Fuel Tech (FTEK) Enters Exclusive Licensing Agreement with Amazon Papyrus for Recovery Chem Technology
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Fuel Tech, Inc. (Nasdaq: FTEK) announced the signing of an exclusive agreement with Amazon Papyrus Chemicals Limited (Amazon Papyrus). Under the agreement, Fuel Tech has licensed its proprietary RECOVERY CHEM® technology to Amazon Papyrus, a leading supplier of specialty chemicals to the pulp and paper industry in Asia. Fuel Tech will receive engineering fees and royalty payments from Amazon Papyrus’s implementation of RECOVERY CHEM programs in Asia.
Vincent J. Arnone, President and Chief Executive Officer of Fuel Tech, commented, “This licensing agreement represents the ongoing execution of our strategy to cost-effectively monetize Fuel Tech’s proven boiler efficiency improvement technologies by targeting developing markets that can benefit from our solutions platform.”
The pulp and paper industry is in a growth mode around the world due to the increasing demand for paper related products. This growth is especially evident in Asia. Global paper production was approximately 403 million metric tons in 2013 and 45% of that amount was produced and consumed in Asia. Fuel Tech’s RECOVERY CHEM program is highly effective in reducing fireside deposition, erosion and corrosion problems by the application of a comprehensive treatment plan including specialty chemicals and computational fluid dynamic modeling on Black Liquor Recovery boilers used in the pulp and paper industry.
Mr. Arnone continued, “We believe that Amazon Papyrus is an ideal partner to introduce Fuel Tech’s proven RECOVERY CHEM technology to its pulp and paper industry customers, an important and promising new market for our solution. Over its 16-year history, Amazon Papyrus has established itself as a premier specialty chemical supplier in Asia. With over 450 employees, it has operations in Hong Kong, China, Indonesia, Malaysia, India, the Philippines, Singapore, Thailand, Vietnam and the Middle East. In Asia, Amazon Papyrus has developed close professional relationships with most of the leading pulp and paper producers through its expertise and cost-effective solutions, and we look forward to assisting these clients in improving the operation of their Black Liquor Recovery boilers.”
Mike Grundy, CEO of Amazon Papyrus, commented, “The agreement between Amazon Papyrus and Fuel Tech will provide a platform for both companies to use their respective strengths in the implementation of the RECOVERY CHEM Program. This technology will help pulp and paper customers in the region to improve productivity while reducing production cost. The technology will also result in environmental benefits for our customers in Asia."
Founded in 2000, Amazon Papyrus is a diversified specialty chemical company headquartered in Hong Kong, China. Amazon Papyrus serves in excess of 300 client sites with its portfolio of specialty chemicals and site services, and its 2014-15 revenues were approximately US$115 million. Learn more at http://www.amazon-papyrus.com/.
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