Fuel Tech, Inc. (NASDAQ: FTEK), a world leader in advanced
engineering solutions for the optimization of combustion systems
and emissions control in utility and industrial applications,
announced today that it has entered into a license agreement with
NanO2 LLC (“NanO2”) to market and sell NanO2’s dissolved gas
technology.
The agreement provides exclusive rights for Fuel Tech to market
the technology in specified end markets throughout North America,
with provisions to extend exclusivity to other territories and
applications. The agreement term is for the life of the underlying
patents and Fuel Tech will provide NanO2 with royalty payments from
sales generated by Fuel Tech under the agreement. Fuel Tech must
meet established minimum royalty requirements during the first six
years to remain exclusive under the agreement.
NanO2 holds the exclusive worldwide rights to certain patents
covering the non-medical use of micro-nanobubble dissolved gas
technology, applicable for the delivery of any treatment gas into a
liquid via a carrier stream. An innovative alternative to current
aeration technology among other applications, NanO2 utilizes
proprietary nozzle technology 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, treatment, biological activity and
wastewater odor management. The infusion technology benefits
offered by NanO2’s patented approach include proven reductions in
energy consumption, installation costs, and operating costs, while
improving treatment performance.
Vincent J. Arnone, Chairman, President and Chief Executive
Officer, commented, “Throughout our history, Fuel Tech has
endeavored to meet the evolving demands of industrial and utility
clients by providing science-based, low cap-ex emissions control
and fuel efficiency solutions that deliver significant ROI through
process improvement. These same principles are reflected in our
agreement with NanO2. Although we do not expect this agreement will
have a material impact on our results in 2018, it reflects our
ongoing corporate evolution and signals the expansion of our
mission to include environmental solutions focused on water. We
believe that NanO2 offers a potentially impactful technology in the
areas of water and wastewater treatment, and will allow us to help
address the world’s growing water and process challenges in a
sustainable, responsible, and cost-effective manner.”
Demand for water and wastewater treatment is growing and Fuel
Tech has identified several potential end markets for NanO2’s
technology, including utility and industrial wastewater treatment,
oil and gas fracking (flowback, separation, aeration), and the pulp
and paper markets.
Mr. Arnone concluded, “We believe this technology is a strategic
fit to our existing technology base. We will apply our competencies
in chemical treatment, computational fluid dynamics, engineering
and equipment design – consisting of skid-mounted tanks, pumps,
metering, and controls feeding into an injector array – and project
management to add value to the NanO2 solution and optimize its
applications. We will initially address the targeted markets using
our established sales channels and, over time, broaden our reach in
the defined markets and geographies.”
About Fuel Tech
Fuel Tech is a leading technology company engaged in the
worldwide development, commercialization and application of
state-of-the-art proprietary technologies for pollution control,
process optimization, and advanced engineering services. These
technologies enable customers to produce both energy and processed
materials in a cost-effective and environmentally sustainable
manner.
The Company’s nitrogen oxide (NOx) reduction technologies
include advanced combustion modification techniques and
post-combustion NOx control approaches, including NOxOUT®, HERT™,
and Advanced SNCR systems, ASCR™ Advanced Selective Catalytic
Reduction systems, and I-NOx® Integrated NOx Reduction Systems,
which utilize various combinations of these systems, along UDI™
Urea Direct Injection system for SCR reagent supply, and the ULTRA®
process for safe ammonia generation. These technologies have
established Fuel Tech as a leader in NOx reduction, with
installations on over 900 units worldwide.
Fuel Tech’s technologies for particulate control include
Electrostatic Precipitator (ESP) products and services including
complete turnkey capability for ESP retrofits, with experience on
units up to 700 MW. Flue gas conditioning (FGC) systems include
treatment using sulfur trioxide (SO3) and ammonia (NH3) based
conditioning to improve the performance of ESPs by modifying the
properties of fly ash particles. Fuel Tech’s particulate control
technologies have been installed on more than 125 units
worldwide.
The Company’s FUEL CHEM® technology revolves around the unique
application of chemicals to improve the efficiency, reliability,
fuel flexibility, boiler heat rate, and environmental status of
combustion units by controlling slagging, fouling, corrosion,
opacity and improving boiler operations. The Company has experience
with this technology, in the form of a customizable FUEL CHEM
program, on over 110 units.
Fuel Tech also provides a range of services, including boiler
tuning and selective catalytic reduction (SCR) optimization
services. In addition, flow corrective devices and physical and
computational modeling services are available to optimize flue gas
distribution and mixing in both power plant and industrial
applications.
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. These capabilities, coupled with the
Company’s innovative technologies and multi-disciplined team
approach, enable Fuel Tech to provide practical solutions to some
of our customers’ most challenging problems. 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: http://www.businesswire.com/news/home/20180302005028/en/
Fuel Tech, Inc.Jim Pach, 630-845-4500Acting Principal Financial
Officer and ControllerorKevin Dougherty, 630-845-4500Vice President
Business Development and MarketingorThe Equity Group Inc.Devin
Sullivan, 212-836-9608Senior Vice President
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