Fuel Tech

What Fuel Tech does

Fuel Tech, Inc. (NASDAQ: FTEK) is a Warrenville, Illinois-headquartered environmental technology company founded in 1986 and public since September 27, 1993. The company designs, manufactures, and services air pollution control, chemical treatment, and water treatment systems for utility, industrial, and municipal combustion sources. Its core technology stack is built on proprietary chemical injection processes — NOxOUT Selective Non-Catalytic Reduction (630+ global installations), Selective Catalytic Reduction with Ammonia Injection Grid components, ULTRA on-demand ammonia generation, TIFI Targeted In-Furnace Injection, and FUEL CHEM — supported by internally developed Computational Fluid Dynamics (CFD) modeling. The company has installed 2,100+ systems across 37 countries and serves electric utilities (FirstEnergy, AEP, Duke, Dominion, TVA, Xcel, Evergy, Southern Company, NRG, KEPCO, Endesa), industrial customers (DOW, BP, Georgia Pacific, Reworld, ISGEC, China Steel), and emerging aquaculture and municipal water/wastewater segments through a direct enterprise field sales motion and 40+ years of domain specialization.

The business operates across three reporting segments — Air Pollution Control (project-based APC systems with multi-year delivery, $10M contracts exemplifying deal scale), FUEL CHEM Chemical Technologies (subscription-recurring chemical treatment programs tied to installed-base consumption), and Water Treatment (DGI Dissolved Gas Infusion for O2 and CO2) — plus aftermarket parts and services for a 1,300+ unit installed base and CFD engineering services. Pricing is custom project-based rather than transactional or SaaS, and execution is project-driven with multi-year delivery timelines (e.g., the April 2026 $10M contract specifies equipment deliveries starting late 2027 and operations in 2029). Revenue has been range-bound at $24-27M annually from 2021 through 2025 (FY2025: $26.68M), with Q1 2026 revenue of $6.1M (down 5% YoY) offset by record APC backlog after recent contract wins and the Q3 2025 acquisition of Advanced Process Control assets from Wahlco, Inc., which lifted backlog 20% in one quarter. The balance sheet is unlevered with $30.6M cash and no long-term debt, providing runway for project execution and selective M&A.

Name

Fuel Tech

Legal name

Fuel Tech, Inc.

Website

https://ftek.com

Company type

Public

Founded year

1986

Operating status

Operating

Headcount range

101–250 employees

Short description

Fuel Tech (NASDAQ: FTEK) is a Warrenville, Illinois-based environmental technology company providing air pollution control (SCR, SNCR), chemical treatment (FUEL CHEM, TIFI), and water treatment (DGI) systems to electric utilities, industrial operators, and municipal customers across 37 countries.

Ownership category

akta.pro rank

Product category

Air Pollution Control Engineering Services

NAICS

Automatic Environmental Control Manufacturing for Residential, Commercial, and Appliance Use (334512), Chemical Manufacturing (325), Basic Chemical Manufacturing (3251)

SIC

Miscellaneous Chemical Products (2890), Chemicals & Allied Products (2800), Industrial & Commercial Fans & Blowers & Air Purifing Equip (3564)

akta.pro primary industry

Emissions Controls & Environmental Retrofit Services (SCR/FGD/ESP, CEMS) (EUAEALAL)

akta.pro secondary industries

Environmental & Emissions Control Catalysts (DeNOx/DeSOx/DOC/CO Oxidation) (IMAEAIAC), Coal Plant Emissions Controls (FGD/Scrubbers, SCR/SNCR, ESP/Baghouse, Mercury Controls) (EUACAAAH)

Keywords

• Air pollution control systems
• NOx reduction technology
• Combustion efficiency chemicals
• Water treatment aeration
• Emissions control engineering

