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Fuel-Tech N.V. Announces Utility Contract for $9 Million; Represents Company's Largest Contract to Date; Receives Industrial Orders for Approximately $1 Million
Fuel-Tech N.V. Announces Utility Contract for $9 Million; Represents Company's Largest Contract to Date; Receives Industrial Orders for Approximately $1 Million
Published 03-07-02
Submitted by Fuel-Tech N.V.
Fuel-Tech N.V., (Nasdaq: FTEK), a world leader in air pollution control technology and advanced engineering solutions for energy systems, today announced that it has received a contract valued at $9 million for the installation of NOxOUT(R), the Company's state-of-the-art Nitrogen Oxide (NOx) reduction technology.
This order comes from a utility operator located in the mid-Atlantic region for the turnkey installation of the NOxOUT process on two 450-megawatt (MW) units. The contract follows Fuel Tech's successful execution of design and engineering services completed on these units in 2001.
"We are pleased that our technology is increasingly being chosen by utility operators striving to meet their NOx reduction requirements," commented Steven C. Argabright, President and Chief Operating Officer. "As evidenced by this contract and other previously announced orders, Fuel Tech's technology will play a critical role in helping to achieve mandated NOx reductions at a substantial number of utilities and large industrial sources operating within the 19 states impacted by the State Implementation Plan (SIP) Call, which requires a significant reduction in NOx emission levels by May 2004."
The Company also announced three additional contracts from large industrial operators both in the United States and abroad for a combined value of approximately $1 million. Two of these orders were for the installation of NOxOUT. The first is on a municipal solid waste incinerator in Italy, and the other is for the installation of its NOx reduction system on a domestic boiler in the Midwestern United States. The third contract is for Fuel Tech's design engineering services, an order that will likely lead to a full-scale order for the Company's NOx reduction systems following its successful completion.
Mr. Argabright concluded, "These contracts highlight the success of our ongoing efforts to further penetrate the industrial NOx reduction market, both here and abroad, and serve as evidence of the increased activity we are witnessing from utility customers. We are excited about these contracts and expect more substantial orders this year as we gain new customers and continue to convert more of the 40 units on which we completed design engineering services orders during the past 12 months into equipment installation contracts. As we previously stated, we expect 2002 to be a record year for revenues and contract bookings."
Fuel-Tech N.V. 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. The Company's NOx reduction processes, which include NOxOUT(R), NOxOUT CASCADE(R), NOxOUT ULTRA, Fuel Lean Gas Reburn (FLGR(TM)) Rich Reagent Injection (RRI) and NOxOUT SCR(R), have established Fuel-Tech N.V. as a leader in post combustion NOx control systems, which are installed on over 270 units worldwide.
New technologies that have grown out of the core NOx reduction business include those in FUEL CHEM(TM) and Virtual Vantage(TM). FUEL CHEM technology centers around the unique application of specialty chemicals to improve the performance of combustion units while the Company's Virtual Vantage business includes high-end visualization services and software that were developed as part of Fuel Tech's sophisticated Computational Fluid Dynamics (CFD) modeling techniques utilized to predict the behavior of industrial processes. The Company's Fuel Chem products are being applied to over 80 combustion units burning a variety of fuels. For more information, visit Fuel-Tech N.V.'s web site at www.fueltechnv.com.
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.
