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Fuel Tech Shares Up 150% Pre Market; Co. Issued Press Release Late Thurs. Highlighting FUEL CHEM Demostration Orders From 2 New Industrial Power Customers, Sees Programs Generating Annual Sales $500K-$750K/Site

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, today

Benzinga · 05/08/2020 13:28

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, today announced two FUEL CHEM® demonstration orders using the Company’s proprietary TIFI Bio™ (Targeted In-Furnace Injection) technology.

The demonstrations are for new domestic industrial renewable power customers that utilize biomass as the source of fuel. One program will be conducted on two small biomass-fired boilers at one plant site, while the second order is for a small biomass-fired unit at another site. The goals of the demonstrations are to improve boiler availability, reliability and heat rate, and reduce greenhouse gas emissions. Chemical injection for all three units is scheduled to commence during the second quarter of 2020. Successful demonstrations at both plants would lead to on-going commercial programs commencing in the third quarter of 2020, with such commercial programs generating estimated annual revenue of $500,000 to $750,000 per site, when the units at the site are operational and utilizing the technology on a continual basis throughout the year.

Vincent J. Arnone, Chairman, President and Chief Executive Officer, commented, “We are pleased to announce these demonstrations. Our TIFI technology has been successfully used on a wide range of boiler types firing different fuels. Our patented TIFI Bio™ approach uses multiple chemicals working together, and offers significant operational improvements including reduced downtime, lower corrosion rates, increased time between cleaning cycles, and the opportunity to fire a wider variety of biomass waste fuels. TIFI Bio™ has been successfully demonstrated on several units in the US and Europe, and biomass as a renewable fuel source continues to provide opportunities. For the current demonstrations, we have already conducted Computational Fluid Dynamic modeling studies on both units, which uses our proprietary modeling to guide our design of the injection strategy.”