WARRENVILLE, Ill.--(BUSINESS WIRE)--Fuel Tech, Inc. (NASDAQ: FTEK), a world leader in advanced engineering solutions for the optimization of combustion systems and emissions control in utility and industrial applications, announced today that it has entered into a license agreement with NanO2 LLC (“NanO2”) to market and sell NanO2’s dissolved gas technology.
The agreement provides exclusive rights for Fuel Tech to market the technology in specified end markets throughout North America, with provisions to extend exclusivity to other territories and applications. The agreement term is for the life of the underlying patents and Fuel Tech will provide NanO2 with royalty payments from sales generated by Fuel Tech under the agreement. Fuel Tech must meet established minimum royalty requirements during the first six years to remain exclusive under the agreement.
NanO2 holds the exclusive worldwide rights to certain patents covering the non-medical use of micro-nanobubble dissolved gas technology, applicable for the delivery of any treatment gas into a liquid via a carrier stream. An innovative alternative to current aeration technology among other applications, NanO2 utilizes proprietary nozzle technology 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, treatment, biological activity and wastewater odor management. The infusion technology benefits offered by NanO2’s patented approach include proven reductions in energy consumption, installation costs, and operating costs, while improving treatment performance.
Vincent J. Arnone, Chairman, President and Chief Executive Officer, commented, “Throughout our history, Fuel Tech has endeavored to meet the evolving demands of industrial and utility clients by providing science-based, low cap-ex emissions control and fuel efficiency solutions that deliver significant ROI through process improvement. These same principles are reflected in our agreement with NanO2. Although we do not expect this agreement will have a material impact on our results in 2018, it reflects our ongoing corporate evolution and signals the expansion of our mission to include environmental solutions focused on water. We believe that NanO2 offers a potentially impactful technology in the areas of water and wastewater treatment, and will allow us to help address the world’s growing water and process challenges in a sustainable, responsible, and cost-effective manner.”
Demand for water and wastewater treatment is growing and Fuel Tech has identified several potential end markets for NanO2’s technology, including utility and industrial wastewater treatment, oil and gas fracking (flowback, separation, aeration), and the pulp and paper markets.
Mr. Arnone concluded, “We believe this technology is a strategic fit to our existing technology base. We will apply our competencies in chemical treatment, computational fluid dynamics, engineering and equipment design – consisting of skid-mounted tanks, pumps, metering, and controls feeding into an injector array – and project management to add value to the NanO2 solution and optimize its applications. We will initially address the targeted markets using our established sales channels and, over time, broaden our reach in the defined markets and geographies.”
About Fuel Tech
Fuel Tech is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for pollution control, process optimization, and advanced engineering services. These technologies enable customers to produce both energy and processed materials in a cost-effective and environmentally sustainable manner.
The Company’s nitrogen oxide (NOx) reduction technologies include advanced combustion modification techniques and post-combustion NOx control approaches, including NOxOUT®, HERT™, and Advanced SNCR systems, ASCR™ Advanced Selective Catalytic Reduction systems, and I-NOx® Integrated NOx Reduction Systems, which utilize various combinations of these systems, along UDI™ Urea Direct Injection system for SCR reagent supply, and the ULTRA® process for safe ammonia generation. These technologies have established Fuel Tech as a leader in NOx reduction, with installations on over 900 units worldwide.
Fuel Tech’s technologies for particulate control include Electrostatic Precipitator (ESP) products and services including complete turnkey capability for ESP retrofits, with experience on units up to 700 MW. Flue gas conditioning (FGC) systems include treatment using sulfur trioxide (SO3) and ammonia (NH3) based conditioning to improve the performance of ESPs by modifying the properties of fly ash particles. Fuel Tech’s particulate control technologies have been installed on more than 125 units worldwide.
The Company’s FUEL CHEM® technology revolves around the unique application of chemicals to improve the efficiency, reliability, fuel flexibility, boiler heat rate, and environmental status of combustion units by controlling slagging, fouling, corrosion, opacity and improving boiler operations. The Company has experience with this technology, in the form of a customizable FUEL CHEM program, on over 110 units.
Fuel Tech also provides a range of services, including boiler tuning and selective catalytic reduction (SCR) optimization services. In addition, flow corrective devices and physical and computational modeling services are available to optimize flue gas distribution and mixing in both power plant and industrial applications.
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. These capabilities, coupled with the Company’s innovative technologies and multi-disciplined team approach, enable Fuel Tech to provide practical solutions to some of our customers’ most challenging problems. 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.