Fuel Tech Announces FUEL CHEM® Demonstration Orders From Two New Industrial Power Customers
May 07 2020 - 4:15PM
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 two FUEL CHEM®
demonstration orders using the Company’s proprietary TIFI Bio™
(Targeted In-Furnace Injection) technology.
The demonstrations are for new domestic industrial renewable
power customers that utilize biomass as the source of fuel. One
program will be conducted on two small biomass-fired boilers at one
plant site, while the second order is for a small biomass-fired
unit at another site. The goals of the demonstrations are to
improve boiler availability, reliability and heat rate, and reduce
greenhouse gas emissions. Chemical injection for all three units is
scheduled to commence during the second quarter of 2020. Successful
demonstrations at both plants would lead to on-going commercial
programs commencing in the third quarter of 2020, with such
commercial programs generating estimated annual revenue of $500,000
to $750,000 per site, when the units at the site are operational
and utilizing the technology on a continual basis throughout the
year.
Vincent J. Arnone, Chairman, President and Chief Executive
Officer, commented, “We are pleased to announce these
demonstrations. Our TIFI technology has been successfully used on a
wide range of boiler types firing different fuels. Our patented
TIFI Bio™ approach uses multiple chemicals working together, and
offers significant operational improvements including reduced
downtime, lower corrosion rates, increased time between cleaning
cycles, and the opportunity to fire a wider variety of biomass
waste fuels. TIFI Bio™ has been successfully demonstrated on
several units in the US and Europe, and biomass as a renewable fuel
source continues to provide opportunities. For the current
demonstrations, we have already conducted Computational Fluid
Dynamic modeling studies on both units, which uses our proprietary
modeling to guide our design of the injection strategy.”
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/20200507006085/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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