CORPORATE PROFILE Overview

Fuel Tech is a worldwide leader in the development and commercialization of advanced technologies designed to enable more efficient and environmentally acceptable combustion of a wide variety of solid and liquid fuels, primarily in boilers and furnaces. With its strong tradition of customer focus and proprietary, cost-effective engineering solutions, the Company is now experiencing accelerating growth as it benefits from ever-tightening global air pollution control requirements, as well as market-driven shifts to lower-cost, and often more problematic, fuel sources, which demand innovative combustion optimization solutions by utility and industrial power generators.

Fuel Tech operates as a fully integrated company with two business segments - a capital projects business, which leverages its Air Pollution Control (APC) technologies, and a specialty chemicals business, which builds upon its proprietary FUEL CHEM^® processes. Both segments rely heavily on the Company’s unique ability to inject chemicals in combustion units, in precise concentrations and locations, to achieve a desired outcome. Fuel Tech operates primarily in the United States, but is expanding rapidly in foreign markets, including the People’s Republic of China, Europe and Mexico.

Within the APC segment, Fuel Tech develops, licenses and markets technologies and systems tailored to meet regulatory requirements mandated by the Environmental Protection Agency, along with state and local agencies, as well as foreign governmental authorities. This capital projects business is characterized by discrete sales of pollution control and urea-to-ammonia conversion systems, which are customized to satisfy particular environmental or safety requirements. The Company’s portfolio of nitrogen oxide (NOx) reduction processes, developed under the NOxOUT^® trademark, include the NOxOUT^®, NOxOUT CASCADE^®, NOxOUT ULTRA^®, Rich Reagent Injection (RRI) and NOxOUT-SCR^® technologies. These have established Fuel Tech as a leader in post-combustion NOx control systems, which are installed on over 450 units worldwide.

The FUEL CHEM suite of technologies revolves around a multi-patented TIFI^® Targeted In-Furnace Injection^™ process, which enables the unique application of specialty chemicals to improve the efficiency, reliability and environmental status of combustion units, primarily by controlling slagging, fouling, corrosion, opacity, acid plume and loss on ignition (LOI), as well as the formation of sulfur trioxide (SO₃), ammonium bisulfate (ABS), particulate matter (PM_2.5), carbon dioxide (CO₂) and nitrogen oxide (NOx). As such, the specialty chemicals business is largely financially driven, yielding high rates of return for its customers while generating an attractive annuity stream for the Company through the ongoing use of a chemical reagent. FUEL CHEM programs are currently being applied on over 85 combustion units burning a wide variety of fuels including coal, heavy oil, biomass, and municipal waste. There remains a large unsold market for this technology, both in the United States and abroad, reflecting Management’s judgment of the number of utility and industrial units that can achieve significant operational and financial benefits from a FUEL CHEM application.

Both the APC and FUEL CHEM technologies rely heavily on the Company’s exceptional Computational Fluid Dynamics modeling skills, which are enhanced by internally developed, high-end visualization software. With a strong complement of scientific and engineering expertise, Fuel Tech maintains a focused R&D program designed to enhance existing technologies while simultaneously creating uniquely competitive niche technologies to help solve challenging operational and environmental problems for its customers.

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