World leader in advanced engineering solutions for the optimization for combustion systems and emissions control in utility and industrial applications, Fuel Tech, Inc. (NASDAQ:FTEK), saw its shares advance in a big way following the announcement that it’s been awarded $6.9 million in air pollution control orders.
Fuel Tech, Inc. (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 receipt of multiple air pollution control (APC) contracts from customers in the US, China and Europe. These awards have an aggregate value of approximately $6.9 million.
“We have announced approximately $29 million in new orders thus far in 2017 from customers throughout the United States, Europe, and Asia,” said Vincent J. Arnone, President and Chief Executive Officer of Fuel Tech. “We are continuing to build our capital projects backlog, which stood at $21.4 million at June 30, 2017, up $13.4 million from December 31, 2016. As previously announced, we expect a significant improvement in our operating performance for the second half of 2017, driven primarily by reduced operating costs and an acceleration in backlog-to-revenue conversion.”
Three orders were received for ULTRA systems that will be installed on coal and solid waste fired units in China being retrofitted with Selective Catalytic Reduction (SCR) technology. Delivery of these systems is scheduled for the third quarter of 2017. A contract was also received for NOxOUT® Selective Non-Catalytic Reduction (SNCR) systems for two utility boilers. Deliveries for these systems will be completed by the first quarter of 2018. Fuel Tech’s SNCR technology is a proven solution as combustion unit owners look to comply with more stringent NOx control requirements.
In the US, a contract for Fuel Tech’s NOxOUT® SNCR technology was received for a utility boiler to meet state emission requirements. Equipment delivery is expected to occur in the first quarter of 2018. In Europe, two separate orders were received for upgrades to existing SNCR systems. Deliveries are expected to be completed in the fourth quarter 2017.
“These orders reflect Fuel Tech’s ability to provide safe, cost-effective environmental and emission control solutions for units utilizing a variety of fuel sources, including natural gas and solid waste,” Mr. Arnone concluded. “With our industry-leading suite of APC products and services, we believe we are well positioned to compete for additional global opportunities.”
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.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” as defined in Section 21E of the Securities Exchange Act of 1934, as amended, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and reflect Fuel Tech’s current expectations regarding future growth, results of operations, cash flows, performance and business prospects, and opportunities, as well as assumptions made by, and information currently available to, our management. Fuel Tech has tried to identify forward-looking statements by using words such as “anticipate,” “believe,” “plan,” “expect,” “estimate,” “intend,” “will,” and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on information currently available to Fuel Tech and are subject to various risks, uncertainties, and other factors, including, but not limited to, those discussed in Fuel Tech’s Annual Report on Form 10-K in Item 1A under the caption “Risk Factors,” and subsequent filings under the Securities Exchange Act of 1934, as amended, which could cause Fuel Tech’s actual growth, results of operations, financial condition, cash flows, performance and business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Fuel Tech undertakes no obligation to update such factors or to publicly announce the results of any of the forward-looking statements contained herein to reflect future events, developments, or changed circumstances or for any other reason. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those detailed in Fuel Tech’s filings with the Securities and Exchange Commission.
Fuel Tech, Inc. (NASDAQ:FTEK) shares are trading +12.5868% on the news and in the range of $0.8500 – 1.1900 during the current trading session. When taking a look at which direction the stock might be headed, investors often look to brokerage analysts who cover the stock. Sell-side research firms on Wall Street currently have a consensus one-year price target of $2.5000 on the stock. This is according to brokerage analysts polled by Thomson Reuters First Call.
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Sell-side analysts are projecting earnings per share of $0.0000 for the next fiscal quarter. For the current year, analysts are predicting earnings of $-0.4200 per share according to First Call.
In looking at where the stock is trading on a technical level, the stock is trading +10.3475% away from its 50-day moving average of $0.8519. Based on the most recent available data, the equity is -37.7417% off of its 52-week high of $1.5100 and +25.3467% away from its 52-week low which is $0.7500.
Today, the stock opened at $0.8600 and the last bid at the time of writing stood at $0.9401. During the session thus far, the equity dipped down to $0.8500 and touched $1.1900 as the high point. Fuel Tech, Inc. (NASDAQ:FTEK) has a market cap of $22.69M and has seen an average daily volume of 26,698 over the past three months.
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