Fuel Tech Awarded Air Pollution Control Orders Totaling $2.3 Million
22 July 2016 - 11:00PM
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 China, the Middle East and the US.
These awards have an aggregate value of approximately $2.3
million.
In China, Fuel Tech received an award for a NOxOUT® Selective
Non-Catalytic Reduction (SNCR) system for a coal-fired utility
boiler. Our SNCR technology is proving to be a viable solution as
combustion unit owners look to comply with more stringent NOx
control requirements mandated by China. Equipment deliveries are
expected to occur during the third quarter of this year.
The Company received additional orders in China for multiple
ULTRA™ systems that will be installed on utility units firing coal,
which are being retrofitted with NOx reduction 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
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 for these
projects commenced in the second quarter of 2016, and are expected
to continue in the third quarter of 2016 and the second quarter
2017.
The order in the Middle East is for an SNCR system using NOxOUT
technology on a cement kiln, and is evidence of the continued
viability of our technologies in markets outside the US. The
contract is with ISGEC Heavy Engineering Ltd. (ISGEC), who will
resell a Fuel Tech SNCR system as part of their larger scope of
equipment supply to a third party. In June 2016, ISGEC, one of
India’s leading engineering companies, signed an exclusive
agreement with Fuel Tech to license Fuel Tech’s SNCR technology for
use in SNCR system sales in the emerging air pollution control
market in India. In the US, a change order was received for a
project utilizing conventional SCR systems on an industrial
gas-fired boiler. Final deliveries for these projects will be
second quarter 2017.
Vincent J. Arnone, President and Chief Executive Officer,
commented, “We are excited to announce this SNCR order with ISGEC
and we believe that they are an ideal partner to introduce Fuel
Tech’s proven emissions control technologies to India and other
regional countries that are promising new markets for our
solutions. Collectively, these orders continue to demonstrate our
capabilities to provide cost-effective technology solutions on a
global basis.”
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 with 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.
This press release may contain statements of a forward-looking
nature regarding future events. These statements are only
predictions and actual events may differ materially. Please refer
to documents that Fuel Tech files from time to time with the
Securities and Exchange Commission for a discussion of certain
factors that could cause actual results to differ materially from
those contained in the forward-looking statements.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160722005394/en/
Fuel Tech, Inc.David S. Collins, 630-845-4500Chief Financial
OfficerorThe Equity Group Inc.Devin Sullivan, 212-836-9608Senior
Vice President
Fuel Tech (NASDAQ:FTEK)
Historical Stock Chart
From Apr 2024 to May 2024
Fuel Tech (NASDAQ:FTEK)
Historical Stock Chart
From May 2023 to May 2024