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and our wholly owned subsidiaries.
−Removed: We are 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, water treatment and advanced engineering services.
+Added: We are a leading technology company engaged in the worldwide development, commercialization and application of sustainable state-of-the-art proprietary technologies for air pollution control, process optimization, water treatment and advanced engineering services.
These technologies enable our customers to operate efficiently in a cost-effective and environmentally sustainable manner.
−Removed: The Company’s nitrogen oxide (NOx) reduction technologies include advanced combustion modification techniques and post-combustion NOx control approaches, including NOxOUT ® , HERT™ High Energy Reagent Technology™, and Advanced Selective Non-Catalytic Reduction (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 UDI™ Urea Direct Injection system for Selective Catalytic Reduction (SCR) reagent supply, and the ULTRA ® process for safe ammonia generation.
+Added: The Company’s nitrogen oxide (NOx) reduction technologies include NOxOUT ® , HERT™ High Energy Reagent Technology™, and Advanced Selective Non-Catalytic Reduction (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 UDI™ Urea Direct Injection system for Selective Catalytic Reduction (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 1,300 units worldwide.
Fuel Tech’s Air Pollution Control (APC) technologies include particulate control with Electrostatic Precipitator (ESP) products and services with experience on units up to 700 MW.
−Removed: Flue gas conditioning (FGC) systems include treatment using sulfur trioxide (SO3) and ammonia-based conditioning to improve the performance of ESPs by modifying the properties of fly ash particles.
+Added: Flue Gas Conditioning (FGC) systems include treatment using sulfur trioxide (SO3) and ammonia-based conditioning agents 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.
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These TIFI ® programs incorporate design, modeling, equipment, reagent, and service to provide complete customized on-site programs designed to improve plant operations and provide a return on investment in addition to helping meet emission regulatory requirements.
−Removed: Water treatment technologies include DGI® Dissolved Gas Infusion Systems which utilize a patent-pending channel injector and a patented saturator to provide a competitive advantage over conventional water and wastewater treatment by infusing oxygen, carbon dioxide or other gases into water.
+Added: Water treatment technologies include DGI ® Dissolved Gas Infusion Systems which utilize a proprietary channel injector and a patented saturator to provide a competitive advantage over conventional water and wastewater treatment by infusing oxygen, carbon dioxide or other gases into water.
An innovative alternative to current technologies among other applications, DGI ® systems can deliver supersaturated oxygen solutions and other gas-water combinations to target process applications or environmental issues.
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The NAAQS provisions require that states comply with ozone and particulate emissions standards.
−Removed: NOx emissions are a precursor to ozone formation and also contribute to fine particulate emissions.
+Added: NOx emissions are a precursor to ozone formation and contribute to fine particulate emissions.
Since 1990, EPA rules and programs have been established at the regional and federal level to help states in their mission to define and meet their State Implementation Plans for attainment.
The NAAQS ground-level ozone standards that were issued in 1997 were made more stringent in 2008 and again in 2015.
−Removed: The EPA has kept the 2020 NAAQS ozone standard at 70 parts per billion, the same limit as 2015.
+Added: The EPA kept the 2020 NAAQS ozone standard at 70 parts per billion, the same limit as 2015.
+Added: The ozone NAAQs will be reviewed again in 2025, with industry analysts expecting no change in emissions requirements.
In March 2023, EPA issued a Federal Implementation Plan (FIP) to address NOx emissions from upwind sources on downwind states.
−Removed: The issuance of the FIP was proceeded by the EPA’s rejection of the proposed State Implementation Plans (SIPs) submitted by many of the upwind states pursuant to the CAA.
−Removed: The issuance of the FIP, which was made pursuant to the Good Neighbor provision of the CAA, is likely to require a significant number of upwind sources to provide additional NOx controls to help downwind states meet the 2020 ozone NAAQS requirements starting in 2024 for utility power units and starting in 2026 for industrial sources.
−Removed: Nevertheless, the ultimate timing of the effectiveness of the FIP is uncertain because several upwind affected states and sources have challenged the EPA’s rejection of the SIPs in court, and stays of the effectiveness of the FIP have been issued for many upwind states.
+Added: The issuance of the FIP was preceded by the EPA’s rejection of the proposed State Implementation Plans (SIPs) submitted by many of the upwind states pursuant to the CAA.
+Added: The issuance of the FIP, which was made pursuant to the Good Neighbor provision of the CAA, was likely to require a significant number of upwind sources to provide additional NOx controls to help downwind states meet the 2020 ozone NAAQS requirements starting in 2024 for utility power units and starting in 2026 for industrial sources.
