Tuesday, July 17, 2012

Fuel Tech (Nasdaq: FTEK) Awarded Largest Contract in Its History

Fuel Tech (Nasdaq: FTEK) Awarded Largest Contract in Its HistoryNorthern, WI 7/17/12 (StreetBeat) – Fuel Tech, Inc (Nasdaq: FTEK) was awarded its largest air pollution control contract in its history. The company is trading up 16.19%, increasing 74 cents to $5.31.

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. This $36.6 million order, placed by a major utility in Chile (E.CL S.A.), requires Fuel Tech to use its turnkey installation of Low NOx Burners (LNBs) and Over-Fire Air (OFA) systems and mill modernization for six coal-fired units. Deliveries are expected to commence during the first quarter of 2013, with project completion occurring during the third quarter 2014.

It’s burner technologies are a cost-effective way to reduce NOx emissions and solve combustion problems in coal, gas, or oil combustion systems. Fuel Tech is able to do this by diverting air from the burner zone to the upper furnace for enhanced combustion staging.

“We have consciously expanded our international presence to achieve both growth and regulatory diversification in our air pollution control business. We have strategically focused on key geographic markets and are thrilled to be announcing an order of this magnitude,” commented Douglas G. Bailey, Chairman, President and Chief Executive Officer. “In terms of installed capacity, E.CL S.A. is a major electric generator in Chile and is the main electricity provider in the country’s northern energy grid. In this instance, E.CL is upgrading its combustion systems to reduce NOx emissions below 500 mg/m3 in order to comply with the new Chilean environmental law signed by the President of the Republic of Chile on January 18, 2011. French-Belgian electric company GDF Suez S.A., a global leader in independent power generation, holds a majority controlling stake in E.CL.”

Mr. Bailey concluded, “We are pleased to be partnering with a customer of this size and caliber. This contract award represents our second LNB project in Chile and demonstrates our global reach and combustion capabilities. With our industry-leading suite of air pollution control products and services, we believe we are well positioned to compete for additional opportunities for combustion optimization in the domestic and international markets.”

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