Fuel Tech, Inc. provides boiler optimization, efficiency improvement, and air pollution reduction and control solutions to utility and industrial customers worldwide. It operates through two segments, Air Pollution Control Technology and FUEL CHEM Technology. The Air Pollution Control Technology segment offers technologies to reduce nitrogen oxide (NOx) emissions in flue gas from boilers, incinerators, furnaces, and other stationary combustion sources by low and ultra-low NOx burners; over-fire air systems; NOxOUT and HERT selective non-catalytic reduction systems; selective catalytic reduction systems comprising ammonia injection grid, and graduated straightening grid systems; I-NOx systems; ESP Processes and Services; ULTRA technology; and flue gas conditioning systems; and burner systems. The FUEL CHEM Technology segment provides programs to improve the efficiency, reliability, fuel flexibility, boiler heat rate, and environmental status of combustion units by controlling slagging, fouling, corrosion, opacity, and acid plume, as well as the formation of sulfur trioxide, ammonium bisulfate, particulate matter, sulfur dioxide, and carbon dioxide through the addition of chemicals into the furnace using TIFI targeted in-furnace injection technology. This segment offers its FUEL CHEM program for plants operating in the electric utility, industrial, pulp and paper, waste-to-energy, and university and district heating markets; and the owners of boilers, furnaces, and other combustion units. The company was incorporated in 1987 and is headquartered in Warrenville, Illinois.
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Here are a couple of brief analogies to describe Fuel Tech:
- Ecolab for industrial air emissions: Similar to how Ecolab provides specialized solutions for industrial hygiene, water treatment, and operational efficiency, Fuel Tech offers engineered technologies and services to industrial clients primarily focused on reducing harmful air emissions from combustion and improving boiler performance.
- A focused Rockwell Automation for making industrial combustion cleaner: Akin to Rockwell Automation's role in industrial automation and technology, Fuel Tech develops specialized hardware and software solutions specifically for optimizing combustion processes to reduce pollution and enhance efficiency in power generation and heavy industry.
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- NOx Reduction Technologies: Systems and services designed to reduce nitrogen oxide emissions from industrial combustion sources, including Selective Non-Catalytic Reduction (SNCR), Selective Catalytic Reduction (SCR), and Overfire Air solutions.
- Particulate Control Technologies: Solutions to reduce particulate matter emissions, often involving upgrades or optimization of electrostatic precipitators (ESPs) and fabric filters.
- Flue Gas Conditioning (FGC): Systems that inject conditioning agents into flue gas streams to enhance the performance of electrostatic precipitators.
- Fuel Chem® Chemical Programs: Proprietary chemical treatment programs applied to combustion processes to improve boiler efficiency, reduce slagging, fouling, corrosion, and lower emissions.
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Fuel Tech (FTEK) primarily sells its advanced engineering solutions and technologies to other companies (B2B) rather than individuals. While the company's public filings indicate that a significant portion of its revenue comes from a small number of large customers, Fuel Tech does not publicly disclose the specific names of these major customer companies in its SEC filings, even when a single customer accounts for a substantial percentage of its revenue.
Instead, Fuel Tech serves a diverse range of clients across several industrial and utility sectors. The major categories of companies that Fuel Tech serves include:
- Utilities and Independent Power Producers: These customers include electric utility companies and other power generators that operate large-scale combustion units, such as coal-fired and natural gas power plants, requiring advanced air pollution control (NOx, SO2 reduction) and combustion optimization technologies.
- Industrial Companies: This broad category encompasses various heavy industries with significant combustion processes or wastewater treatment needs. Examples include companies in the cement, refinery, petrochemical, steel, pulp and paper, and glass manufacturing sectors globally.
- Waste-to-Energy Plants: Facilities that process municipal or industrial waste through combustion to generate electricity, which require Fuel Tech's solutions for emission control and operational efficiency.
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Fuel Tech (FTEK) Management Team
Vincent J. Arnone, Chairman of the Board, President & Chief Executive Officer
Vincent J. Arnone was appointed Chairman of the Board of Directors of Fuel Tech, Inc. on September 1, 2017. He has been President and Chief Executive Officer and a director of the company since April 1, 2015. Prior to this, he served as Executive Vice President and Chief Operating Officer from January 2014 through March 2015, and Executive Vice President, Worldwide Operations since September 2010. Mr. Arnone also worked as a consultant to Fuel Tech from June 2008 through August 2010. Earlier in his career at Fuel Tech, he held positions as Senior Vice President, Treasurer and Chief Financial Officer from February 2006 through May 2008, Vice President, Treasurer and Chief Financial Officer from December 2003 through January 2006, and Controller and Financial Director from May 1999 through November 2003.
Ellen T. Albrecht, Vice President, Chief Financial Officer & Treasurer
Ellen Albrecht is the Vice President, Chief Financial Officer, and Treasurer of Fuel Tech, Inc. She joined Fuel Tech in July 1996 as an Accountant and has since held numerous roles across finance and operations, both domestically and internationally. Ms. Albrecht previously served as Fuel Tech's Acting Treasurer and Controller, and Principal Financial Officer since March 2020. Her prior roles include Vice President, Operations Planning and Control since May 2012, Acting Treasurer and Chief Financial Officer from March 2010 to July 2010, Vice President, Controller since January 2007, Controller since February 2004, Accounting Manager since May 2000, and Senior Accountant since May 1998.
