Fuel Tech, Inc. (FTEK) - Get Fuel Tech, Inc. Report, 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 customers in Korea, North America, and Europe. These awards have an aggregate value of approximately $4.5 million.
The Company also announced the completion of two on-site US demonstrations of its DGI ™ Dissolved Gas Infusion water treatment technology.
An order from Korea was received for Selective Catalytic Reduction (SCR) technology including an ULTRA ® system, that will be installed on a natural gas-fired Combined Cycle plant in the Pacific Rim. SCR technology uses a catalyst along with urea or ammonia as the reagent to provide high levels of nitrogen oxide (NO x) reduction. 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 NO x, eliminating the hazards associated with the transport, storage and handling of anhydrous or aqueous ammonia. This is the second unit on which we have installed the SCR and ULTRA technologies at the same site. Deliveries are expected to be completed in the second quarter of 2022.
An order was received in Europe for catalyst replacement for an existing Fuel Tech SCR system. Delivery is scheduled for the third quarter of 2021.
In North America a contract was received for a NO xOUT ® Selective Non-Catalytic Reduction (SNCR) system for a biomass-fired unit. Fuel Tech's SNCR technology is a proven solution for utility and industrial combustion unit owners looking to comply with more stringent NO x control requirements. Work is expected to be completed by the fourth quarter of 2021.
Vincent J. Arnone, President and Chief Executive Officer, commented, "We are pleased to announce these contract awards and we have begun to see activity in our markets increase with the improved economic outlook as the effects of the COVID-19 pandemic subside. The order from Korea demonstrates Fuel Tech's on-going commitment and our long-term partnership approach to meet the environmental compliance needs of utility plant operators implementing our advanced technology solutions."
DGI ™ Dissolved Gas Infusion Demonstrations
Fuel Tech also announced the completion of two demonstration contracts in the US where DGI technology provided a source of dissolved oxygen for wastewater treatment plants evaluating the use of advanced aeration in addition to their existing treatment processes to accommodate periods of high wastewater treatment demand.
Mr. Arnone concluded, "We are excited to announce the incremental demonstrations of our DGI wastewater treatment technology as we look to expand the use of DGI to meet customer needs in a variety of market segments. We continue to develop DGI as a potential cost-effective retrofit technology for sites with physical or capital constraints."
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 (NO x) 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 nozzle 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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