)
836-9608
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