Fuel-Tech N.V. Announces Four FUEL CHEM(R) Orders, Including Two Demonstrations
Business Wire - November 1, 2005 7:30 AM (EDT)
STAMFORD, Conn., Nov 01, 2005 (BUSINESS WIRE) -- Fuel-Tech N.V. (Nasdaq: FTEK), a world leader in advanced engineering solutions for the optimization of combustion systems in utility and industrial applications, today announced four FUEL CHEM(R) orders for the Company's proprietary Targeted In-Furnace Injection (TIFI) technology. Two of the orders, placed by a major, targeted utility, represent demonstrations on Powder River Basin (PRB) coal-fired units of approximately 600 and 350 megawatts (MW(e)) at two Midwestern plants. A third order was secured on a very large PRB coal-fired unit from an existing customer in the Southeastern U.S. Overseas, an order was received from an Italian utility on a 320MW(e) coal-fired unit, representing the second such installation for this customer. The Company also reported that one TIFI installation has been temporarily decommissioned on a coal-fired unit that had previously used the technology on an intermittent basis.
Steven C. Argabright, President and Chief Operating Officer, commented, "As evidenced by this announcement, Fuel Tech continues to make major strides in penetrating the utility market with its unique slag inhibiting technology. Of particular note are the Midwestern demonstrations, which represent the first instance in which a prospective customer has decided to test our technology simultaneously at two separate locations."
Mr. Argabright continued, "We are also gratified with the repeat business from highly satisfied customers, both in the U.S. and abroad. In Italy, our FUEL CHEM product is enabling our customer to broaden its search for lower quality and, therefore, lower cost coals for its combustion units, generating compelling economic benefits. To prepare ourselves for potential growth in the European market, we recently added an experienced sales professional in Italy. In a related matter, we are pleased to announce that, as part of an ongoing program by the Italian government to promote advanced technology development, Fuel Tech has been awarded a grant of up to $80,000 to help fund development of advanced interactive controls for optimal chemical injection, designed to maximize both economic and thermal performance benefits for FUEL CHEM installations."
Mr. Argabright concluded, "As to the intermittent-feed TIFI installation that has been temporarily decommissioned, the unit did not require continued use of the process at this time due to reduced capacity requirements, which inherently reduce slag formation. Should the need arise, the system could be reactivated on short notice. Revenue from this unit has not been material in 2005."
About Fuel-Tech N.V.
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 nitrogen oxide (NOx) reduction processes, which include the NOxOUT(R), NOxOUT CASCADE(R), NOxOUT ULTRA(R), Rich Reagent Injection (RRI) and NOxOUT SCR(R) technologies, have established Fuel-Tech N.V. as a leader in post-combustion NOx control systems, which are installed on over 340 units worldwide.
New technologies that have grown out of the core NOx reduction business form the basis of the FUEL CHEM(R) business. FUEL CHEM technology revolves around the unique application of chemicals to improve the performance of combustion units by controlling slagging, fouling, corrosion and opacity. The Company's FUEL CHEM products are being applied to over 80 combustion units burning a wide variety of fuels including coal, heavy oil, biomass, Both the NOx reduction and FUEL CHEM businesses rely heavily on the Company's exceptional Computational Fluid Dynamics modeling skills, which are enhanced by internally developed, high-end visualization software. 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
SOURCE: Fuel-Tech N.V.
Fuel-Tech N.V.
Vincent J. Arnone, 630-845-4500
or
Tracy H. Krumme, 203-425-9830
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