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Fuel Tech Reports 2020 Second Quarter Financial Results
WARRENVILLE, Ill.--(BUSINESS WIRE)-- Fuel Tech, Inc. (NASDAQ: FTEK), a technology company providing advanced engineering solutions for the optimization of
About this update from Fuel Tech, Inc.
[{"type":"text","content":" WARRENVILLE, Ill.--(BUSINESS WIRE)--\nFuel 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 reported financial results for the second quarter ended June 30, 2020 (“Q2 2020”).\n\n\n“We believe that the COVID-19 pandemic affected our Air Pollution Control (“APC”) and FUEL CHEM® operations in the second quarter,” said Vincent J. Arnone, President and CEO. “The delays that we had been experiencing in closing new APC business awards were extended as a result of COVID-19. However, we do have active projects in our current pipeline and we are confident that we will close new awards with an aggregate total value of $10 to $15 million by the end of the year. Our FUEL CHEM segment was impacted by slower activity due to COVID-19, particularly in the months of April and May. A decline in economic activity caused reduced electricity demand which led to a reduction in electricity generation and dispatch, in particular for coal-fired power generation units. Fortunately, the month of June showed improvement and thus far in the third quarter we have returned to normalized run rates for use of our FUEL CHEM programs. Early in the third quarter, we announced a new order for equipment supporting our TIFI® Targeted In-Furnace Injection technology on three coal-fired units in the United States. The equipment installation and startup for these units should occur before the end of the third quarter, and we expect to see contributions from these units throughout the second half of the year.”\n\n\nMr. Arnone concluded, “We have collected and repatriated in excess of $1.0 million in cash as of June 30, 2020 following the closure of our underperforming China operation (“Beijing Fuel Tech”) and expect to continue these collections throughout 2020. We ended the quarter with $11.3 million in cash and cash equivalents.”\n\n\nDGI™ Dissolved Gas Infusion\n\n\nThe Company previously reported that an on-site demonstration of its water technology at a pulp and paper facility in the Midwest planned for early in Q2 2020 had been delayed due to the impact of COVID-19, and this demonstration is still delayed as of this date. In July, the Company signed a new license agreement related to the DGI technolo...