Fuel Tech Awarded Air Pollution Control Orders Totaling $2.6 Million
December 09 2019 - 9:00AM
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
air pollution control (APC) contracts from customers in the US,
Japan and Europe. These awards have an aggregate value of
approximately $2.6 million.
An order from Japan was received for an ULTRA® system that will
be installed on a natural gas-fired Combined Cycle plant in the
Pacific Rim being retrofitted with Selective Catalytic Reduction
(SCR) technology. Fuel Tech’s ULTRA process provides for the safe
and cost-effective on-site conversion of urea to ammonia for use as
a reagent where SCR is used to reduce nitrogen oxide (NOx),
eliminating the hazards associated with the transport, storage and
handling of anhydrous or aqueous ammonia. This is a third unit at a
site and a follow-on order from a 2017 contract. Engineering is
expected to be completed in the first quarter of 2020, with
equipment delivery scheduled sometime after 2020.
A contract change order was received in Europe for catalyst
replacement for an existing Fuel Tech SCR system. Work will be
completed in the fourth quarter of 2019.
In the US, an order was received for an Electrostatic
Precipitator (ESP) inspection at a metal processing facility in the
Midwest. The services will provide critical information for the
plant to define the scope for a future ESP upgrade. Work is
scheduled for completion in the fourth quarter of 2019.
Vincent J. Arnone, President and Chief Executive Officer,
commented, “We are pleased to announce these contracts to meet
current customer needs and as we work towards building our backlog
going into 2020. The order from Japan demonstrates our on-going
commitment and our long-term partnership approach to meet the
environmental compliance needs of our customers implementing our
advanced technology solutions.”
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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Jim Pach Principal Financial Officer (630) 845-4500 Devin
Sullivan Senior Vice President The Equity Group Inc. (212)
836-9608
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