Fuel Tech Receives Five Orders Valued At More Than $2 Million for New NOxOUT Installations and Modeling for Utilities.
Fuel-Tech N.V. (NASDAQ: FTEK), a world leader in air pollution control technology, announced today that Fuel Tech, Inc., its wholly owned subsidiary, has received five orders totaling in excess of $2 million for NOxOUT(R)-related work in the electric utility industry.
Fuel Tech received orders valued at approximately $1.9 million to supply NOxOUT(R) equipment to its implementor RJM Corporation of Ridgefield, Connecticut for installation at two major Northeast utilities, and contracts totaling $290,000 to model three utility boilers for NOx reduction. One of the modeling contracts is for modeling Amine Enhanced Fuel Lean Gas Reburn performance at a unit that is currently undergoing commercial NOxOUT(R) installation. The utility intends to enhance the NOx reduction performance by modifying the system to the gas-based technology.
The orders for NOxOUT(R) equipment from RJM reflect the need for utilities in the 12 jurisdiction Ozone Transport Region to reduce NOx during the five-month summer ozone season. This obligation began in May 1999 and requires limitation of the mass of NOx emitted (in tons) in accordance with the state NOx budget.
The modeling work reflects the planning process by utility companies in anticipation of compliance with the SIP call by 2003. Steven C. Argabright, president and COO of Fuel Tech, Inc., states, "Most electrical generators are devising least cost plans that meet NOx reduction requirements without jeopardizing reliability of electricity supply. The process is to plan for SCR installation only where necessary on large emitters, and use non-SCR technologies for the remaining units."
Fuel-Tech N.V. is engaged in the development and commercialization of proprietary air pollution control technologies. Its NOxOUT(R) Process is a proven technology that has established Fuel Tech as the leader in post-combustion nitrogen oxide (NOx) control systems. New technologies based on the NOxOUT(R) Process have also been developed to improve boiler efficiency. The company's technologies are currently installed at more than 250 combustion units worldwide.
This press release contains 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.