Headquarters

HQ city

Warrenville

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Supply Chain, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Air Pollution Control (APC) Systems: Provides emissions control systems including SCR, SNCR, and related equipment. Revenue is project-based with multi-year delivery timelines. Recent $10M contract includes equipment deliveries starting late 2027 with operations in 2029.
2. FUEL CHEM Chemical Technologies: Ongoing chemical treatment programs for combustion units. Revenue driven by chemical consumption and service contracts with existing installed base.
3. Water Treatment (DGI): Dissolved Gas Infusion systems for water and wastewater treatment. Emerging revenue stream with demonstration projects ongoing in aquaculture sector.
4. Aftermarket Parts & Services: Parts, maintenance, and support services for installed base of 1,300+ units worldwide.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels9 records

Core offering

Fuel Tech designs, engineers, and supplies air pollution control (APC) systems, combustion chemical treatment programs, and water treatment technologies for utility, industrial, and municipal customers. Its offerings include Selective Catalytic Reduction (SCR) systems, NOxOUT Selective Non-Catalytic Reduction (SNCR), ULTRA on-demand ammonia generation, TIFI and FUEL CHEM chemical injection programs, DGI dissolved gas infusion water treatment systems, and aftermarket parts, CFD modeling, and engineering services.

Product overview

Fuel Tech provides a integrated portfolio of environmental technology solutions organized across three core business segments: Air Pollution Control (APC), FUEL CHEM, and Water Treatment. The Air Pollution Control segment offers NOx reduction technologies including Selective Catalytic Reduction (SCR) systems with sub-components (Ammonia Injection Grid, GSG Graduated Straightening Grid, Static Mixer), Selective Non-Catalytic Reduction (SNCR) branded as NOxOUT, ULTRA Safe Ammonia Generation, Electrostatic Precipitator, Flue Gas Conditioning, and Redox-Hg for mercury control. The FUEL CHEM segment provides chemical technologies including TIFI Targeted In-Furnace Injection and RECOVERY CHEM to control slagging, fouling, corrosion and opacity. The Water Treatment segment centers on DGI Dissolved Gas Infusion technology for both oxygen and CO2 applications. Supporting services include Aftermarket Parts & Services and Computational Fluid Dynamics (CFD) Modeling Services. The company has installed over 2,100 systems across 37 countries serving sectors including utility power, industrial power, pulp & paper, chemical & petrochemical, steel production, aquaculture, municipal wastewater, and food & beverage.

Differentiator

Problem solved

Functional benefit

Brands

• DGI® Dissolved Gas Infusion: Water treatment technology combining best-in-class oxygen transfer efficiency with precision accuracy for water and wastewater systems
• FUEL CHEM®
• NOxOUT® SNCR
• ULTRA®
• TIFI®

Products and services

• Selective Catalytic Reduction (SCR) Systems Air pollution control technology that reduces nitrogen oxide emissions from stationary combustion sources through catalytic conversion, integrated with ammonia injection components such as AIG, GSG, and Static Mixer for utilities and industrial facilities.
• NOxOUT Selective Non-Catalytic Reduction (SNCR) In-furnace NOx reduction technology that injects urea or ammonia into optimal temperature zones to achieve 25-50% nitrogen oxide reduction across coal, oil, natural gas, waste-to-energy, and biomass applications.
• ULTRA Safe Ammonia Generation On-demand ammonia generation system that converts urea into ammonia for SCR applications, eliminating the need for hazardous ammonia storage in space-constrained and safety-sensitive facilities such as university campuses and urban settings.
• DGI Dissolved Gas Infusion for O2 Water treatment technology that combines best-in-class oxygen transfer efficiency with precision accuracy to deliver supersaturated oxygen solutions for water and wastewater systems, achieving 95% oxygen infusion efficiency.
• DGI Dissolved Gas Infusion for CO2 Water treatment technology that delivers supersaturated CO2 solutions for target process applications including remediation, aeration, and biological treatment in water and wastewater systems.
• TIFI Targeted In-Furnace Injection Chemical treatment program that injects proprietary chemicals into targeted furnace zones to control slagging, fouling, corrosion, and opacity, improving efficiency, reliability, fuel flexibility, and boiler heat rate.
• RECOVERY CHEM Chemical technology program within the FUEL CHEM segment focused on optimizing combustion unit performance and recovery operations.
• Electrostatic Precipitator (ESP) Air pollution control technology that removes particulate matter from flue gas using electrostatic attraction, helping combustion units meet environmental emissions standards.
• Flue Gas Conditioning Air pollution control technology that conditions flue gas to improve particulate control equipment performance and reduce emissions.
• Redox-Hg Mercury Control Air pollution control technology for mercury emissions reduction through oxidation-reduction reactions.
• Aftermarket Parts & Services Replacement parts, maintenance, and support services for installed emissions control and water treatment systems across the global installed base.
• Computational Fluid Dynamics (CFD) Modeling Services Advanced engineering services using CFD models and chemical kinetics modeling with internally developed high-end visualization software to optimize outcomes for emissions control and chemical injection applications.

