WARRENVILLE, ILL.--(BUSINESS WIRE)--
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, today announced the receipt of multiple air pollution control (APC) contracts from customers in the US and China. These awards have an aggregate value of approximately $7.4 million.
“We are very pleased to end the year on such a strong note,” said Vincent J. Arnone, Chairman, President and Chief Executive Officer. “We have announced more than $36 million of new orders in 2017, making it one of the best years for new business development in our recent history. Moreover, we have successfully executed against a set of broader strategic initiatives that have improved our backlog, reduced costs, narrowed our losses, and positioned Fuel Tech for long-term, sustainable growth.”
Fuel Tech received an order in the US involving a new market application for its Selective Catalytic Reduction (SCR) and urea reagent technologies to reduce nitrogen oxide (NOx) emissions. The project - a domestic data center - includes multiple SCR systems where natural gas is used for power generation. The scope includes Fuel Tech’s SCR and UDITM Urea Direct Injection technologies, along with ancillary systems to reduce NOx emissions from backup power sources. Fuel Tech’s UDI process, similar to our ULTRA® technology, provides the safe use of urea reagent where SCR is used to reduce NOx, eliminating the hazards associated with the transport, storage and handling of anhydrous or aqueous ammonia. Equipment deliveries are expected to be completed in the fourth quarter of 2018.
“SCR technology continues to gain a stronger position in our technology portfolio, and this first-ever contract with a data center client reflects the flexibility and adaptability of our emissions control solutions portfolio,” said Mr. Arnone.
“Industry research estimates that the global data center power market is expected to expand at a compounded annual growth rate of nearly 13% through 2021, and we view the reliability and availability requirements of the SCR and UDI systems as critical to customer needs. We have a history of industrial SCR projects using UDI technology in the steel and chemical markets, and have recently deployed UDI system applications in China. We view UDI as a complement to our established ULTRA technology. UDI can be a good fit for smaller industrial systems, including those with multiple SCR reactors. Through our ongoing global business developments efforts, we are well-positioned to pursue those opportunities that leverage our ability to provide safe, cost-effective environmental and emission control solutions for units utilizing a variety of fuel sources.”
Three orders were also received for ULTRA systems that will be installed on industrial units in China being retrofitted with SCR technology. Delivery of these systems is scheduled for the first quarter of 2018. An additional contract in China was received for NOxOUT® Selective Non-Catalytic Reduction (SNCR) systems for two utility coal-fired boilers. Deliveries for these systems will be completed by the fourth quarter of 2017. Fuel Tech’s SNCR technology is a proven solution as combustion unit owners look to comply with more stringent NOx control requirements.
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 air 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.
Copyright Business Wire 2017