Fuel Tech Awarded Air Pollution Control Orders Totaling $1.4 Million
WARRENVILLE, Ill., March 27, 2025 (GLOBE NEWSWIRE) -- Fuel Tech, Inc. (NASDAQ:FTEK), a technology company using advanced engineering processes to provide emissions control systems and water treatment technologies in utility and industrial applications, today announced the receipt of air pollution control (APC) orders from new and existing customers in the US and Europe. These orders have an aggregate value of approximately $1.4 million.
A contract was received from a new customer in the US for an ULTRA® system to be installed on a natural gas turbine with a heat recovery steam generator and Selective Catalytic Reduction (SCR) system at a medical facility in the Midwest. 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 SCR is used to reduce nitrogen oxide (NOx), eliminating the hazards associated with the transport, storage and handling of anhydrous or aqueous ammonia. Delivery is expected to be completed in the fourth quarter of 2025.
An order was received from a customer in Europe for a Selective Non-Catalytic Reduction (SNCR) system on a biomass-fired unit. Fuel Tech's SNCR technology is a proven solution for industrial combustion unit owners looking to comply with more stringent NOx control requirements. This order is to purchase equipment following a successful demonstration project that started in late 2024. The new permanent equipment is scheduled for delivery in the third quarter of 2025.
A domestic contract was also received for advanced engineering from an existing customer in the Eastern US for a biomass unit as a first step towards an Advanced Selective Non-Catalytic Reduction (ASNCR) system, which is a proven solution for industrial combustion unit owners looking to comply with more stringent NOx control requirements. Work is scheduled for completion in the second quarter of 2025.
Vincent J. Arnone, President and Chief Executive Officer, commented, "We are pleased to announce these contract awards to support the needs of a wide range of industrial customers. These orders bring us to $4 million in near-term contract wins that we were expecting to close by early in the second quarter of this year, and to $5.6 million in announced bookings year to date. We are continuing to actively pursue additional APC contracts that are likely to be awarded by the end of the second quarter of 2025."
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 installed on over 1,300 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 saturator and a patent-pending 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, contracts being awarded to competitors offering different or lower-priced technologies, projects being suspended, delayed or cancelled and other risks 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.
| CONTACT: | Vince Arnone | Devin Sullivan | |
| President and Chief Executive Officer | Managing Director | ||
| (630) 845-4500 | The Equity Group Inc. | ||
| [email protected] |
