Fuel Tech, Inc. (NASDAQ: FTEK)

Fuel Tech, Inc. is a global technology company that develops, commercializes and applies proprietary solutions for air pollution control, process optimization, water treatment and engineering services. Its technologies help customers operate efficiently while reducing emissions and meeting environmental regulations.

Revenue comes from the sale of equipment, systems and related services across its three business areas. The Air Pollution Control segment sells NOx reduction systems such as SCR and SNCR, urea to ammonia conversion units, ESP and FGC products, plus installation, startup and maintenance support. The FUEL CHEM segment provides chemical injection programs and associated services that improve boiler performance and reduce fouling, corrosion and emissions. The Water Treatment segment offers DGI dissolved gas infusion systems and related engineering support, currently in the demonstration stage with expected revenue in 2026. In 2025, APC generated $8.9 million in sales and FUEL CHEM contributed $17.8 million.

The company operates through the following segments: Air Pollution Control (APC), FUEL CHEM, and Water Treatment.

• Air Pollution Control: This segment designs and supplies NOx reduction technologies including NOxOUT® SNCR, ASCR® SCR, ULTRA® urea to ammonia conversion and UDI™ urea direct injection, as well as particulate control products such as electrostatic precipitators and flue gas conditioning systems, together with engineering, startup and maintenance services.

• FUEL CHEM: This segment delivers proprietary TIFI® targeted in furnace injection chemical programs that control slagging, fouling, corrosion, sulfur trioxide formation and related issues for boilers burning coal, oil, biomass and waste, accompanied by technical support and service.

• Water Treatment: This segment provides DGI® dissolved gas infusion systems that infuse oxygen, carbon dioxide or other gases into water for applications such as irrigation, aquaculture, wastewater odor control and pH adjustment, currently in the demonstration phase with anticipated revenue generation in 2026.

Fuel Tech holds a leading position in NOx reduction, with its systems installed on over 2,000 combustion units worldwide and its particulate control equipment on more than 600 units. The company differentiates itself through proprietary technologies such as ULTRA® and TIFI®, a strong patent portfolio of 32 granted patents, and deep expertise in computational fluid dynamics and chemical kinetics. Major competitors in the APC space include Babcock Power, Babcock & Wilcox, CECO Environmental and Mitsubishi for SCR systems, while FUEL CHEM faces competition from specialty chemical providers such as Imerys, Environmental Energy Services and SUEZ Water Technologies.

The company serves electric utilities, industrial plants, pulp and paper mills, waste to energy facilities, district heating systems and other combustion intensive operators across North America, Europe, Asia and other regions. Specific customer names are not disclosed in the filing, but the base includes major power generators, refineries and manufacturers that rely on its emission control and efficiency enhancing solutions.