WARRENVILLE, Ill.–(BUSINESS WIRE)–Fuel Tech, Inc. (NASDAQ: FTEK), a world leader in advanced engineering solutions for the optimization of combustion systems and emissions control in utility and industrial applications, today announced the signing of an exclusive agreement under which Fuel Tech has licensed its Selective Non-Catalytic Reduction (SNCR) technology to ISGEC Heavy Engineering Ltd. (ISGEC), one of India’s leading engineering companies. Fuel Tech will receive engineering fees and royalty payments from any projects that ISGEC sells into the India market that utilize the Company’s SNCR technology.
Vincent J. Arnone, President and Chief Executive Officer of Fuel Tech, commented, “This licensing agreement represents the successful execution of our strategy to cost-effectively monetize our proven emissions control technology by targeting developing markets that can benefit from our solutions platform.”
Coal remains a primary and growing source of fuel in India. In late 2015, the Indian Central government issued regulations governing emissions requirements for coal-fired thermal power plants, which take effect starting in 2017. Among these standards is the reduction of NOx to 300 mg/Nm3 for units installed between 2003 and 2016, and 100 mg/Nm3 for units commissioned from 2017 onwards. Fuel Tech’s SNCR technology has been installed on nearly 600 units worldwide, earning a reputation as a proven, cost-effective, and dependable solution to assist operators in meeting increasingly stringent NOx reduction standards.
Mr. Arnone continued, “We believe that ISGEC is an ideal partner to introduce Fuel Tech’s proven emissions control technologies to India, an important and promising new market for our solutions. Over its 83-year history, ISGEC has established itself as a premier engineering company in India and around the world. ISGEC relationships extend from India’s state-owned power generation company to the country’s multiple independent power producers. We look forward to assisting these entities in complying with these new regulations and reducing the release of harmful gases.”
Founded in 1933, ISGEC is a diversified global engineering company headquartered in Noida, India. ISGEC has completed projects in more than 30 countries, and its 2015-16 revenues are approximately US$ 650 million. Learn more at http://www.isgec.com/.
About Fuel Tech
Fuel Tech is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, and advanced engineering services. These technologies enable customers to produce both energy and processed materials in a cost-effective and environmentally sustainable manner.
The Company’s nitrogen oxide (NOx) reduction technologies include advanced combustion modification techniques and post-combustion NOx control approaches, including NOxOUT®, HERT™, and Advanced SNCR systems, ASCR™ Advanced Selective Catalytic Reduction systems, and I-NOx™ Integrated NOx Reduction Systems, which utilize various combinations of these systems, along with the ULTRA™ process for safe ammonia generation. These technologies have established Fuel Tech as a leader in NOx reduction, with installations on over 900 units worldwide.
Fuel Tech’s technologies for particulate control include Electrostatic Precipitator (ESP) products and services including complete turnkey capability for ESP retrofits, with experience on units up to 700 MW. Flue gas conditioning (FGC) systems include treatment using sulfur trioxide (SO3) and ammonia (NH3) based conditioning to improve the performance of ESPs by modifying the properties of fly ash particles. Fuel Tech’s particulate control technologies have been installed on more than 125 units worldwide.
The Company’s FUEL CHEM® technology revolves around the unique application of chemicals to improve the efficiency, reliability, fuel flexibility, boiler heat rate, and environmental status of combustion units by controlling slagging, fouling, corrosion, opacity and improving boiler operations. The Company has experience with this technology, in the form of a customizable FUEL CHEM program, on over 110 units.
Fuel Tech also provides a range of services, including boiler tuning and selective catalytic reduction (SCR) optimization services. In addition, flow corrective devices and physical and computational modeling services are available to optimize flue gas distribution and mixing in both power plant and industrial applications.
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. These capabilities, coupled with the Company’s innovative technologies and multi-disciplined team approach, enable Fuel Tech to provide practical solutions to some of our customers’ most challenging problems. For more information, visit Fuel Tech’s web site at www.ftek.com.
This press release may contain 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.
Fuel Tech, Inc.
David S. Collins, 630-845-4500
Chief Financial Officer
The Equity Group Inc.
Devin Sullivan, 212-836-9608
Senior Vice President