Fuel Tech Awarded Air Pollution Control Orders Totaling $2.0 Million

WARRENVILLE, Ill., Nov. 06, 2024 (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, Europe and Southeast Asia. These orders have an aggregate value of approximately $2.0 million.

An order was received from a repeat domestic customer to supply a Selective Catalytic Reduction (SCR) system and a UDI™ Urea Direct Injection™ reagent delivery system to an industrial process plant in the Eastern US. The SCR system will provide high levels of nitrogen oxide (NO_x) reduction using safe urea reagent at the customer’s new production plant. The UDI system eliminates the hazards associated with the transport, storage and handling of anhydrous or aqueous ammonia. This is the fifth order from this customer over the past two decades. Equipment deliveries are expected in the fourth quarter of 2025.

Contracts were received from two customers in the US and Europe to demonstrate Selective Non-Catalytic Reduction (SNCR) technology on biomass-fired units. Fuel Tech’s SNCR technology is a proven solution for industrial combustion unit owners looking to comply with more stringent NO_x control requirements. Both demonstrations will occur in the fourth quarter of 2024, with potential permanent equipment orders in the first half of 2025.

An order was received from a new global customer in Southeast Asia for an SCR system using aqueous ammonia as the reagent. The SCR system will be installed on gas-fired industrial process unit. Deliveries are expected to be completed in the third quarter of 2025.

Vincent J. Arnone, President and Chief Executive Officer, commented, “We are pleased to announce SCR system contracts using our UDI technology, which has been utilized by this customer at multiple locations over the past two decades, and for a new SCR customer in Southeast Asia. SNCR demonstration agreements for biomass units reflect the flexibility of this technology to address emissions control issues across multiple fuel sources.”

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 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, 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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