Fuel Tech Stock Price, News & Analysis

Fuel Tech, Inc. (NASDAQ: FTEK) is a technology company that uses advanced engineering processes to provide emissions control systems, process optimization, water treatment technologies, and advanced engineering services for utility and industrial applications. The company develops and commercializes proprietary technologies that are designed to help customers operate in a cost-effective and environmentally sustainable manner, with a particular focus on air pollution control and combustion efficiency.

According to company disclosures, Fuel Tech is a leader in nitrogen oxide (NOx) reduction and particulate control technologies, with solutions installed on more than 1,300 utility, industrial, and municipal units worldwide. Its technologies are used across a range of combustion and process environments where operators face regulatory and operational requirements related to emissions, efficiency, and reliability.

Business Segments and Core Technologies

Fuel Tech operates through two primary business segments: Air Pollution Control (APC) and FUEL CHEM. In addition, it is developing and commercializing water treatment solutions based on its Dissolved Gas Infusion (DGI®) platform and offers advanced engineering services that draw on its modeling and visualization capabilities.

The Air Pollution Control (APC) segment focuses on technologies that reduce emissions from combustion and industrial processes. Company materials describe APC offerings that include systems for NOx control and particulate reduction, as well as equipment for handling reagents such as ammonia and urea used in emissions control processes. APC projects have been awarded by customers in the United States, Europe, and Southeast Asia, and have been applied to facilities such as industrial process plants, renewable energy facilities supporting green hydrogen production, gas-fired industrial units, biomass-fired units, and natural gas turbines with heat recovery steam generators.

The FUEL CHEM segment centers on the company’s proprietary FUEL CHEM® technology. This technology is used on combustion units to improve efficiency, reliability, fuel flexibility, boiler heat rate, and environmental performance. It does so by controlling slagging, fouling, corrosion, and opacity within boilers and furnaces. FUEL CHEM is deployed through programs at customer units, and the company reports that it has expanded relationships and added new customers for this segment.

Air Pollution Control Solutions

Fuel Tech’s APC solutions encompass multiple NOx control approaches. Company announcements describe the supply of Selective Catalytic Reduction (SCR) systems, which use catalysts and reagents such as aqueous or anhydrous ammonia or urea to achieve high levels of NOx reduction. These SCR systems have been applied to industrial process plants, gas-fired units, and facilities associated with green hydrogen production. Fuel Tech has also supplied aqueous ammonia reagent delivery systems and injection equipment to support SCR applications.

The company also provides Selective Non-Catalytic Reduction (SNCR) systems and Advanced Selective Non-Catalytic Reduction (ASNCR) systems for NOx control on biomass and other industrial combustion units. These systems are described as proven solutions for industrial combustion unit owners seeking to comply with more stringent NOx control requirements. In addition, Fuel Tech offers ULTRA® systems, which provide on-site conversion of urea to ammonia for use as a reagent in SCR systems, reducing hazards associated with the transport, storage, and handling of anhydrous or aqueous ammonia.

Through these APC offerings, Fuel Tech addresses a variety of end uses, including utilities, independent power producers, oil and gas refineries, pulp and paper mills, cement plants, steel mills, and other industrial and municipal applications, as reflected in the company’s descriptions of its technology portfolio and customer base. The company has also reported activity related to emissions control solutions for data center-related power generation and other power projects.

FUEL CHEM® Combustion Optimization

The FUEL CHEM® technology is a core component of Fuel Tech’s business model. Company descriptions state that FUEL CHEM improves the efficiency, reliability, fuel flexibility, boiler heat rate, and environmental status of combustion units. It does this by controlling issues such as slagging, fouling, corrosion, and opacity that can impair boiler performance and emissions profiles.

Fuel Tech has reported commercial programs and demonstration projects for FUEL CHEM, including installations at coal-fired units in the United States. The company has also referenced the use of its TIFI® Targeted In-Furnace Injection™ technology as part of FUEL CHEM offerings, applying chemical processes within the furnace to address combustion-related problems. These programs are structured as commercial contracts or demonstrations and can be expanded based on customer operating patterns and performance outcomes.

Water Treatment and DGI® Technology

Beyond air emissions and combustion optimization, Fuel Tech is developing and commercializing water treatment technologies based on its DGI® Dissolved Gas Infusion platform. Company materials describe DGI systems that use a patented saturator and a patent-pending channel injector to deliver supersaturated oxygen solutions and other gas-water combinations to target process applications or environmental issues.

This infusion process has applications in the water and wastewater industries, including remediation, aeration, biological treatment, and wastewater odor management. Fuel Tech has reported extended demonstrations of DGI systems, such as a project at a fish hatchery in the western United States designed to evaluate the benefits of delivering consistent and precise levels of dissolved oxygen for raising gamefish in a controlled environment.

Advanced Engineering and Modeling Capabilities

Many of Fuel Tech’s products and services rely on the company’s Computational Fluid Dynamics (CFD) modeling capabilities. According to company descriptions, these capabilities are enhanced by internally developed, high-end visualization software. CFD modeling supports the design and optimization of combustion systems, emissions control solutions, and gas-liquid infusion processes, and underpins both APC and FUEL CHEM offerings as well as advanced engineering engagements.

The company has referenced advanced engineering contracts as a first step toward implementing NOx control systems such as ASNCR. These engineering services can involve analysis, modeling, and design work that precedes equipment supply and installation.

Intellectual Property and Technology Portfolio

Fuel Tech emphasizes its portfolio of proprietary and patented technologies. In addition to internally developed platforms such as FUEL CHEM, DGI, TIFI, ULTRA, SCR, SNCR, and ASNCR solutions, the company has expanded its intellectual property base through acquisitions. For example, it has disclosed the acquisition of intellectual property assets and customer-related activities from Wahlco, Inc., an environmental equipment and services company. The acquired portfolio includes technology applicable to flue gas conditioning systems, ammonia handling equipment for various applications, and urea-to-ammonia conversion technologies for NOx reduction, as well as customer installation and aftermarket data.

This combination of proprietary technologies and acquired intellectual property supports Fuel Tech’s efforts to address customer air pollution control needs across multiple industries and geographies.

Customers and Applications

Fuel Tech’s technologies are deployed across a broad set of utility, industrial, and municipal units. Company disclosures highlight installations and projects involving coal-fired units, gas-fired industrial process units, biomass-fired units, natural gas turbines with heat recovery steam generators, renewable energy facilities supporting green hydrogen production, and fish hatcheries. The company has also referenced opportunities related to power generation for data centers and traditional public utility entities.

By focusing on emissions control, process optimization, and water treatment, Fuel Tech’s offerings are positioned to address regulatory requirements, operational efficiency goals, and environmental performance objectives for its customers.

Stock Information and Regulatory Filings

Fuel Tech’s common stock trades on the NASDAQ under the ticker symbol FTEK. The company files periodic and current reports with the U.S. Securities and Exchange Commission (SEC), including Forms 10-K, 10-Q, and 8-K. These filings provide detailed information on financial condition, segment performance, risk factors, and material events such as earnings releases and compensation plans.

Investors following FTEK can review these filings to understand segment trends in APC and FUEL CHEM, the development of DGI water treatment activities, cash and investment balances, and other aspects of Fuel Tech’s business and capital structure.