+Added: This FIP is also referred to as the EPA Good Neighbor Rule.
+Added: The US Supreme Court ruled in June 2024 to stay the Rule for a number of affected states after other states had been granted a stay by various Circuit Courts.
+Added: EPA vacated the entire Good Neighbor Rule in November 2024 and publicly stated it would look to address concerns raised by the US Supreme Court and reissue the Good Neighbor Rule.
+Added: Without the Good Neighbor Rule, downwind states are on record that they may challenge the upwind states in court as to not meeting the Good Neighbor obligations as defined in the CAA.
+Added: The downwind states may not be able to meet their emission standards due to the contribution of NOx emissions from upwind states.
Fuel Tech will monitor the potential impact on these upcoming NOx emission requirements.
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Under CAVR, certain States are required to submit implementation plans to the EPA to comply with the Regional Haze requirements, and updates are required every five years.
−Removed: A new CAVR was issued in January 2017 which requires states to implement new air pollution controls implementation plans in 2021 and 2022.
+Added: A new CAVR was issued in January 2017 which extended the review period to every ten years.
NOx emissions contribute to ground level ozone which can contribute to localized haze, and many State Implementation Plans (SIP) are addressing NOx reduction as part of CAVR compliance.
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International
−Removed: We also sell air pollution control systems outside the U.S., specifically in Europe, South Africa, South America, India (under a license agreement) and in the Pacific Rim.
+Added: We also sell air pollution control systems outside the U.S., specifically in Europe, South Africa, CentrSouth America, India (under a license agreement) and in the Pacific Rim.
The demand for our technologies comes from specific governmental regulations in NOx and particulate matter emission limits which vary by country.
−Removed: We expect that there will be further opportunities to implement our technologies globally in established as well as new geographies in 2024.
+Added: We expect that there will be further opportunities to implement our technologies globally in 2025.
The European Union’s Best Available Reference Technology (BREF) emission guidelines continue to be implemented gradually starting from large utility boilers down to small industrial units.
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That has presented new opportunities for Fuel Tech, especially on biomass and waste incineration plants.
−Removed: New system opportunities are also being identified and followed in chemical production and petrochemical industries.
+Added: New system opportunities are also being identified and followed in hydrogen production, chemical production and in petrochemical industries.
European engineering companies are supplying power generation and flue gas treatment systems to industrial and utility customers globally.
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These technologies will be implemented through a collaboration with our local partner ISGEC.
−Removed: In Southeast Asia, particulate emissions from poor performing ESPs are being addressed.
−Removed: Power generators in several countries like Vietnam, Thailand, Malaysia and the Philippines are actively looking for corrective options.
−Removed: In Taiwan, there is a push to convert coal fired units to burn biomass and projects are being approved.
−Removed: This presents Fuel Tech with opportunities to bring our ASNCR, SCR, Ultra and FGC technologies to these markets through local companies.
Our NOx reduction and particulate control technologies are installed worldwide on over 1,300 combustion units, including utility, industrial and municipal solid waste applications.
−Removed: Our products include customized NOx control systems and our patented ULTRA ® technology, which converts urea-to-ammonia on site and provides safe reagent for use in SCR systems.
+Added: Our products include customized NOx control systems and our proprietary ULTRA ® technology, which converts urea-to-ammonia on site and provides safe reagent for use in SCR systems.
SCR Systems and Services:
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In addition, other related services, including start-ups, maintenance support and general consulting services for SCR systems, AIG design and tuning to help optimize catalyst performance, and catalyst management services to help optimize catalyst life, are now offered to customers around the world.
−Removed: We also specialize in CFD models, which simulate fluid flow by generating a virtual replication of real-world geometry and operating inputs.
−Removed: We design flow corrective devices, such as turning vanes, ash screens, static mixers and our patented GSG™ Graduated Straightening Grid.
+Added: We also specialize in CFD models, which simulate fluid and gas flow by generating a virtual replication of real-world geometry and operating inputs.
+Added: We design flow corrective devices, such as turning vanes, ash screens, static mixers and our GSG™ Graduated Straightening Grid.
Our SCR systems utilize urea or ammonia as the SCR catalyst reagent to achieve NOx reductions of up to 90% from industrial combustion sources.
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Capital costs ranging from $5 - $20/kW for utility boilers and with total annualized operating costs range from $1,000 - $2,000/ton of NOx removed.
−Removed: Advanced SNCR systems are also available to improve performance and minimize reagent costs through in-furnace monitoring and an advanced control system.
