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Fuel Tech shares surge on air pollution contracts in the US and China

Orders boost the presence of the company in natural gas power markets
energy pipeline worker
Fuel Tech is a technology company that develops and deploys innovative, multi-pollutant emission control systems.

Fuel Tech Inc (NASDAQ:FTEK) stock rallied on Monday after the company announced it has reached "multiple air pollution contracts" from customers in China and the US worth US$15.8mln.

Among the orders is one at a domestic data center where urea reagent technologies will be used to reduce nitrogen oxide emissions where natural gas is used for power generation, a company statement said.

“We are excited to increase our presence in the natural gas power markets,” said Fuel Tech president and chief executive Vincent Arnone.

Shares of Fuel Tech soared 25% to a session peak at US$1.45 on Monday, and closed 6.03% higher at US$1.23.

Arnone said the global data center power market "is expected to expand at a compound annual growth rate nearly 13% through 2021."

Two orders were also received for industrial and utility units in China that are scheduled for delivery in the third quarter of 2018. 

Fuel Tech is a technology company that develops and deploys innovative, multi-pollutant emission control systems. It is based in Warrenville, Illinois.

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