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posted: 3/16/2021 3:00 PM

Fuel Tech revenues down because of pandemic

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WARRENVILLE -- Fuel Tech Inc. Tuesday reported financial results for its 2020 fiscal year ended Dec. 31. Consolidated revenues for 2020 were $22.6 million as compared to $30.5 million the prior year, the company said.

"I am proud of how our team addressed the challenges in 2020 brought about by the COVID-19 pandemic and am optimistic about Fuel Tech's prospects for 2021 and beyond," said Vincent J. Arnone, president and CEO. "With the closing of our financing in February 2021, we now have approximately $37 million in cash and no debt."

The company intends to use this new capital to support the growth of its core businesses, accelerate its entry into the dissolved gas infusion and water treatment solutions market, and expand its portfolio with products and technologies that provide our growth potential, he said.

As of Dec. 31, total cash was $12.6 million including restricted cash of $2 million, down from total cash of $13.5 million, including restricted cash of $2.6 million at the end of 2019. Stockholders' Equity was $22.3 million, or 88 cents per share.

Fuel Tech is a technology company providing engineering solutions for the optimization of combustion systems, emissions control and water treatment in the utility and industrial markets.