+Added: Advanced SNCR (ASNCR) systems are also available to improve performance and minimize reagent costs through in-furnace monitoring and an advanced control system.
I-NOx ® Systems:
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The capital costs for I-NOx ® systems can range from $30 - $150/kW depending on boiler size and configuration, which is significantly less than that of conventional SCRs, which can cost $300/kW or more, while operating costs are competitive with those experienced by conventional SCR systems.
−Removed: ESP Processes and Services:
+Added: ESP and FGC Processes and Services:
ESP technologies for particulate control include ESP products and services including ESP Inspection Services, Performance Modeling, and Performance and Efficiency Upgrades, along with engineering capability for ESP retrofits.
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The growth of natural gas in the U.S.
−Removed: for industrial applications has increased the need for SCR technology since it often meets the definition of BACT and is required on new industrial units.
+Added: for industrial applications in support of traditional electricity generation, as well as the increased demand in support of the growth of data centers which require significant power generation capability, has increased the need for SCR technology since it often meets the definition of BACT and is required on new industrial units.
Sales of APC products were $11.2 million and $13.5 million for the years ended December 31, 2024 and 2023, respectively.
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Consolidated APC segment backlog at December 31, 2024 was $6.2 million versus backlog at December 31, 2023 of $7.5 million.
−Removed: The Company expects to recognize revenue on approximately $7.4 million of the backlog over the next 12 months.
+Added: The Company expects to recognize revenue on approximately $4.5 million of the backlog over the next 12 months with the remaining recognized thereafter.
Product and Markets
The FUEL CHEM ® technology segment revolves around the unique application of specialty chemicals to improve the efficiency, reliability and environmental status of plants operating in the electric utility, industrial, pulp and paper, waste-to-energy, university and district heating markets.
−Removed: FUEL CHEM programs are currently in place on combustion units in North America, Mexico and Europe, treating a wide variety of solid and liquid fuels, including coal, heavy oil, black liquor, biomass and municipal waste.
+Added: FUEL CHEM programs are currently in place on combustion units in North America, Mexico, Europe, and the Pacific Rim, treating a wide variety of solid and liquid fuels, including coal, heavy oil, black liquor, biomass and municipal waste.
Central to the FUEL CHEM approach is the introduction of chemical reagents, such as magnesium hydroxide, to combustion units via in-body fuel application (pre-combustion) or via direct injection (post-combustion) utilizing our proprietary TIFI ® technology.
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We own 36 granted patents worldwide including 13 US patents and 23 non-US patents.
−Removed: We have six patent applications pending:
−Removed: including four in the U.S.
−Removed: and two in non-U.S.
+Added: We have five patent applications pending:
+Added: including two in the U.S.
+Added: and three in non-U.S.
jurisdictions.
−Removed: These patents and applications cover some 44 inventions, 22 associated with our NOx reduction business, 13 associated with the FUEL CHEM business, and nine associated with water treatment.
−Removed: Our granted patents have expiration dates ranging from March of 2024 to February of 2041.
+Added: These patents and applications cover some 41 inventions, 24 associated with our NOx reduction business, eight associated with the FUEL CHEM business, and nine associated with water treatment.
+Added: Our granted patents have expiration dates ranging from November of 2028 to August of 2042.
Management believes that the protection provided by the numerous claims in the above referenced patents or patent applications is substantial and affords us a significant competitive advantage in our business.
Accordingly, any significant reduction in the protection afforded by these patents or any significant development in competing technologies could have a material adverse effect on our business.
−Removed: At December 31, 2023, we ha d 72 employees, 68 in North America, and four in Europe.
+Added: At December 31, 2024 , we had 72 employees, 67 in North America, and five in Europe.
We enjoy good relations with our employees and are not a party to any labor management agreement.
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Compensation Equity.
−Removed: We concluded a comprehensive pay equity analysis in 2022 encompassing all staff members and job levels.
+Added: We conduct comprehensive pay equity analyses encompassing all staff members and job levels at appropriate intervals.
We believe we have made compensation adjustments to rectify compensation disparities.
−Removed: We also implemented hiring and promotional practices to support our goal of ensuring offers to new employees or to employees being promoted internally are aligned with the market and equitable on an internal basis.
−Removed: We plan to conduct additional comprehensive pay equity analyses at appropriate intervals going forward.
+Added: We have also implemented hiring and promotional practices to support our goal of ensuring offers to new employees or to employees being promoted internally are aligned with the market and equitable on an internal basis.
Talent Acquisition and Retention.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.