William E. Cummings, Jr., Senior Vice President, Sales
William Cummings became Senior Vice President, Air Pollution Control Sales on January 1, 2009. He previously served as Vice President, Sales since April 2006, Vice President, Air Pollution Control Sales since May 2000, Director, Utility Sales since April 1998, and Director, Eastern Region since 1994. Mr. Cummings brings over 35 years of experience in the air pollution field, having held positions such as National Sales Manager and Regional Sales Manager with a leading Flue Gas Conditioning Company, Engineering Specialist for an Architect/Engineering firm, Field Engineer and Applications Engineer for an Electrostatic Precipitator Supplier, and Field Technician and Laboratory Technician for a regional Emissions Testing Company. He has been involved in over 400 air pollution control projects in the United States and Canada.
Bradley W. Johnson, Vice President, General Counsel & Secretary
Bradley Johnson joined Fuel Tech in 2008, initially serving as Corporate Counsel until December 2009, and subsequently as Assistant General Counsel. Before joining Fuel Tech, Mr. Johnson worked in private practice, advising clients on various matters including securities law, intellectual property, and mergers and acquisitions.
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The global transition away from fossil fuels to renewable energy sources is a clear emerging threat to Fuel Tech's core business. As utilities and industrial clients increasingly adopt solar, wind, and other clean energy technologies, the demand for Fuel Tech's traditional air pollution control and combustion optimization solutions for thermal power plants and industrial boilers will fundamentally decline. This shift in energy production and infrastructure directly reduces the addressable market for Fuel Tech's technologies, mirroring how streaming services eroded the market for physical media or how smartphones disrupted feature phones.
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Here are 3-5 expected drivers of future revenue growth for Fuel Tech (FTEK) over the next 2-3 years:
1. Continued Growth in the FUEL CHEM Segment
Fuel Tech anticipates continued robust performance and increased revenues from its FUEL CHEM business segment. The company projects FUEL CHEM segment revenue for the full year 2025 to be approximately $16.5 million to $17 million, marking it as the highest level since 2022. This growth is driven by increased operation dispatch at existing client accounts, contributions from new customer accounts, and new demonstration programs. For instance, a new commercially-priced demonstration program with a coal-fired unit in the U.S., which began in Q4 2025, has an estimated annual revenue potential of $2.5 million to $3.0 million.
2. Expansion of Air Pollution Control (APC) Business through New Awards and Strategic Acquisition
The company expects revenue growth in its Air Pollution Control (APC) segment, supported by new project awards and a growing backlog. As of September 30, 2025, the consolidated APC segment backlog increased to $9.5 million from $6.2 million at the end of 2024, with approximately $7.1 million of this backlog expected to be recognized in the next 12 months. Fuel Tech secured $3.2 million in new APC awards in Q3 2025 from clients in the U.S., Europe, and Southeast Asia. Furthermore, a strategic acquisition of complementary intellectual property and customer-related assets from Wahlco, Inc. for $350,000 is expected to enhance Fuel Tech's APC portfolio and drive accretive aftermarket revenues.
3. Significant Opportunities in the Data Center Market
Fuel Tech is actively pursuing substantial opportunities in the data center market with its emissions control technologies. The company has a pipeline for this sector valued between $80 million and $100 million. This focus on the power generation sector to support data centers is considered a significant potential contributor to future revenue streams, with multiple bids outstanding for its SCR technology.
4. Commercialization of Dissolved Gas Infusion (DGI) Technology
The Dissolved Gas Infusion (DGI) technology is another anticipated driver of future growth. Fuel Tech is continuing to advance this technology through industry outreach and is conducting an extended demonstration at a fish hatchery in the Midwest U.S. While commercial revenues from DGI technology have not yet been fully recognized, the ongoing demonstration and active pursuit of opportunities in new end markets indicate future monetization potential.
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Share Issuance
- In February 2021, Fuel Tech issued 5,000,000 shares of common stock and warrants to purchase 2,500,000 shares, generating gross proceeds of $25.8 million, before deducting $1.783 million in fees and expenses.
- The number of outstanding common shares was 31,074,438 as of October 31, 2025, and 30,708,273 as of October 31, 2024.
- Fuel Tech's policy is to issue new shares upon the exercise of stock options, conversions of loans, and vesting of restricted stock units. The company received proceeds of $42,000 from stock option exercises in 2023.
Outbound Investments
- On October 3, 2025, Fuel Tech purchased intellectual property from Wahlco, Inc. for $350,000.
- In June 2022, the Board of Directors approved an investment plan to hold $10 million in held-to-maturity debt securities, primarily U.S. Treasuries or U.S. Government Agency securities, at BMO Harris Bank. The company's investment policy now allocates $20 million for such investments.
- Long-term investments totaled $6.4 million at December 31, 2022, increasing to $8.9 million at March 31, 2024, and $10.9 million at December 31, 2024.
Capital Expenditures
- Capital expenditures were approximately $247,000 in 2024, $84,000 in 2023, $206,000 in 2022, $418,000 in 2021, and $378,000 in 2020.
- Expected capital expenditures for 2024 and for the fourth quarter of 2025 are focused on the Dissolved Gas Infusion (DGI) business, maintenance of field equipment, computer and systems, and general office equipment.
- These capital expenditures are expected to be funded with cash generated from operations or existing cash reserves.
