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 the receipt of multiple air pollution control (APC) contracts from customers in India, South Africa, the US, and China. These awards have an aggregate value of approximately $5.3 million.

Vincent J. Arnone, President and Chief Executive Officer, commented, “We are pleased to announce these contract awards including our first Fuel Tech Flue Gas Conditioning systems in India along with our first electrostatic precipitator upgrade in South Africa. These awards represent the breadth of Fuel Tech’s technology solutions that can be provided to a wide range of end markets, fuels, processes and geographies. We are excited to be supporting the needs of both new customers and existing end users. We have begun to see activity in our markets increase with the improved economic outlook as the effects of the COVID-19 pandemic subside.”

A contract was received for two Flue Gas Conditioning (FGC) systems for large coal-fired boilers in India. Our scope includes the engineering design, supply of key components and startup support for the FGC project. Fuel Tech is working with a local project partner in India who is supplying the basic equipment and providing the installation scope for the project. FGC technology uses sulfur trioxide as a conditioning reagent to improve the efficiency of electrostatic precipitators (ESPs), which are used to capture fly ash particulate from coal-fired boilers. FGC systems provide a low capital cost approach to improving particulate capture by maximizing the collection efficiency of new or existing ESPs to meet regulatory requirements for particulate and opacity levels, and are an attractive alternative to fabric filter technology. Equipment deliveries are expected to be completed in the first quarter of 2023, with project startup expected in the second quarter of 2023.

An order was received for an ESP upgrade on a large coal-fired utility boiler in South Africa to reduce particulate emissions. This contract includes the engineering design for the overall ESP upgrade and key equipment components for the project, along with startup and optimization services. Fuel Tech is working with a local project partner in South Africa who is supplying the ESP components and providing the installation scope for the project. The engineering phase will be completed by the end of the first quarter of 2022. Installation and startup are scheduled for completion in the third quarter of 2022.

An award for a US project was received for Selective Catalytic Reduction (SCR) technology including an ULTRA^® system, that will be installed to treat process gas from a kiln at a chemical processing facility. SCR technology uses a catalyst along with urea or ammonia as the reagent to provide high levels of nitrogen oxide (NO_x) reduction. Fuel Tech’s ULTRA process provides for the safe and cost-effective on-site conversion of urea to ammonia for use as a reagent where SCR is used to reduce NO_x, eliminating the hazards associated with the transport, storage and handling of anhydrous or aqueous ammonia. Deliveries are expected to be completed in the third quarter of 2022.

Two additional orders in the US were received for ULTRA systems. The first contract was for two ULTRA units deployed on natural gas-fired package boiler units which generate process steam at a food processing facility on the West Coast. Deliveries are expected to be completed in the second quarter of 2022. The second ULTRA order is for a gas-fired combustion turbine at municipal power generation facility in the Northeast. This system is expected to be delivered in the fourth quarter of 2022.

The final US contract was received for a Selective Non-Catalytic Reduction (SNCR) system for a waste incinerator. Fuel Tech’s SNCR technology is a proven solution for utility and industrial combustion unit owners looking to comply with more stringent NO_x control requirements. Work is expected to be completed by the third quarter of 2022. In China, a NO_xOUT^® system order was received to treat process gases at a glass fabrication facility, with delivery expected in the third quarter of 2022.

About Fuel Tech

Fuel Tech develops and commercializes state-of-the-art proprietary technologies for air pollution control, process optimization, water treatment, and advanced engineering services. These technologies enable customers to operate in a cost-effective and environmentally sustainable manner. Fuel Tech is a leader in nitrogen oxide (NO_x) reduction and particulate control technologies and its solutions have been in installed on over 1,200 utility, industrial and municipal units worldwide. The Company’s FUEL CHEM^® technology improves the efficiency, reliability, fuel flexibility, boiler heat rate, and environmental status of combustion units by controlling slagging, fouling, corrosion and opacity. Water treatment technologies include DGI™ Dissolved Gas Infusion Systems which utilize a patented nozzle to deliver supersaturated oxygen solutions and other gas-water combinations to target process applications or environmental issues. This infusion process has a variety of applications in the water and wastewater industries, including remediation, aeration, biological treatment and wastewater odor management. 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. 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.

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