Fuel Tech licenses technology to India firm

Business Wire

WARRENVILLE - Fuel Tech Inc. has signed an exclusive licensing agreement for its Selective Non-Catalytic Reduction (SNCR) technology to ISGEC Heavy Engineering Ltd., one of India's leading engineering companies.

Fuel Tech will receive engineering fees and royalty payments from any projects that ISGEC sells into the India market that utilize the Company's SNCR technology.

"This licensing agreement represents the successful execution of our strategy to cost-effectively monetize our proven emissions control technology by targeting developing markets that can benefit from our solutions platform," said Fuel Tech President and Chief Executive Officer Vincent J. Arnone.

Coal remains a primary and growing source of fuel in India. In late 2015, the Indian Central government issued regulations governing emissions requirements for coal-fired thermal power plants, which take effect starting in 2017. Fuel Tech's SNCR technology has been installed on nearly 600 units worldwide, earning a reputation as a proven, cost-effective, and dependable solution to assist operators in meeting increasingly stringent NO x reduction standards.

"We believe that ISGEC is an ideal partner to introduce Fuel Tech's proven emissions control technologies to India, an important and promising new market for our solutions," Arnone said "Over its 83-year history, ISGEC has established itself as a premier engineering company in India and around the world. ISGEC relationships extend from India's state-owned power generation company to the country's multiple independent power producers."

Founded in 1933, ISGEC is a diversified global engineering company headquartered in Noida, India. ISGEC has completed projects in more than 30 countries, and its 2015-16 revenues are approximately US$ 650 million.