STAMFORD, Conn., May 31, 2001 Fuel-Tech N.V., a company specializing in air pollution technology, today announced multiple contracts for the installation of its NOx reduction technologies on industrial units in the U.S. and Europe, and for engineering design services for several domestic customers. The total value of the contracts is in excess of $2.0 million.
The domestic installation contract calls for the retrofit of NOxOUT SNCR on a hazardous waste incinerator in a Chemical Processing Industry plant. The European contract calls for the installation of the same process on a municipal solid waste incinerator line in Italy. A series of orders have also been received, primarily from Utility industry clients, for design engineering services for Fuel Tech’s suite of NOx reduction technologies.
Steven C. Argabright, President and COO of Fuel Tech, Inc., commented “As we mentioned in our press release of May 3, 2001 regarding First Quarter results, we began to see strong indications of an increase in contract volume by the design engineering orders that we received for twelve units. In the recent weeks, that number has grown to in excess of twenty units, ranging from 60MW(e) to over 600 MW(e) in size, and we are anticipating these orders will lead directly to contracts for equipment and additional engineering services in the coming months. We continue to be extremely encouraged by the recent orders we have received and strongly believe that contract volume will increase and our financial results will be favorably impacted during the second half of 2001. The design engineering orders require Fuel Tech to use its advanced computing capabilities to determine the design, installation, cost and performance parameters specific to the unique characteristics of each unit. Once we have completed these steps, we are able to provide contractual guarantees for the costs and performance of our NOx reduction technologies. Of the $2 million dollars in new business we are announcing today, these design engineering orders amount to approximately $1.2 million.
Mr. Argabright concluded, “On May 15, 2001, the U.S. Circuit Court of Appeals of the District of Columbia upheld the EPA regarding the Section 126 Petitions of the Clean Air Act, which require twelve states to significantly reduce NOx emissions that affect their downwind neighbors by May, 2003. This decision and the recent Supreme Court ruling in favor of the SIP Call, coupled with the current design engineering activity, continue to validate our prospects for the future.”
About Fuel-Tech N.V.
Fuel-Tech N.V. 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. The Company’s NOx reduction processes, which include NOxOUT(r), NOxOUT(r) CASCADE(r), Fuel Lean Gas Reburn (FLGR™) and NOxOUT(r) SCR, have established Fuel-Tech N.V. as a leader in post combustion NOx control systems.
New technologies that have grown out of the core NOx reduction business include those in FUEL CHEM™ and advanced engineering services. FUEL CHEM™ technology centers around the unique application of specialty chemicals to improve the performance of combustion units while advanced engineering services utilizes Computational Fluid Dynamics (CFD) modeling and visualization techniques to predict the behavior of industrial processes. Currently, the total global air pollution control market in which Fuel-Tech N.V. operates is estimated at $18 billion including well over 1,000 utility and industrial combustion units in the United States, many of which will have to meet new, stricter emission standards by 2003. As global concern about the environment rapidly heightens, so does awareness of Fuel-Tech N.V.’s low capital cost, retrofitable technologies, currently in use in over 260 combustion units around the world. For more information, visit Fuel-Tech N.V.’s web site at www.fueltechnv.com.