Contracts Include First-Ever Client in Data
Center Power Market
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171221005115/en/
Fuel Tech, Inc.Jim Pach, 630-845-4500Acting Principal Financial
Officer and ControllerorThe Equity Group Inc.Devin Sullivan,
212-836-9608Senior Vice President
Fuel Tech (NASDAQ:FTEK)
Historical Stock Chart
From Feb 2024 to Mar 2024
Fuel Tech (NASDAQ:FTEK)
Historical Stock Chart
From Mar 2023 to Mar 2024