16 July 2002 – Canadian pollution-control specialists Fuel-Tech N.V announced Monday nine contracts for the installation and design engineering services of its NOx reduction technologies with a total value of around $2.4m
Five contracts are with international customers for the installation of NOx reduction systems. Three of these contracts are for the installation of Fuel Tech’s patented NOxOUT systems on large industrial units, including a coal-fired unit in Korea, a municipal solid waste incinerator in the U.K., and a waste-fired unit in Italy. Two of the contracts are for small Selective Catalytic Reduction (SCR) systems in France.
Domestically, the Company secured an order for a turnkey upgrade to its NOxOUT process at a mid-Atlantic utility operator. This contract follows a $9m order from the same customer for the installation of Fuel Tech’s NOxOUT technologies on two 450 MW units, the Company’s largest contract to date.
In addition, Fuel Tech signed three contracts for its design and engineering services, two for its NOxOUT systems, and one for its NOxOUT ULTRA(TM) technology on a coal-fired utility unit. Fuel Tech has continued to convert previously announced design and engineering orders into contracts for the installation of its superior NOx reduction systems.
Steven C. Argabright, President and Chief Operating Officer of Fuel Tech, commented, “We are extremely pleased with the high level of interest in our NOx reduction business, which continues to result in booked orders. We have already announced orders for close to $18m for the sale of our NOx reduction technologies during 2002, as utility and industrial operators prepare to meet the State Implementation Plan (SIP) Call’s May 2004 deadline. As previously announced, we expect 2002 to be a record year for revenues and contract bookings.”
Argabright added, “We are additionally encouraged by the substantial market opportunities in our non-regulatory driven businesses, particularly Fuel Chem. Our newly issued patents for our Targeted-In-Furnace-Injection (TIFI) technology in Canada and Western Europe will significantly help us further penetrate the international market.”