Quantifiable outcome

• 25-50% NOx reduction with NOxOUT SNCR technology
• +11 more outcomes

Named customers28 records

Segments8 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature11 records

Partnerships

Two partnerships are on record, tiered core.

• Wahlco, Inc.coreTechnology or Integration · 4 November 2025Acquisition of advanced process control (APC) assets from Wahlco, Inc. in Q3 2025, increasing APC project backlog by 20% in one quarter. This acquisition expands Fuel Tech's technology portfolio.
• Kawasaki Heavy IndustriescoreTechnology or IntegrationKawasaki GPS3750-Z simple cycle natural gas-fired turbines installed at data center projects with Fuel Tech SCR systems. 20 SCR systems designed and supplied for data center gas turbines ranging from 1.5 to 3.5MW.

Scale indicators15 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• Ducon Technologies: Direct peer in air pollution control systems including SCR, SNCR, electrostatic precipitators, flue gas desulfurization, and mercury control. Competes head-to-head on industrial and utility emissions control projects globally.
• CECO Environmental: Direct peer providing air pollution control and industrial ventilation solutions, including engineered equipment for particulate, NOx, and emissions reduction across power, refining, and metalworking end markets.
• Babcock & Wilcox Enterprises: Direct competitor in air pollution control, SCR/SNCR, and emissions reduction technologies for utility and industrial combustion sources. Both companies compete for similar retrofit and new-build emissions control contracts across coal, biomass, and waste-to-energy facilities.
• Cormetech: Leading SCR catalyst manufacturer and a key component supplier/competitor in the SCR systems value chain for utility and industrial NOx reduction, with overlapping customer base in coal-fired power generation.
• Hamon: Direct competitor in air pollution control systems and cooling, serving power generation and heavy industry with similar SCR, fabric filters, and emissions reduction technology offerings.

Broad incumbents

• Mitsubishi Power: Broad incumbent in power generation equipment and emissions control, offering SCR, scrubbers, and gas turbine emissions systems across utility and industrial customers; competes with Fuel Tech on large-scale utility retrofits and EPC projects.
• Andritz: Broad industrial supplier with power boiler, flue gas cleaning, and emissions control offerings for utilities and pulp & paper, overlapping with Fuel Tech in combustion optimization and emissions reduction for industrial power applications.
• Johnson Matthey: Broad incumbent in catalysts and emissions control technologies, including heavy-duty diesel and stationary source catalysts. Competitor at the catalyst/component layer that can enable or constrain Fuel Tech's SCR system performance.

Emerging players

• Clean TeQ Water: Emerging player in advanced water treatment technologies including dissolved gas infusion and aeration. Comparable to Fuel Tech's DGI water treatment segment for municipal and industrial wastewater applications.
• Hitachi Zosen Inova: Emerging player in waste-to-energy and biomass plant emissions control, competing with Fuel Tech's NOxOUT SNCR and SCR offerings in the European waste-to-energy and biomass-fired power segments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/fuel-tech-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fuel Tech