World leader in advanced engineering solutions for the optimization of combustion systems and emissions control in utility and industrial applications, Fuel Tech, Inc. (NASDAQ:FTEK), announces the signing of an agreement with Amazon Papyrus Chemicals Limited.
Fuel Tech, Inc. (FTEK), a world leader in advanced engineering solutions for the optimization of combustion systems and emissions control in utility and industrial applications, today announced the signing of an exclusive agreement with Amazon Papyrus Chemicals Limited (Amazon Papyrus). Under the agreement, Fuel Tech has licensed its proprietary RECOVERY CHEM® technology to Amazon Papyrus, a leading supplier of specialty chemicals to the pulp and paper industry in Asia. Fuel Tech will receive engineering fees and royalty payments from Amazon Papyrus’s implementation of RECOVERY CHEM programs in Asia.
Vincent J. Arnone, President and Chief Executive Officer of Fuel Tech, commented, “This licensing agreement represents the ongoing execution of our strategy to cost-effectively monetize Fuel Tech’s proven boiler efficiency improvement technologies by targeting developing markets that can benefit from our solutions platform.”
The pulp and paper industry is in a growth mode around the world due to the increasing demand for paper related products. This growth is especially evident in Asia. Global paper production was approximately 403 million metric tons in 2013 and 45% of that amount was produced and consumed in Asia. Fuel Tech’s RECOVERY CHEM program is highly effective in reducing fireside deposition, erosion and corrosion problems by the application of a comprehensive treatment plan including specialty chemicals and computational fluid dynamic modeling on Black Liquor Recovery boilers used in the pulp and paper industry.
Mr. Arnone continued, “We believe that Amazon Papyrus is an ideal partner to introduce Fuel Tech’s proven RECOVERY CHEM technology to its pulp and paper industry customers, an important and promising new market for our solution. Over its 16-year history, Amazon Papyrus has established itself as a premier specialty chemical supplier in Asia. With over 450 employees, it has operations in Hong Kong, China, Indonesia, Malaysia, India, the Philippines, Singapore, Thailand, Vietnam and the Middle East. In Asia, Amazon Papyrus has developed close professional relationships with most of the leading pulp and paper producers through its expertise and cost-effective solutions, and we look forward to assisting these clients in improving the operation of their Black Liquor Recovery boilers.”
Mike Grundy, CEO of Amazon Papyrus, commented, “The agreement between Amazon Papyrus and Fuel Tech will provide a platform for both companies to use their respective strengths in the implementation of the RECOVERY CHEM Program. This technology will help pulp and paper customers in the region to improve productivity while reducing production cost. The technology will also result in environmental benefits for our customers in Asia.”
Founded in 2000, Amazon Papyrus is a diversified specialty chemical company headquartered in Hong Kong, China. Amazon Papyrus serves in excess of 300 client sites with its portfolio of specialty chemicals and site services, and its 2014-15 revenues were approximately US$115 million. Learn more at http://www.amazon-papyrus.com/.
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 air 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 with 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 has installed its particulate control technologies on more than 125 units worldwide.
Fuel Tech, Inc. (NASDAQ:FTEK) shares have moved +10.431% on the news thus far today and have traded in the range of $1.150 – 1.400 during the current session. In order to take a look at where the stock might be headed longer term, investors often look to research firms that cover the stock. Sell-side research firms currently have a consensus one-year price target of $2.500 on the stock. This is according to brokerage analysts polled by Thomson Reuters First Call. The sell-side analysts are projecting earnings per share of $0.000 for the next fiscal quarter. For the current year, analysts are predicting earnings of $-0.420 per share according to First Call.
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In looking at where the stock is trading on a technical level, the stock is trading -2.617% away from its 50-day moving average of $1.315. Based on the most recent available data, the equity is -48.554% off of its 52-week high of $2.490 and +11.391% away from its 52-week low which is $1.150.
Today, the stock opened at $1.160 and the last bid at the time of writing stood at $1.281. During the session thus far, the equity dipped down to $1.150 and touched $1.400 as the high point. Fuel Tech, Inc. (NASDAQ:FTEK) has a market cap of $30.03M and has seen an average daily volume of 25,842 over the past three months.
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