- The stock price of Fuel Tech Inc (NASDAQ: FTEK) increased by 3.68% today. This is why it happened.
The stock price of 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 – increased by 3.68% today. Investors are responding positively to Fuel Tech announcing the receipt of multiple air pollution control (APC) contracts from customers in Korea, North America, and Europe. These awards have a total value of approximately $4.5 million.
APC Awards
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. And SCR technology uses a catalyst along with urea or ammonia as the reagent to provide high levels of nitrogen oxide (NOx) 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 NOx, thus eliminating the hazards associated with the transport, storage and handling of anhydrous or aqueous ammonia. And this is the second unit on which we have installed the SCR and ULTRA technologies at the same site. The deliveries are expected to be completed in the second quarter of 2022.
An order was received in Europe for the catalyst replacement for an existing Fuel Tech SCR system. And delivery is scheduled for the third quarter of 2021.
In North America, a contract was received for a NOxOUT Selective Non-Catalytic Reduction (SNCR) system for a biomass-fired unit. And 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. The work is expected to be completed by the fourth quarter of 2021.
DGI Dissolved Gas Infusion Demonstrations
Fuel Tech had also announced the completion of 2 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.
KEY QUOTE:
“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 ongoing commitment and our long-term partnership approach to meet the environmental compliance needs of utility plant operators implementing our advanced technology solutions.”
“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.”
— Vincent J. Arnone, President and Chief Executive Officer
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