Business
Fuel Tech Reports 2021 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, 2021 (“Q2 2021”).\n\n“Our Q2 2021 revenues rose 18.6% from the second quarter of 2020 (“Q2 2020”), driven by a 72% revenue improvement for the FUEL CHEM® segment attributable to contributions from recent installations of our TIFI® Targeted In-Furnace Injection technology on new domestic accounts, increased demand for power, and the ongoing recovery from the COVID-19 pandemic,” said Vincent J. Arnone, President and CEO. “We believe that our FUEL CHEM business segment will continue to produce strong results for the balance of 2021, with upside potential derived from application opportunities in the U.S. and internationally.\n\n“Our Air Pollution Control (APC) business remained challenged in Q2 2021 due to ongoing pandemic-driven project delays and cancellations that have resulted in a lack of new orders, and project timing. We were pleased to recently announce $4.5 million in new contracts from customers in Korea, North America, and Europe, and view this as a reflection of a strengthening post-COVID business procurement environment. We believe that our greatest opportunities lie in industrial applications, led by our Selective Catalytic Reduction (SCR) and ULTRA® technologies, and we continue to pursue a current global sales pipeline of $40-50 million.”\n\nMr. Arnone continued, “During Q2 2021, we completed on-site demonstrations of our Dissolved Gas Infusion (DGITM) at two locations in the United States – the first at a pulp and paper facility in the Northwest that is looking to increase its production capacity later this year, and the second at a municipal wastewater treatment facility on the west coast that was intended to show the benefits of supplemental oxygenation that could be provided by DGI during periods of high waste treatment volume for the municipality. These incremental, yet important demonstrations proved the efficacy of our advanced aeration technology as an adjunct to existing wastewater treatment processes at the facilities.” \n\nHe concluded, “We ended the second quarter with a strong balan...