Fuel Tech Awarded Air Pollution Control Orders Totaling $5.2 Million
28 Fevereiro 2023 - 6:15PM
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 the receipt of
multiple air pollution control (APC) contracts from new and
existing customers in the US, Europe and the Pacific Rim. These
awards support projects serving various end markets, and have an
aggregate value of approximately $5.2 million.
Two separate contracts were received from existing US utility
customers for NOxOUT® Selective Non-Catalytic Reduction (SNCR)
systems. Fuel Tech’s SNCR technology is a proven solution for
utility and industrial combustion unit owners looking to comply
with more stringent NOx control requirements. One order is for a
coal-fired unit in the Midwest and the other is for a unit on the
East Coast that fires oil and natural gas. The Company believes
that the purchase of SNCR systems is being driven by the proposed
EPA Good Neighbor Rule, which is expected to finalize in the first
quarter of 2023. Equipment deliveries are expected in the second
and third quarters of 2023.
An order was received in the US for two ULTRA® systems to be
installed on natural gas-fired turbines at a university on the West
Coast. 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 Selective Catalytic Reduction (SCR) is used to reduce
NOx, eliminating the hazards associated with the transport, storage
and handling of anhydrous or aqueous ammonia. Deliveries are
expected to be completed in the third quarter of 2023.
Two additional orders in the US were received for ULTRA systems
on the West Coast. The first contract was for three ULTRA systems
to replace ammonia based equipment for SCR systems already deployed
on package boilers at a medical facility. Deliveries are expected
in the third quarter of 2023. The second ULTRA order was for an
industrial unit firing natural gas at a paper production facility
with an estimated second quarter 2023 delivery.
In Europe, separate orders were received for a NOxOUT SNCR
system for a biomass-fired unit and for a system utilizing SCR
technology for a gas turbine application; delivery of both orders
is expected in the third quarter of 2023. In China, a spare parts
order was received for a previously installed ULTRA system, and
delivery is expected in the third quarter of 2023.
Vincent J. Arnone, President and Chief Executive Officer,
commented, “We are pleased to announce these contract awards which
represent continued growth of Fuel Tech’s ULTRA technology solution
that provides a safe reagent alternative to ammonia for SCR systems
near hospitals and universities as two specific market segments.
The domestic SNCR awards will assist our customers’ needs as they
seek to comply with current and future NOx reduction requirements
generated by the EPA creating a final rule as a next phase of the
Cross State Air Pollution Rule to meet the Good Neighbor provision
of the Clean Air Act. The new Rule is expected to be issued in the
next few weeks and could create a number of opportunities for both
SNCR and SCR technology over the next several years.”
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 channel injector 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/20230228006306/en/
Vince Arnone President and Chief Executive Officer (630)
845-4500 Devin Sullivan Managing Director The Equity Group Inc.
dsullivan@equityny.com
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